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BUSINESS </div><div style="margin-top:4pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">Rallybio Corporation and subsidiaries (“Rallybio”, the “Company”, “we”, “our”, or “us”) is a clinical-stage biotechnology company comprised of experienced biopharma industry leaders with extensive research, development, and rare disease expertise with a mission to develop and commercialize life-transforming therapies for patients with severe and rare diseases. The Company’s lead program, RLYB116, is a differentiated complement component 5 (“C5”) inhibitor with the potential to treat diseases of complement dysregulation. In addition, RLYB332, a long-acting <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">matriptase-2</div> <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">(“MTP-2”)</div> antibody for the treatment of diseases of iron overload is currently in preclinical development. In 2025, the Company completed a confirmatory pharmacokinetic (“PK”) and pharmacodynamic (“PD”) study of RLYB116 in healthy volunteers and reported data in the first quarter of 2026. In April 2025, the Company announced the discontinuation of its RLYB212 program for the prevention of fetal and neonatal alloimmune thrombocytopenia (“FNAIT”) based on PK data from the Phase 2 clinical trial that demonstrated an inability of the RLYB212 dose regimen to achieve predicted target concentrations, as well as the minimum target concentration required for efficacy. In July 2025, the Company entered into a definitive agreement to sell its interest in REV102, an Ectonucleotide Pyrophosphatase/Phosphodiesterase 1 (“ENPP1”) inhibitor in preclinical development for the treatment of patients with hypophosphatasia (“HPP”), to a subsidiary of its joint venture partner Recursion Pharmaceuticals, Inc. (“Recursion”) (the “JV Sale”). </div><div style="letter-spacing: 0px; top: 0px;display:inline;"></div> <div style="font-family: ARIAL; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;">On March 1, 2026, Rallybio entered into an Agreement and Plan of Merger and Reorganization (the “Merger Agreement”) with Candid Therapeutics, Inc., a Delaware corporation (“Candid”), a clinical-stage biotechnology company advancing a leading portfolio of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">T-cell</div> engager (“TCE”) therapeutics for autoimmune diseases, and Farmington Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of Rallybio (“Merger Sub”). Upon the terms and subject to the satisfaction of the conditions described in the Merger Agreement, Merger Sub will be merged with and into Candid, with Candid surviving as a wholly owned subsidiary of Rallybio (the “Merger” and, together with all of the other transactions contemplated by the Merger, the “Contemplated Transactions”). The Merger is intended to qualify as a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">tax-free</div> reorganization for U.S. federal income tax purposes. </div></div><div style="font-family: ARIAL; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: ARIAL; font-size: 9.5pt; letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;"><div style="null;text-indent: 0px;display:inline;">Concurrently with the execution and delivery of the Merger Agreement, certain investors entered into a subscription agreement with Candid, pursuant to which such investors have agreed to purchase, immediately prior to the Merger, shares of Candid common stock representing an aggregate commitment of approximately</div> $505.5 <div style="display:inline;">million in the concurrent financing (the “Concurrent Financing”). The shares of Candid common stock that are issued in the Concurrent Financing will be or will have the right to be, respectively, converted into shares of Rallybio common stock, par value $0.0001 per share (“Rallybio Common Stock”), in the Merger. </div> </div></div></div><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div> <div style="font-family: ARIAL; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: ARIAL; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Subject to the terms and conditions of the Merger Agreement, at the effective time of the Merger (the “Effective Time”), (a) each then-outstanding share of common stock or preferred stock of Candid (each such share, a “Candid Share”) (excluding any share described in clauses (b) or (c) below and Candid Shares held by stockholders who have exercised and perfected appraisal rights for such shares) will be converted into the right to receive a number of shares of Rallybio Common Stock calculated in accordance with the Exchange Ratio as set forth in the Merger Agreement (the “Exchange Ratio”), (b) each Candid Share issued in the Concurrent Financing will be converted into the right to receive a number of shares of Rallybio Common Stock calculated in accordance with the Concurrent Financing Exchange Ratio as set forth in the Merger Agreement (the “Concurrent Financing Exchange Ratio”), (c) any Candid Shares held as treasury shares or held or owned by Rallybio, Merger Sub or any subsidiary of Rallybio or Candid immediately prior to the Effective Time will be canceled and shall cease to exist, and no consideration shall be delivered in exchange therefor. Each then-outstanding option to purchase Candid Shares will be converted into an option to purchase Rallybio Common Stock, subject to adjustment as set forth in the Merger Agreement. </div></div></div><div style="letter-spacing: 0px; top: 0px; background: none;display:inline;"><div style="font-family: ARIAL; font-size: 9.5pt; letter-spacing: 0px; top: 0px; background: none; text-decoration: none;display:inline;"> </div></div> <div style="font-family: ARIAL; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;">Under the Exchange Ratio and Concurrent Financing Exchange Ratio formulas in the Merger Agreement, immediately after the Closing, on a pro forma basis and based upon the number of shares of Rallybio Common Stock expected to be issued in connection with the Merger<div style="display:inline;">, </div><div style="text-wrap-mode: nowrap;display:inline;">pre-Merger</div> <div style="-sec-ix-hidden:hidden169206096;display:inline;">equityholders of Candid (other than investors in the Concurrent Financing) are expected to own approximately 57.55% of the combined company, <div style="text-wrap-mode: nowrap; letter-spacing: 0px; top: 0px;display:inline;">pre-Merger</div> equityholders of</div> </div></div> <div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"></div><div style="font-family: ARIAL; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;">Rallybio are expected to own approximately 3.65% of the combined company and the Investors in the Concurrent Financing are expected to own approximately 38.80% of the combined company (assuming proceeds from the Concurrent Financing of $505.5 million), in each case, calculated on a fully diluted basis, using the treasury stock method, and subject to certain assumptions, including (i) a valuation for Rallybio of $47.5 million (assuming Rallybio has net cash (“Rallybio Net Cash”) of $37.5 million as of the closing of the Merger (the “Closing” and such date, the “Closing Date”)), (ii) a fixed valuation for Candid of $750.0 million, and (iii) the relative capitalization of Rallybio and Candid. The percentage of the combined company that each party’s equity holders will own following the Closing is subject to certain adjustments as described in the Merger Agreement, including the amount of the final Rallybio Net Cash at Closing. </div></div><div style="font-family: ARIAL; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;">Immediately prior to the Effective Time, Rallybio and a rights agent are expected to enter into a Contingent Value Rights Agreement (the “CVR Agreement”), pursuant to which holders of record of certain Rallybio securities as of the close of business on the last business day prior to the day on which the Effective Time occurs will receive one contingent value right (each, a “CVR”) for each outstanding share of Rallybio Common Stock, prefunded warrant, Rallybio restricted stock unit or In the Money Parent Option (as defined in the CVR Agreement) held as of such date. Pursuant to the CVR Agreement, each CVR holder will be entitled to receive their pro rata share of (i) all of the net proceeds (including cash the value of stock to the extent listed on a national exchange, at the time of disposition), if any, received by Rallybio as a result of payments made to Rallybio of any upfront, milestone, royalty and other payments received under any disposition agreement related to Rallybio’s <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">pre-Merger</div> assets (the “Legacy Assets”), and (ii) all of the cash proceeds, if any, received from Recursion under the Membership Interest Purchase Agreement, dated July 8, 2025, by and among Recursion, Exscientia Ventures I, Inc., Rallybio Corporation and Rallybio IPB, LLC. For a period of one year after the Closing Date, Rallybio will use commercially reasonable efforts to effect the disposition of the Legacy Assets. Such net proceeds will be subject to certain permitted deductions, including for applicable tax payments, certain expenses incurred or other liabilities borne by Rallybio or its affiliates in respect of the Legacy Assets, and losses incurred by Rallybio or its affiliates due to a third-party proceeding in connection with such disposition. </div></div> 505500000 0.0001 0.5755 0.0365 0.388 505500000 47500000 37500000 750000000 <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL;font-weight:bold">2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION </div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Basis of Presentation—</div></div>The accompanying consolidated financial statements of the Company have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”), and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) promulgated by the Financial Accounting Standards Board (“FASB”). </div><div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">In the opinion of the Company, the information furnished reflects all adjustments, all of which are of a normal and recurring nature, necessary for a fair presentation of the financial position and results of operations for the reported periods. The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. </div><div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">On February 6, 2026, the Company executed a reverse stock split of its issued and outstanding common stock, par value $0.0001, at a ratio of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space:nowrap;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;">1-for-8</div></div></div> with a record date of December 30, 2025 (the “Reverse Stock Split”). All common share, per share and related information included in the accompanying financial statements and footnote disclosures have been adjusted retroactively, where applicable, to reflect the Reverse Stock Split. See Note 14, “Subsequent Events” for additional details. </div><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div> <div style="font-family: ARIAL; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Principles of Consolidation</div></div>—The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.</div></div> <div style="font-family: ARIAL; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Use of Estimates</div></div>—The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts and disclosures </div></div><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"></div><div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL;text-align:center"></div><div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> </div><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div></div><div style="font-family: ARIAL; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"><div style="display:inline;"><div style="font-family: ARIAL; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">in the consolidated financial statements. While management believes that estimates and assumptions used in the preparation of the consolidated financial statements are appropriate, actual results could differ from those estimates. The most significant estimates are those used in the determination of the fair value of its common units and incentive units awarded to employees prior to the Company’s initial public offering (“IPO”), for purposes of recording share-based incentive compensation, the fair value of stock options, as well as contracted research and development expenses incurred. </div></div></div><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div> <div style="font-family: ARIAL; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Liquidity and Ability to Continue as a Going Concern</div></div>—The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. Management has evaluated whether there are conditions and events that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date the financial statements are issued. Since its inception, the Company has incurred net losses and negative cash flows from operations. </div></div><div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">During the years ended December 31, 2025 and 2024, the Company incurred a net loss of $9.0 million and $57.8 million, respectively. The loss for the year ended December 31, 2025 included a $23.0 million gain in connection with the JV Sale in 2025. In addition, as of December 31, 2025, the Company had an accumulated deficit of $302.0 million. The Company expects to continue to generate operating losses and negative cash flows in the foreseeable future. </div><div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">The Company had cash, cash equivalents and marketable securities of $54.7 million as of December 31, 2025. The Company currently expects that its cash, cash equivalents and marketable securities will be sufficient to fund its operating expenses and capital requirements for more than 12 months from the date these consolidated financial statements are issued. However, the Company does not anticipate that its current cash, cash equivalents and marketable securities as of December 31, 2025 will be sufficient to fund any of its product candidates through regulatory approval, and it will need to raise substantial additional capital to complete the development and commercialization of its product candidates, if approved. Rallybio may satisfy its future cash needs through the sale of equity securities, debt financings, corporate collaborations or license agreements, working capital lines of credit, grant funding, interest income earned on invested cash balances or a combination of one or more of these sources. </div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Collaboration Arrangements</div></div>—The Company considers the nature and contractual terms of an arrangement to assess whether an arrangement involves a joint operating activity that expose two or more parties to significant risks and rewards dependent on the commercial success of the activity. If the Company is an active participant and is exposed to significant risks and rewards dependent on the commercial success of the activity, the Company accounts for such arrangement as a collaborative arrangement under ASC 808, <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Collaborative Arrangements </div></div>(“ASC 808”). ASC 808 describes arrangements within its scope and considerations surrounding presentation and disclosure, with recognition matters subjected to other authoritative guidance, in certain cases by analogy. </div><div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">For arrangements determined to be within the scope of ASC 808 for certain research and development activities where a collaborative partner is not a customer following the guidance of ASC 606, <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Revenue Recognition </div></div>(“ASC 606”), the Company accounts for payments due to a collaboration partner as research and development expense and for payments owed to us from our collaboration partner for the reimbursement of research and development costs as a contra-expense in the period such expenses are incurred. The Company classifies payments owed or receivables recorded as other current liabilities and other current assets, respectively, in the Company’s consolidated balance sheets. See Note 3, “Collaboration and License Agreements” for additional details. </div> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div></div><div style="font-family: ARIAL; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;text-indent: 0px;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Asset Acquisitions</div></div>—The Company evaluates acquisitions of assets and other similar transactions to assess whether or not the transaction should be accounted for as a business combination or asset acquisition by first applying a screen test to determine whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. If this screen criteria is met, the transaction is accounted for as an asset acquisition. If not, further determination is required as to whether or not the Company has acquired inputs and processes that have the ability to create outputs, which would meet the definition of a business. </div></div><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL;text-align:center"></div><div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> </div><div style="letter-spacing: 0px; top: 0px;display:inline;"></div><div style="font-family: ARIAL; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"><div style="display:inline;">The Company measures and recognizes asset acquisitions that are not deemed to be business combinations based on the cost to acquire the assets, which includes transaction costs. In an asset acquisition, the cost allocated to acquire <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">in-process</div> research and development (“IPR&amp;D”) with no alternative future use is charged to research and development expense at the acquisition date. See Note 3, “Collaboration and License Agreements” for additional details. </div></div><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div> <div style="font-family: ARIAL; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Variable Interest Entity</div></div>—The Company evaluates its ownership, contractual, and other interests in entities to determine if it has any variable interest in a variable interest entity (“VIE”). These evaluations are complex, involve judgment, and the use of estimates and assumptions based on available historical information, among other factors. If the Company determines that an entity in which it holds a contractual, or ownership, interest is a VIE and that the Company is the primary beneficiary, the Company consolidates such entity in its consolidated financial statements. The primary beneficiary of a VIE is the party that meets both of the following criteria: (i) has the power to make decisions that most significantly affect the economic performance of the VIE; and (ii) has the obligation to absorb losses or the right to receive benefits that in either case could potentially be significant to the VIE. Management performs ongoing reassessments of whether changes in the facts and circumstances regarding the Company’s involvement with a VIE will cause the consolidation conclusion to change. Changes in consolidation status are applied prospectively. The Company evaluated its investment in RE Ventures I, LLC, a limited liability company <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">(“REV-I”),</div> defined in Note 9, and concluded that it represented a VIE and the Company was not deemed the primary beneficiary. If the Company is not deemed to be the primary beneficiary in a VIE, the Company accounts for the investment or other variable interests in a VIE in accordance with the applicable GAAP. See Note 9, “Investment in Joint Venture” for additional details. </div></div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Equity Method Investments</div></div>—The Company accounts for investments for which it does not have a controlling interest in accordance with ASC 323, <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Investments—Equity Method and Joint Ventures </div></div>(“ASC 323”). The Company recognizes its <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">pro-rata</div> share of income and losses in “loss on investment in joint venture” on the consolidated statements of operations and comprehensive loss, with a corresponding change to the investment in joint venture asset on the consolidated balance sheets. </div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Financial Instruments</div></div>—The Company’s principal financial instruments are comprised of cash, cash equivalents, available for sale marketable securities, accounts payable and accrued liabilities. The carrying value of all financial instruments approximates fair value. </div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Concentrations of Credit Risk</div></div>—Financial instruments that potentially subject the Company to significant concentration of credit risk consist primarily of cash, cash equivalents and marketable securities. The Company invests its excess cash in money market funds and marketable securities in government insured financial institutions that are subject to minimal credit and market risk. Management believes that the Company is not exposed to significant credit risk as the Company’s deposits are held at financial institutions that management believes to be of high credit quality, and the Company has not experienced any losses on these deposits. </div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Cash and Cash Equivalents</div></div>—The Company classifies amounts on deposit in banks and cash invested temporarily in various instruments, primarily money market funds, with original maturities of three months or less at the time of purchase as cash and cash equivalents. The carrying amounts reported on the consolidated balance sheets represent the fair values of cash and cash equivalents. </div> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div><div style="text-indent: 0px; letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div></div> <div style="font-family: ARIAL; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Marketable Securities</div></div>—We invest our excess cash balances in highly rated United States (“U.S.”) government-backed debt securities and treasuries. We classify our marketable securities as <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space: nowrap;display:inline;">available-for-sale</div></div> and accordingly, record such securities at fair value. Debt securities with original maturities of greater than 90 days are classified as <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space: nowrap;display:inline;">available-for-sale</div></div> marketable securities and debt securities with original maturities of less than 90 days from the date of purchase are classified as cash equivalents.</div></div><div style="font-family: ARIAL; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;text-indent: 0px;"><div style="display:inline;"><div style="font-family: ARIAL; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Unrealized gains and losses on our marketable debt securities that are deemed temporary are included in accumulated other comprehensive gain (loss) as a separate component of stockholders’ equity. If any adjustment to </div></div></div><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div> <div style="text-indent: 0px; letter-spacing: 0px; top: 0px;display:inline;"></div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL;text-align:center"></div><div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> </div> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: ARIAL; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;"></div></div> <div style="font-family: ARIAL; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"><div style="display:inline;"><div style="font-family: ARIAL; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">fair value reflects a significant decline in the value of the security, we evaluate the extent to which the decline is determined to be other-than-temporary and would mark the security to market through a charge to our consolidated statements of operations and comprehensive loss. Credit losses are identified when we do not expect to receive cash flows sufficient to recover the amortized cost basis of a security. In the event of a credit loss, only the amount associated with the credit loss is recognized in operating results, with the amount of loss relating to other factors recorded in accumulated other comprehensive gain (loss). </div></div></div> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: ARIAL; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="font-family: ARIAL; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Property and Equipment</div></div>—Property and equipment are recorded at cost and consist of computer and other equipment, capitalized software, furniture and fixtures and leasehold improvements. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets, or for leasehold improvements, over the remaining term of the lease, if shorter. The estimated useful life for each major asset classification are as follows: </div></div> <div style="font-size: 9pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9.5pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:72%"></td> <td style="vertical-align:bottom;width:1%"></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align: bottom; white-space: nowrap; padding-bottom: 0.5pt;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: table-cell; font-size: 8pt; font-family: ARIAL; font-weight: bold; line-height: normal;">Asset Classification</div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Estimated Useful Life</div></div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Computer and other equipment</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom;text-align:center">3 years</td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Capitalized software</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom;text-align:center">3 years</td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Furniture and fixtures</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom;text-align:center">6 years</td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Leasehold improvements</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom;text-align:center">lesser of lease life or useful life</td></tr></table> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">Maintenance and repairs which do not extend the lives of the assets are charged directly to expense as incurred. Upon retirement or disposal, cost and related accumulated depreciation are removed from the related accounts, and any resulting gain or loss is recognized as a component of income or loss in the consolidated statements of operations and comprehensive loss. </div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Impairment of Long-Lived Assets</div></div>—When indications of potential impairments are present, the Company evaluates the carrying value of long-lived assets. The Company adjusts the carrying value of the long-lived assets if the sum of undiscounted expected future cash flows is less than the carrying value. No such impairments were recorded during the years ended December 31, 2025 or 2024. </div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Leases</div></div>—At the inception of an arrangement, we determine if an arrangement is, or contains, a lease based on the facts and circumstances present in that arrangement. Lease classification, recognition, and measurement are then determined at the lease commencement date. For arrangements that contain a lease we (i) identify lease and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-lease</div> components, (ii) determine the consideration in the contract, (iii) determine whether the lease is an operating or financing lease; and iv) recognize lease <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space:nowrap;display:inline;">right-of-use</div></div> (“ROU”) assets and liabilities. Lease liabilities and their corresponding ROU assets are recorded based on the present value of fixed, or in substance fixed, lease payments over the expected lease term. When the interest rate implicit in lease contracts is not readily determinable we use our incremental borrowing rate based on the information available at the lease commencement date, which represents an internally developed rate that would be incurred to borrow, on a collateralized basis, over a similar term, an amount equal to the lease payments in a similar economic environment. </div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">We have elected to combine lease components with <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-lease</div> components on our office real estate asset class. Fixed, or in substance fixed, lease payments on operating leases are recognized over the expected term of the lease on a straight-line basis. Variable lease expenses that are not considered fixed, or in substance fixed, are recognized as incurred. Fixed and variable lease expense on operating leases is recognized within operating expenses within our consolidated statements of operations and comprehensive loss. Some leases include options to extend or terminate the lease and the Company includes these options in the recognition of the Company’s ROU assets and lease liabilities when it is reasonably certain that the Company will exercise such options. We have elected the short-term lease exemption and, therefore, do not recognize a ROU asset or corresponding liability for lease arrangements with an original term of 12 months or less. </div> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div></div> <div style="font-family: ARIAL; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;text-indent: 0px;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Income Taxes</div></div>—The Company uses the asset and liability method of accounting for income taxes, as set forth in ASC 740, <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Accounting for Income Taxes</div></div> (“ASC 740”). Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequence of temporary differences between the carrying amounts and the </div></div> <div style="letter-spacing: 0px; top: 0px;display:inline;"> </div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL;text-align:center"></div><div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> </div> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: ARIAL; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;"></div></div> <div style="font-family: ARIAL; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"><div style="display:inline;"><div style="font-family: ARIAL; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">tax basis of assets and liabilities and net operating loss carry forwards, all calculated using presently enacted tax rates for the years and jurisdictions in which the temporary differences are expected to be recovered. Changes in deferred tax assets and liabilities are recorded in the provision for income taxes. </div></div></div> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: ARIAL; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="font-family: ARIAL; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;">The Company evaluates whether deferred tax assets are more likely than not of being realized in determining whether a valuation allowance is necessary. In making such a determination, the Company considers all available positive and negative evidence, including the future reversals of existing taxable temporary differences, projected future taxable income exclusive of reversing temporary differences and carryforwards, <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">tax-planning</div> strategies, taxable income in prior carryback years if permitted under tax law, and the results from prior years. If the Company determines it is more likely than not, that all or a portion of a deferred tax asset will not be realized a valuation allowance is recorded with a charge to income tax expense. Alternatively, if the Company determines that all or a portion of a deferred tax asset previously not meeting the more likely than not threshold will be realized, the Company reduces its valuation allowance and recognizes a benefit in income tax expense. As of December 31, 2025 and 2024, the Company determined that it is more likely than not that deferred taxes will not be realized and as a result recorded a full valuation allowance against its deferred tax assets. </div></div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">The Company files a consolidated U.S. federal income tax return and has elected to include all subsidiaries owned more than 80%. </div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">The Company recognizes and measure uncertain tax benefits in accordance with ASC 740 based on a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">two-step</div> process in which (1) the Company determines whether it is more likely than not that the tax position will be sustained based on the technical merits of the position, and (2) for those tax positions that meet the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">more-likely-than-not</div> recognition threshold, the Company recognizes the largest amount of tax benefit that is more than fifty percent likely to be realized upon ultimate settlement with the related tax authority. The Company’s policy is to recognize interest and penalties related to uncertain tax positions, if any, in income tax expense. </div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Research and Development Expenses</div></div>—Research and development expenses are comprised of costs incurred in performing research and development activities including personnel salaries, benefits, and share-based compensation; external research and development expenses incurred under arrangements with third parties, such as contract research organization agreements, investigational sites, and consultants; the cost of developing and manufacturing clinical study materials, program regulatory costs, expenses associated with obligations under asset acquisitions, license agreements and other direct and indirect costs. Costs incurred in connection with research and development activities are expensed as incurred. Costs are considered incurred based on an evaluation of the progress to completion of each contract using information and data provided by the respective vendors, including the Company’s clinical sites. Depending upon the timing of invoicing by the service providers, the Company recognizes prepaid expenses or accrued expenses related to these costs. These prepaid expenses or accrued expenses are based on management’s estimates of the work performed under service agreements, milestones achieved, and experience with similar contracts. The Company monitors each of these factors and adjusts estimates accordingly. </div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Stock Warrants</div></div>—The Company accounts for stock warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance included in ASC 480, <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Distinguishing Liabilities from Equity </div></div>(“ASC 480”) and ASC 815,<div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"> Derivatives and Hedging</div></div> (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, whether the warrants meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding. Warrants that meet all of the criteria for equity classification are required to be recorded as a component of additional <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">paid-in</div> capital at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded at their initial fair value on the date of issuance and remeasured each balance sheet date thereafter. </div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL;text-align:center"></div><div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> </div> <div style="font-family: ARIAL; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Share-Based Compensation</div></div>—The Company accounts for share-based compensation in accordance with ASC 718, <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Compensation—Stock Compensation </div></div>(“ASC 718”). Generally, share-based compensation is measured at the grant date for all equity-based awards made to employees based on the fair value of the awards and is recognized over the requisite service period, which is generally the vesting period. Share-based compensation for awards with performance conditions are recognized over the service period when achievement of the performance condition is probable. The Company has elected to recognize the actual forfeitures by reducing the share-based compensation in the same period as the forfeitures occur. The Company classifies share-based compensation in its consolidated statements of operations and comprehensive loss in the same manner in which the award recipients’ payroll costs are classified. </div></div> <div style="font-family: ARIAL; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;text-indent: 0px;"><div style="display:inline;"><div style="font-family: ARIAL; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">The Company estimates the fair value of options granted using the Black-Scholes option pricing model (“Black-Scholes”) for stock option grants. The fair value of the Company’s common stock is used to determine the fair value of restricted stock awards. Black-Scholes requires inputs based on certain subjective assumptions, including the expected stock price volatility, the expected term of the award, the risk-free interest rate and expected dividends. Due to the lack of a public market for the Company’s common stock and lack of company-specific historical and implied volatility data, the Company has based its computation of expected volatility on the historical volatility of a representative group of public companies with similar characteristics to the Company and in 2024, the Company began to include its historical volatility rate in the computation. The historical volatility is calculated based on a period of time corresponding with expected term assumption. The Company uses the simplified method to calculate the expected term for options granted where the expected term equals the arithmetic average of the vesting term and the original contractual term of the options due to its lack of sufficient historical data. The risk-free interest rate is based on U.S. Treasury securities with a maturity date corresponding with the expected term of the associated award. The expected dividend yield is assumed to be zero as the Company has never paid dividends and has no current plans to pay any dividends on its common stock. </div></div></div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Fair Value Measurements</div></div>—ASC Topic 820, <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Fair Value Measurement</div></div> (“ASC 820”), establishes a fair value hierarchy for instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and the Company’s own assumptions (unobservable inputs). Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the assets or liabilities and are developed based on the best information available in the circumstances. ASC 820 identifies fair value as the price that would be received to sell an asset or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. As a basis for considering market participant assumptions in fair value measurements, ASC 820 establishes a three-tiered value hierarchy that distinguishes between the following: </div> <div style="margin-top:9pt; margin-bottom:0pt; margin-left:4%; font-size:9.5pt; font-family:ARIAL">Level 1—Quoted market prices in active markets for identical assets or liabilities. </div> <div style="margin-top:9pt; margin-bottom:0pt; margin-left:4%; font-size:9.5pt; font-family:ARIAL">Level 2—Inputs other than Level 1 inputs that are either directly or indirectly observable, such as quoted market prices, interest rates and yield curves. </div> <div style="margin-top:9pt; margin-bottom:0pt; margin-left:4%; font-size:9.5pt; font-family:ARIAL">Level 3—Unobservable inputs for the asset or liability (i.e., supported by little or no market activity). Level 3 inputs include management’s own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). </div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">To the extent the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair values requires more judgement. Accordingly, the degree of judgement exercised by the Company in determining fair value is greatest for instruments categorized as Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. </div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as considers counterparty credit risk in its assessment of fair value.<div style="font-size: 8pt;display:inline;"> </div></div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL;text-align:center"></div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"></div> <div style="font-family: ARIAL; font-size: 9.5pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"><div style="display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Future Milestone and Royalty Assets </div></div></div></div> <div style="font-family: ARIAL; font-size: 9.5pt; margin-top: 2pt; margin-bottom: 0pt;text-indent: 0px;"><div style="display:inline;"><div style="font-family: ARIAL; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">As part of the JV Sale, the Company received consideration including an estimated $3.0 million in future contingent milestones and royalty payments, which are recognized as a contingent consideration asset within prepaid expenses and other current assets on the consolidated balance sheets. The fair value of this contingent consideration was determined using a model that incorporates significant unobservable inputs based on Company estimates, external data, and management’s judgment and forecasts. Key assumptions in the model include the discount rate, the timing of expected cash flows, the probability of achieving the milestone and royalty payments, and projected future net revenues. </div></div></div> <div style="font-family: ARIAL; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;text-indent: 0px;"><div style="display:inline;"><div style="font-family: ARIAL; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">The Company periodically reviews the carrying value of the Contingent Consideration when impairment indicators arise and records an impairment loss if the carrying amount materially exceeds the reassessed fair value. Increases in the carrying value are recognized only when contingent gains are realized. Since the contingent payments are tied to Phase 1 clinical study milestones and future royalty payments, the Company believes the likelihood of timely payment by Recursion is remote. See Note 9, “Investment in Joint Venture” for additional details. </div></div></div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Segment Information</div></div>—Operating segments are defined as components of an enterprise for which discrete financial information is regularly reviewed by the chief operating decision maker (“CODM”) in deciding how to allocate resources and in assessing operating performance. The Company manages its operations as a single segment for the purposes of allocating resources, assessing performance, and making operating decisions. All tangible assets of the Company are held in the U.S. See Note 12, “Segments” for additional details. </div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Basic and Diluted Net Loss Per Share</div></div>—The Company calculates basic net loss per share by dividing the net loss by the weighted-average number of common shares outstanding during the period, without consideration of potential dilutive securities. Basic shares outstanding includes the weighted-average effect of the Company’s <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">pre-funded</div> warrants to purchase shares of our common stock requiring little consideration upon exercise. Unvested restricted common shares as of December 31, 2025 and 2024 are not considered participating securities and as such are excluded from the weighted-average number of shares used for calculating basic and diluted net loss per share. Diluted net loss per share is computed by dividing the net loss by the sum of the weighted-average number of common shares outstanding during the period plus the dilutive effects of potentially dilutive securities outstanding during the period. Potentially dilutive securities include restricted common shares and stock options. The Company has generated a net loss for all periods presented, therefore diluted net loss per share is the same as basic net loss per share since the inclusion of potentially dilutive securities would be anti-dilutive. </div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Revenue Recognition</div></div>—The Company recognizes revenue in accordance with the provisions of ASC Topic 606, <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Revenue from Contracts with Customers</div></div> (“ASC 606”). The Company recognizes revenue when the Company’s customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods and services. To determine revenue recognition for arrangements within the scope of ASC 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when or as the Company satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration to which it is entitled in exchange for the goods or services it transfers to the customer. </div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">The Company evaluates the promised goods or services in these agreements to determine which ones represent distinct performance obligations. These agreements may include the following types of promised goods or services: (i) grants of licenses and related transfer of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">know-how,</div> (ii) performance of research and development services, and (iii) participation on joint research and/or development committees. They also may include options to obtain further research and development services and licenses to the Company’s intellectual property. The payment terms of these agreements may include nonrefundable upfront fees, payments based upon the achievement of certain milestones, and additional payments based on product sales derived from the collaboration. <br/></div> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL;text-align:center"></div><div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> </div> <div style="font-family: ARIAL; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"><div style="display:inline;"><div style="font-family: ARIAL; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">The Company exercises judgment in assessing those promised goods and services that are distinct and thus representative of performance obligations. To the extent the Company identifies multiple performance obligations in a contract or group of contracts signed together, the Company must develop assumptions that require judgment to determine the estimated standalone selling price for each performance obligation in order to allocate the transaction price among the identified performance obligations. The transaction is allocated on a relative standalone selling price basis. </div></div></div> <div style="font-family: ARIAL; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;text-indent: 0px;"><div style="display:inline;"><div style="font-family: ARIAL; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Prior to recognizing revenue, the Company makes estimates of the transaction price, including variable consideration that is subject to a constraint. Amounts of variable consideration are included in the transaction price to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur and when the uncertainty associated with the variable consideration is subsequently resolved. These estimates are reassessed at each reporting period as required. </div></div></div> <div style="font-family: ARIAL; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;text-indent: 0px;"><div style="display:inline;"><div style="font-family: ARIAL; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">The Company then recognizes revenue in the amount of the transaction price that is allocated to the respective performance obligations when or as the performance obligations are satisfied. For performance obligations satisfied over time, the Company estimates the efforts needed to complete the performance obligations and recognizes revenue over the satisfaction of the performance obligations. </div></div></div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Restructuring</div></div>—The Company accounts for restructuring charges in accordance with ASC Subtopic <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">420-10,</div> <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Exit or Disposal Cost Obligations</div></div>. The charges related to the workforce reductions are cash-based expenditures related primarily to severance and benefit payments, with such amounts reflected in the Company’s consolidated statements of operations and other comprehensive loss. See Note 13, “Restructuring” for additional details. </div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Recently Adopted Accounting Pronouncements</div></div>—In December 2023, the FASB issued, ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">2023-09,</div> Income Taxes (Topic 740): <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Improvements to Income Tax Disclosures</div></div> (“ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">2023-09”)</div> which establishes new income tax disclosure requirements in addition to modifying and eliminating certain existing requirements. The ASU is effective for public business entities for fiscal years beginning on or after December 15, 2024 with early adoption permitted. The amendments in ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">2023-09</div> were early adopted by the Company on a prospective basis. There was no material impact to the Company’s financial statements as a result of adopting ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">2023-09.</div> See Note 8, “Income Taxes” for additional detail. </div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">In May 2025, the FASB issued ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">2025-03,</div> Business Combinations (Topic 805) and Consolidation (Topic 810):<div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"> Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity</div></div> (“ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">2025-03”),</div> which revises current guidance for determining the accounting acquirer for a transaction effected primarily by exchanging equity interests in which the legal acquiree is a variable interest entity that meets the definition of a business. The amendments require that an entity consider the same factors that are currently required for determining which entity is the accounting acquirer in other acquisition transactions. The Company early adopted this ASU on a prospective basis as of October 1, 2025. There was no material impact to the Company’s financial statements as a result of adopting ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">2025-03.</div> </div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Recently Issued Accounting Pronouncements</div></div>—In November 2024, the FASB issued ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">2024-03,</div> Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">220-40):</div> <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Disaggregation of Income Statement Expenses (</div></div>“ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">2024-03”).</div> This ASU requires public entities to disclose additional transparency on certain costs and expenses. ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">2024-03</div> is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company has chosen not to early adopt this standard and is currently evaluating the potential impact of adopting this standard on its consolidated financial statements. </div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Basis of Presentation—</div></div>The accompanying consolidated financial statements of the Company have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”), and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) promulgated by the Financial Accounting Standards Board (“FASB”). </div><div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">In the opinion of the Company, the information furnished reflects all adjustments, all of which are of a normal and recurring nature, necessary for a fair presentation of the financial position and results of operations for the reported periods. The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. </div><div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">On February 6, 2026, the Company executed a reverse stock split of its issued and outstanding common stock, par value $0.0001, at a ratio of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space:nowrap;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;">1-for-8</div></div></div> with a record date of December 30, 2025 (the “Reverse Stock Split”). All common share, per share and related information included in the accompanying financial statements and footnote disclosures have been adjusted retroactively, where applicable, to reflect the Reverse Stock Split. See Note 14, “Subsequent Events” for additional details. </div> 0.0001 1.08 <div style="font-family: ARIAL; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Principles of Consolidation</div></div>—The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.</div></div> <div style="font-family: ARIAL; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Use of Estimates</div></div>—The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts and disclosures </div></div><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"></div><div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL;text-align:center"></div> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> </div><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div></div><div style="font-family: ARIAL; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"><div style="display:inline;"><div style="font-family: ARIAL; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">in the consolidated financial statements. While management believes that estimates and assumptions used in the preparation of the consolidated financial statements are appropriate, actual results could differ from those estimates. The most significant estimates are those used in the determination of the fair value of its common units and incentive units awarded to employees prior to the Company’s initial public offering (“IPO”), for purposes of recording share-based incentive compensation, the fair value of stock options, as well as contracted research and development expenses incurred. </div></div></div> <div style="font-family: ARIAL; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Liquidity and Ability to Continue as a Going Concern</div></div>—The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. Management has evaluated whether there are conditions and events that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date the financial statements are issued. Since its inception, the Company has incurred net losses and negative cash flows from operations. </div></div><div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">During the years ended December 31, 2025 and 2024, the Company incurred a net loss of $9.0 million and $57.8 million, respectively. The loss for the year ended December 31, 2025 included a $23.0 million gain in connection with the JV Sale in 2025. In addition, as of December 31, 2025, the Company had an accumulated deficit of $302.0 million. The Company expects to continue to generate operating losses and negative cash flows in the foreseeable future. </div><div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">The Company had cash, cash equivalents and marketable securities of $54.7 million as of December 31, 2025. The Company currently expects that its cash, cash equivalents and marketable securities will be sufficient to fund its operating expenses and capital requirements for more than 12 months from the date these consolidated financial statements are issued. However, the Company does not anticipate that its current cash, cash equivalents and marketable securities as of December 31, 2025 will be sufficient to fund any of its product candidates through regulatory approval, and it will need to raise substantial additional capital to complete the development and commercialization of its product candidates, if approved. Rallybio may satisfy its future cash needs through the sale of equity securities, debt financings, corporate collaborations or license agreements, working capital lines of credit, grant funding, interest income earned on invested cash balances or a combination of one or more of these sources. </div> -9000000 -57800000 23000000 -302000000 54700000 <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Collaboration Arrangements</div></div>—The Company considers the nature and contractual terms of an arrangement to assess whether an arrangement involves a joint operating activity that expose two or more parties to significant risks and rewards dependent on the commercial success of the activity. If the Company is an active participant and is exposed to significant risks and rewards dependent on the commercial success of the activity, the Company accounts for such arrangement as a collaborative arrangement under ASC 808, <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Collaborative Arrangements </div></div>(“ASC 808”). ASC 808 describes arrangements within its scope and considerations surrounding presentation and disclosure, with recognition matters subjected to other authoritative guidance, in certain cases by analogy. </div><div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">For arrangements determined to be within the scope of ASC 808 for certain research and development activities where a collaborative partner is not a customer following the guidance of ASC 606, <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Revenue Recognition </div></div>(“ASC 606”), the Company accounts for payments due to a collaboration partner as research and development expense and for payments owed to us from our collaboration partner for the reimbursement of research and development costs as a contra-expense in the period such expenses are incurred. The Company classifies payments owed or receivables recorded as other current liabilities and other current assets, respectively, in the Company’s consolidated balance sheets. See Note 3, “Collaboration and License Agreements” for additional details. </div> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div></div><div style="font-family: ARIAL; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;text-indent: 0px;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Asset Acquisitions</div></div>—The Company evaluates acquisitions of assets and other similar transactions to assess whether or not the transaction should be accounted for as a business combination or asset acquisition by first applying a screen test to determine whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. If this screen criteria is met, the transaction is accounted for as an asset acquisition. If not, further determination is required as to whether or not the Company has acquired inputs and processes that have the ability to create outputs, which would meet the definition of a business. </div></div><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL;text-align:center"></div> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> </div><div style="letter-spacing: 0px; top: 0px;display:inline;"></div><div style="font-family: ARIAL; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"><div style="display:inline;">The Company measures and recognizes asset acquisitions that are not deemed to be business combinations based on the cost to acquire the assets, which includes transaction costs. In an asset acquisition, the cost allocated to acquire <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">in-process</div> research and development (“IPR&amp;D”) with no alternative future use is charged to research and development expense at the acquisition date. See Note 3, “Collaboration and License Agreements” for additional details. </div></div> <div style="font-family: ARIAL; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Variable Interest Entity</div></div>—The Company evaluates its ownership, contractual, and other interests in entities to determine if it has any variable interest in a variable interest entity (“VIE”). These evaluations are complex, involve judgment, and the use of estimates and assumptions based on available historical information, among other factors. If the Company determines that an entity in which it holds a contractual, or ownership, interest is a VIE and that the Company is the primary beneficiary, the Company consolidates such entity in its consolidated financial statements. The primary beneficiary of a VIE is the party that meets both of the following criteria: (i) has the power to make decisions that most significantly affect the economic performance of the VIE; and (ii) has the obligation to absorb losses or the right to receive benefits that in either case could potentially be significant to the VIE. Management performs ongoing reassessments of whether changes in the facts and circumstances regarding the Company’s involvement with a VIE will cause the consolidation conclusion to change. Changes in consolidation status are applied prospectively. The Company evaluated its investment in RE Ventures I, LLC, a limited liability company <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">(“REV-I”),</div> defined in Note 9, and concluded that it represented a VIE and the Company was not deemed the primary beneficiary. If the Company is not deemed to be the primary beneficiary in a VIE, the Company accounts for the investment or other variable interests in a VIE in accordance with the applicable GAAP. See Note 9, “Investment in Joint Venture” for additional details. </div></div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Equity Method Investments</div></div>—The Company accounts for investments for which it does not have a controlling interest in accordance with ASC 323, <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Investments—Equity Method and Joint Ventures </div></div>(“ASC 323”). The Company recognizes its <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">pro-rata</div> share of income and losses in “loss on investment in joint venture” on the consolidated statements of operations and comprehensive loss, with a corresponding change to the investment in joint venture asset on the consolidated balance sheets. </div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Financial Instruments</div></div>—The Company’s principal financial instruments are comprised of cash, cash equivalents, available for sale marketable securities, accounts payable and accrued liabilities. The carrying value of all financial instruments approximates fair value. </div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Concentrations of Credit Risk</div></div>—Financial instruments that potentially subject the Company to significant concentration of credit risk consist primarily of cash, cash equivalents and marketable securities. The Company invests its excess cash in money market funds and marketable securities in government insured financial institutions that are subject to minimal credit and market risk. Management believes that the Company is not exposed to significant credit risk as the Company’s deposits are held at financial institutions that management believes to be of high credit quality, and the Company has not experienced any losses on these deposits. </div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Cash and Cash Equivalents</div></div>—The Company classifies amounts on deposit in banks and cash invested temporarily in various instruments, primarily money market funds, with original maturities of three months or less at the time of purchase as cash and cash equivalents. The carrying amounts reported on the consolidated balance sheets represent the fair values of cash and cash equivalents. </div> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div><div style="text-indent: 0px; letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div></div> <div style="font-family: ARIAL; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Marketable Securities</div></div>—We invest our excess cash balances in highly rated United States (“U.S.”) government-backed debt securities and treasuries. We classify our marketable securities as <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space: nowrap;display:inline;">available-for-sale</div></div> and accordingly, record such securities at fair value. Debt securities with original maturities of greater than 90 days are classified as <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space: nowrap;display:inline;">available-for-sale</div></div> marketable securities and debt securities with original maturities of less than 90 days from the date of purchase are classified as cash equivalents.</div></div><div style="font-family: ARIAL; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;text-indent: 0px;"><div style="display:inline;"><div style="font-family: ARIAL; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Unrealized gains and losses on our marketable debt securities that are deemed temporary are included in accumulated other comprehensive gain (loss) as a separate component of stockholders’ equity. If any adjustment to </div></div></div><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div> <div style="text-indent: 0px; letter-spacing: 0px; top: 0px;display:inline;"></div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL;text-align:center"></div> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> </div> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: ARIAL; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;"></div></div> <div style="font-family: ARIAL; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"><div style="display:inline;"><div style="font-family: ARIAL; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">fair value reflects a significant decline in the value of the security, we evaluate the extent to which the decline is determined to be other-than-temporary and would mark the security to market through a charge to our consolidated statements of operations and comprehensive loss. Credit losses are identified when we do not expect to receive cash flows sufficient to recover the amortized cost basis of a security. In the event of a credit loss, only the amount associated with the credit loss is recognized in operating results, with the amount of loss relating to other factors recorded in accumulated other comprehensive gain (loss). </div></div></div> <div style="font-family: ARIAL; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Property and Equipment</div></div>—Property and equipment are recorded at cost and consist of computer and other equipment, capitalized software, furniture and fixtures and leasehold improvements. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets, or for leasehold improvements, over the remaining term of the lease, if shorter. The estimated useful life for each major asset classification are as follows: </div></div> <div style="font-size: 9pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9.5pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:72%"></td> <td style="vertical-align:bottom;width:1%"></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align: bottom; white-space: nowrap; padding-bottom: 0.5pt;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: table-cell; font-size: 8pt; font-family: ARIAL; font-weight: bold; line-height: normal;">Asset Classification</div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Estimated Useful Life</div></div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Computer and other equipment</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom;text-align:center">3 years</td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Capitalized software</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom;text-align:center">3 years</td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Furniture and fixtures</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom;text-align:center">6 years</td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Leasehold improvements</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom;text-align:center">lesser of lease life or useful life</td></tr></table> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">Maintenance and repairs which do not extend the lives of the assets are charged directly to expense as incurred. Upon retirement or disposal, cost and related accumulated depreciation are removed from the related accounts, and any resulting gain or loss is recognized as a component of income or loss in the consolidated statements of operations and comprehensive loss. </div> The estimated useful life for each major asset classification are as follows: <div style="font-size: 9pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9.5pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:72%"></td> <td style="vertical-align:bottom;width:1%"></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align: bottom; white-space: nowrap; padding-bottom: 0.5pt;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: table-cell; font-size: 8pt; font-family: ARIAL; font-weight: bold; line-height: normal;">Asset Classification</div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Estimated Useful Life</div></div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Computer and other equipment</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom;text-align:center">3 years</td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Capitalized software</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom;text-align:center">3 years</td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Furniture and fixtures</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom;text-align:center">6 years</td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Leasehold improvements</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom;text-align:center">lesser of lease life or useful life</td></tr></table> P3Y P3Y P6Y <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Impairment of Long-Lived Assets</div></div>—When indications of potential impairments are present, the Company evaluates the carrying value of long-lived assets. The Company adjusts the carrying value of the long-lived assets if the sum of undiscounted expected future cash flows is less than the carrying value. No such impairments were recorded during the years ended December 31, 2025 or 2024. </div> 0 0 <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Leases</div></div>—At the inception of an arrangement, we determine if an arrangement is, or contains, a lease based on the facts and circumstances present in that arrangement. Lease classification, recognition, and measurement are then determined at the lease commencement date. For arrangements that contain a lease we (i) identify lease and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-lease</div> components, (ii) determine the consideration in the contract, (iii) determine whether the lease is an operating or financing lease; and iv) recognize lease <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space:nowrap;display:inline;">right-of-use</div></div> (“ROU”) assets and liabilities. Lease liabilities and their corresponding ROU assets are recorded based on the present value of fixed, or in substance fixed, lease payments over the expected lease term. When the interest rate implicit in lease contracts is not readily determinable we use our incremental borrowing rate based on the information available at the lease commencement date, which represents an internally developed rate that would be incurred to borrow, on a collateralized basis, over a similar term, an amount equal to the lease payments in a similar economic environment. </div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">We have elected to combine lease components with <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-lease</div> components on our office real estate asset class. Fixed, or in substance fixed, lease payments on operating leases are recognized over the expected term of the lease on a straight-line basis. Variable lease expenses that are not considered fixed, or in substance fixed, are recognized as incurred. Fixed and variable lease expense on operating leases is recognized within operating expenses within our consolidated statements of operations and comprehensive loss. Some leases include options to extend or terminate the lease and the Company includes these options in the recognition of the Company’s ROU assets and lease liabilities when it is reasonably certain that the Company will exercise such options. We have elected the short-term lease exemption and, therefore, do not recognize a ROU asset or corresponding liability for lease arrangements with an original term of 12 months or less. </div> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div></div> <div style="font-family: ARIAL; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;text-indent: 0px;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Income Taxes</div></div>—The Company uses the asset and liability method of accounting for income taxes, as set forth in ASC 740, <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Accounting for Income Taxes</div></div> (“ASC 740”). Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequence of temporary differences between the carrying amounts and the </div></div> <div style="letter-spacing: 0px; top: 0px;display:inline;"> </div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL;text-align:center"></div> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> </div> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: ARIAL; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;"></div></div> <div style="font-family: ARIAL; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"><div style="display:inline;"><div style="font-family: ARIAL; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">tax basis of assets and liabilities and net operating loss carry forwards, all calculated using presently enacted tax rates for the years and jurisdictions in which the temporary differences are expected to be recovered. Changes in deferred tax assets and liabilities are recorded in the provision for income taxes. </div></div></div> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: ARIAL; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="font-family: ARIAL; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;">The Company evaluates whether deferred tax assets are more likely than not of being realized in determining whether a valuation allowance is necessary. In making such a determination, the Company considers all available positive and negative evidence, including the future reversals of existing taxable temporary differences, projected future taxable income exclusive of reversing temporary differences and carryforwards, <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">tax-planning</div> strategies, taxable income in prior carryback years if permitted under tax law, and the results from prior years. If the Company determines it is more likely than not, that all or a portion of a deferred tax asset will not be realized a valuation allowance is recorded with a charge to income tax expense. Alternatively, if the Company determines that all or a portion of a deferred tax asset previously not meeting the more likely than not threshold will be realized, the Company reduces its valuation allowance and recognizes a benefit in income tax expense. As of December 31, 2025 and 2024, the Company determined that it is more likely than not that deferred taxes will not be realized and as a result recorded a full valuation allowance against its deferred tax assets. </div></div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">The Company files a consolidated U.S. federal income tax return and has elected to include all subsidiaries owned more than 80%. </div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">The Company recognizes and measure uncertain tax benefits in accordance with ASC 740 based on a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">two-step</div> process in which (1) the Company determines whether it is more likely than not that the tax position will be sustained based on the technical merits of the position, and (2) for those tax positions that meet the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">more-likely-than-not</div> recognition threshold, the Company recognizes the largest amount of tax benefit that is more than fifty percent likely to be realized upon ultimate settlement with the related tax authority. The Company’s policy is to recognize interest and penalties related to uncertain tax positions, if any, in income tax expense. </div> 0.80 <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Research and Development Expenses</div></div>—Research and development expenses are comprised of costs incurred in performing research and development activities including personnel salaries, benefits, and share-based compensation; external research and development expenses incurred under arrangements with third parties, such as contract research organization agreements, investigational sites, and consultants; the cost of developing and manufacturing clinical study materials, program regulatory costs, expenses associated with obligations under asset acquisitions, license agreements and other direct and indirect costs. Costs incurred in connection with research and development activities are expensed as incurred. Costs are considered incurred based on an evaluation of the progress to completion of each contract using information and data provided by the respective vendors, including the Company’s clinical sites. Depending upon the timing of invoicing by the service providers, the Company recognizes prepaid expenses or accrued expenses related to these costs. These prepaid expenses or accrued expenses are based on management’s estimates of the work performed under service agreements, milestones achieved, and experience with similar contracts. The Company monitors each of these factors and adjusts estimates accordingly. </div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Stock Warrants</div></div>—The Company accounts for stock warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance included in ASC 480, <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Distinguishing Liabilities from Equity </div></div>(“ASC 480”) and ASC 815,<div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"> Derivatives and Hedging</div></div> (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, whether the warrants meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding. Warrants that meet all of the criteria for equity classification are required to be recorded as a component of additional <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">paid-in</div> capital at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded at their initial fair value on the date of issuance and remeasured each balance sheet date thereafter. </div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL;text-align:center"></div> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> </div> <div style="font-family: ARIAL; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Share-Based Compensation</div></div>—The Company accounts for share-based compensation in accordance with ASC 718, <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Compensation—Stock Compensation </div></div>(“ASC 718”). Generally, share-based compensation is measured at the grant date for all equity-based awards made to employees based on the fair value of the awards and is recognized over the requisite service period, which is generally the vesting period. Share-based compensation for awards with performance conditions are recognized over the service period when achievement of the performance condition is probable. The Company has elected to recognize the actual forfeitures by reducing the share-based compensation in the same period as the forfeitures occur. The Company classifies share-based compensation in its consolidated statements of operations and comprehensive loss in the same manner in which the award recipients’ payroll costs are classified. </div></div> <div style="font-family: ARIAL; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;text-indent: 0px;"><div style="display:inline;"><div style="font-family: ARIAL; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">The Company estimates the fair value of options granted using the Black-Scholes option pricing model (“Black-Scholes”) for stock option grants. The fair value of the Company’s common stock is used to determine the fair value of restricted stock awards. Black-Scholes requires inputs based on certain subjective assumptions, including the expected stock price volatility, the expected term of the award, the risk-free interest rate and expected dividends. Due to the lack of a public market for the Company’s common stock and lack of company-specific historical and implied volatility data, the Company has based its computation of expected volatility on the historical volatility of a representative group of public companies with similar characteristics to the Company and in 2024, the Company began to include its historical volatility rate in the computation. The historical volatility is calculated based on a period of time corresponding with expected term assumption. The Company uses the simplified method to calculate the expected term for options granted where the expected term equals the arithmetic average of the vesting term and the original contractual term of the options due to its lack of sufficient historical data. The risk-free interest rate is based on U.S. Treasury securities with a maturity date corresponding with the expected term of the associated award. The expected dividend yield is assumed to be zero as the Company has never paid dividends and has no current plans to pay any dividends on its common stock. </div></div></div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Fair Value Measurements</div></div>—ASC Topic 820, <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Fair Value Measurement</div></div> (“ASC 820”), establishes a fair value hierarchy for instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and the Company’s own assumptions (unobservable inputs). Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the assets or liabilities and are developed based on the best information available in the circumstances. ASC 820 identifies fair value as the price that would be received to sell an asset or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. As a basis for considering market participant assumptions in fair value measurements, ASC 820 establishes a three-tiered value hierarchy that distinguishes between the following: </div> <div style="margin-top:9pt; margin-bottom:0pt; margin-left:4%; font-size:9.5pt; font-family:ARIAL">Level 1—Quoted market prices in active markets for identical assets or liabilities. </div> <div style="margin-top:9pt; margin-bottom:0pt; margin-left:4%; font-size:9.5pt; font-family:ARIAL">Level 2—Inputs other than Level 1 inputs that are either directly or indirectly observable, such as quoted market prices, interest rates and yield curves. </div> <div style="margin-top:9pt; margin-bottom:0pt; margin-left:4%; font-size:9.5pt; font-family:ARIAL">Level 3—Unobservable inputs for the asset or liability (i.e., supported by little or no market activity). Level 3 inputs include management’s own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). </div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">To the extent the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair values requires more judgement. Accordingly, the degree of judgement exercised by the Company in determining fair value is greatest for instruments categorized as Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. </div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as considers counterparty credit risk in its assessment of fair value.<div style="font-size: 8pt;display:inline;"> </div></div> <div style="font-family: ARIAL; font-size: 9.5pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"><div style="display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Future Milestone and Royalty Assets </div></div></div></div> <div style="font-family: ARIAL; font-size: 9.5pt; margin-top: 2pt; margin-bottom: 0pt;text-indent: 0px;"><div style="display:inline;"><div style="font-family: ARIAL; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">As part of the JV Sale, the Company received consideration including an estimated $3.0 million in future contingent milestones and royalty payments, which are recognized as a contingent consideration asset within prepaid expenses and other current assets on the consolidated balance sheets. The fair value of this contingent consideration was determined using a model that incorporates significant unobservable inputs based on Company estimates, external data, and management’s judgment and forecasts. Key assumptions in the model include the discount rate, the timing of expected cash flows, the probability of achieving the milestone and royalty payments, and projected future net revenues. </div></div></div> <div style="font-family: ARIAL; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;text-indent: 0px;"><div style="display:inline;"><div style="font-family: ARIAL; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">The Company periodically reviews the carrying value of the Contingent Consideration when impairment indicators arise and records an impairment loss if the carrying amount materially exceeds the reassessed fair value. Increases in the carrying value are recognized only when contingent gains are realized. Since the contingent payments are tied to Phase 1 clinical study milestones and future royalty payments, the Company believes the likelihood of timely payment by Recursion is remote. See Note 9, “Investment in Joint Venture” for additional details. </div></div></div> 3000000 <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Segment Information</div></div>—Operating segments are defined as components of an enterprise for which discrete financial information is regularly reviewed by the chief operating decision maker (“CODM”) in deciding how to allocate resources and in assessing operating performance. The Company manages its operations as a single segment for the purposes of allocating resources, assessing performance, and making operating decisions. All tangible assets of the Company are held in the U.S. See Note 12, “Segments” for additional details. </div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Basic and Diluted Net Loss Per Share</div></div>—The Company calculates basic net loss per share by dividing the net loss by the weighted-average number of common shares outstanding during the period, without consideration of potential dilutive securities. Basic shares outstanding includes the weighted-average effect of the Company’s <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">pre-funded</div> warrants to purchase shares of our common stock requiring little consideration upon exercise. Unvested restricted common shares as of December 31, 2025 and 2024 are not considered participating securities and as such are excluded from the weighted-average number of shares used for calculating basic and diluted net loss per share. Diluted net loss per share is computed by dividing the net loss by the sum of the weighted-average number of common shares outstanding during the period plus the dilutive effects of potentially dilutive securities outstanding during the period. Potentially dilutive securities include restricted common shares and stock options. The Company has generated a net loss for all periods presented, therefore diluted net loss per share is the same as basic net loss per share since the inclusion of potentially dilutive securities would be anti-dilutive. </div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Revenue Recognition</div></div>—The Company recognizes revenue in accordance with the provisions of ASC Topic 606, <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Revenue from Contracts with Customers</div></div> (“ASC 606”). The Company recognizes revenue when the Company’s customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods and services. To determine revenue recognition for arrangements within the scope of ASC 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when or as the Company satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration to which it is entitled in exchange for the goods or services it transfers to the customer. </div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">The Company evaluates the promised goods or services in these agreements to determine which ones represent distinct performance obligations. These agreements may include the following types of promised goods or services: (i) grants of licenses and related transfer of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">know-how,</div> (ii) performance of research and development services, and (iii) participation on joint research and/or development committees. They also may include options to obtain further research and development services and licenses to the Company’s intellectual property. The payment terms of these agreements may include nonrefundable upfront fees, payments based upon the achievement of certain milestones, and additional payments based on product sales derived from the collaboration. <br/></div> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL;text-align:center"></div> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> </div> <div style="font-family: ARIAL; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"><div style="display:inline;"><div style="font-family: ARIAL; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">The Company exercises judgment in assessing those promised goods and services that are distinct and thus representative of performance obligations. To the extent the Company identifies multiple performance obligations in a contract or group of contracts signed together, the Company must develop assumptions that require judgment to determine the estimated standalone selling price for each performance obligation in order to allocate the transaction price among the identified performance obligations. The transaction is allocated on a relative standalone selling price basis. </div></div></div> <div style="font-family: ARIAL; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;text-indent: 0px;"><div style="display:inline;"><div style="font-family: ARIAL; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Prior to recognizing revenue, the Company makes estimates of the transaction price, including variable consideration that is subject to a constraint. Amounts of variable consideration are included in the transaction price to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur and when the uncertainty associated with the variable consideration is subsequently resolved. These estimates are reassessed at each reporting period as required. </div></div></div> <div style="font-family: ARIAL; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;text-indent: 0px;"><div style="display:inline;"><div style="font-family: ARIAL; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">The Company then recognizes revenue in the amount of the transaction price that is allocated to the respective performance obligations when or as the performance obligations are satisfied. For performance obligations satisfied over time, the Company estimates the efforts needed to complete the performance obligations and recognizes revenue over the satisfaction of the performance obligations. </div></div></div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Restructuring</div></div>—The Company accounts for restructuring charges in accordance with ASC Subtopic <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">420-10,</div> <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Exit or Disposal Cost Obligations</div></div>. The charges related to the workforce reductions are cash-based expenditures related primarily to severance and benefit payments, with such amounts reflected in the Company’s consolidated statements of operations and other comprehensive loss. See Note 13, “Restructuring” for additional details. </div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Recently Adopted Accounting Pronouncements</div></div>—In December 2023, the FASB issued, ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">2023-09,</div> Income Taxes (Topic 740): <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Improvements to Income Tax Disclosures</div></div> (“ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">2023-09”)</div> which establishes new income tax disclosure requirements in addition to modifying and eliminating certain existing requirements. The ASU is effective for public business entities for fiscal years beginning on or after December 15, 2024 with early adoption permitted. The amendments in ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">2023-09</div> were early adopted by the Company on a prospective basis. There was no material impact to the Company’s financial statements as a result of adopting ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">2023-09.</div> See Note 8, “Income Taxes” for additional detail. </div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">In May 2025, the FASB issued ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">2025-03,</div> Business Combinations (Topic 805) and Consolidation (Topic 810):<div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"> Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity</div></div> (“ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">2025-03”),</div> which revises current guidance for determining the accounting acquirer for a transaction effected primarily by exchanging equity interests in which the legal acquiree is a variable interest entity that meets the definition of a business. The amendments require that an entity consider the same factors that are currently required for determining which entity is the accounting acquirer in other acquisition transactions. The Company early adopted this ASU on a prospective basis as of October 1, 2025. There was no material impact to the Company’s financial statements as a result of adopting ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">2025-03.</div> </div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Recently Issued Accounting Pronouncements</div></div>—In November 2024, the FASB issued ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">2024-03,</div> Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">220-40):</div> <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Disaggregation of Income Statement Expenses (</div></div>“ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">2024-03”).</div> This ASU requires public entities to disclose additional transparency on certain costs and expenses. ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">2024-03</div> is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company has chosen not to early adopt this standard and is currently evaluating the potential impact of adopting this standard on its consolidated financial statements. </div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL;font-weight:bold">3. COLLABORATION AND LICENSE AGREEMENTS </div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:9.5pt; 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;">Johnson &amp; Johnson Collaboration </div></div></div> <div style="margin-top:2pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">In April 2024, the Company entered into a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">two-year</div> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: ARIAL; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">collaboration agreement (the “J&amp;J Collaboration Agreement”) with Johnson &amp; Johnson, through its wholly owned subsidiary, Momenta Pharmaceuticals, Inc. (“J&amp;J”) to facilitate the advancement of research into products to address unmet needs relating to FNAIT. </div></div></div> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> </div> <div style="font-family: ARIAL; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"><div style="display:inline;"><div style="font-family: ARIAL; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">In April 2025, the Company announced that RLYB212 Phase 2 PK results did not achieve target concentrations, including the minimum target concentration required for efficacy, and that the Company would discontinue its RLYB212 program for the prevention of FNAIT. The Company will continue to follow any previously screened Phase 2 participant who was also eligible to enroll in the multinational FNAIT natural history study, in accordance with the study’s protocol. </div></div></div> <div style="font-family: ARIAL; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;text-indent: 0px;">Pursuant to the J&amp;J Collaboration Agreement, the Company received an upfront payment of $0.5 million from J&amp;J for the information dissemination and data provision services under the agreement. The J&amp;J Collaboration Agreement provides that the Company is eligible for payments upon the achievement of certain screening-related events, however, the Company has discontinued screening and enrollment in both the FNAIT natural history study and the RLYB212 Phase 2 clinical trial. </div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">The Company evaluated the agreement and determined it was within the scope of ASC 606. The Company determined there were performance obligations as follows: </div> <div style="margin-top:9pt; margin-bottom:0pt; margin-left:4%; font-size:9.5pt; font-family:ARIAL">(1) Data collection &amp; submission revenue – derived from Rallybio’s ongoing management of the studies including the maintenance of a minimum site footprint, the license to utilize, and timely, semi-annual submission of the anonymized data, in the required formats. </div> <div style="margin-top:9pt; margin-bottom:0pt; margin-left:4%; font-size:9.5pt; font-family:ARIAL">(2) Dissemination of J&amp;J materials &amp; participant revenue – derived from Rallybio’s dissemination of content, information or materials related to the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">J&amp;J-Sponsored</div> Studies that are developed by J&amp;J and are provided by Rallybio for the purpose of disseminating such content, information, or materials to staff at Rallybio study sites to provide to potential eligible participants regarding J&amp;J’s independent study. </div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">In April 2024, the Company also entered into a securities purchase agreement (the “JJDC Securities Purchase Agreement”) with Johnson &amp; Johnson Innovation – JJDC, Inc. (“JJDC”). Under the terms of the JJDC Securities Purchase Agreement, JJDC made an equity investment purchasing 454,545 shares of common stock with a par value of $0.0001 per share for a share purchase price of $14.56 per share which includes a 10% premium for an aggregate purchase price of $6.6 million. The JJDC Securities Purchase Agreement contains provisions related to the registration of the shares and the restriction on the sale or transfer of the shares for a period of time. The Company determined the J&amp;J Collaboration Agreement and the JJDC Securities Purchase Agreement represented combined agreements. In accordance with ASC 606 and ASC 820, total consideration of $1.2 million for the shares of common stock from the JJDC Securities Purchase Agreement, which represents the premium of $0.7 million and discount for lack of marketability of $0.5 million, has been allocated to revenue and will be recognized over the <div style="-sec-ix-hidden:hidden169205164;display:inline;">two year</div> expected performance period. </div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">The Company valued the common stock issued to JJDC, in connection with the JJDC Securities Purchase Agreement at fair value. The resulting fair value of $5.4 million was determined by applying the discount due to lack of marketability during the registration and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">lock-up</div> period to the public trading price of the common stock, which is a Level 1 input, on the date of sale. The Company determined the value of the lack of marketability during the registration and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">lock-up</div> period by utilizing put option models, which are considered Level 3 inputs. Such option models included the Company’s historical volatility of 113.2% and the risk-free rate of 5.28% based on U.S. Treasury bond rates, as key inputs. </div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">The Company recognized $0.8 million and $0.6 million, respectively, in revenue during the years ended December 31, 2025 and 2024, related to data collection and data submission with the identified performance obligations, and the premium and discount allocated to revenue from the sale of the common stock to JJDC. The remaining revenue is included in deferred revenue on the Company’s consolidated balance sheets as of December 31, 2025, and will be recognized as the performance obligations are satisfied. </div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">The Company determined that the J&amp;J Collaboration Agreement is not in the scope of ASC 808, <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Collaborative Arrangements</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:9pt; font-family:ARIAL;text-align:center"></div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"></div> <div style="font-family: ARIAL; font-size: 9.5pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"><div style="display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Asset Acquisition </div></div></div></div> <div style="font-family: ARIAL; font-size: 9.5pt; margin-top: 2pt; margin-bottom: 0pt;text-indent: 0px;"><div style="display:inline;">In May 2022, we obtained worldwide exclusive rights to RLYB331, with Kymab Limited (“Sanofi”) a preclinical antibody. In 2024, we <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">re-engineered</div> RLYB331 to extend its half-life and renamed the program RLYB332. We believe RLYB332 has the potential to address a significant unmet need for patients with severe anemias with ineffective erythropoiesis and iron overload, including beta thalassemia and a subset of lower risk myelodysplastic syndromes (“MDS”). Under the terms of the license agreement, we made an upfront payment to Sanofi </div>of $3.0 million in the second quarter of 2022 for the exclusive license to KY1066. We could also be required to pay up to an aggregate of $43.0 million in development and regulatory milestones and up to an aggregate of $150.0 million in commercial milestones for a product in its first indication, plus tiered <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space:nowrap;display:inline;">low-to-mid</div></div> double digit percentages of such milestone amounts for up to three additional indications, and mid to high single digit royalties on net sales. </div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">The license was accounted for as an asset acquisition <div style="display:inline;">as </div>substantially all of the fair value of the asset acquired was concentrated in a single asset and thus the acquisition was deemed not to be a business combination. The acquired license rights represent an IPR&amp;D asset that was determined to have no alternative future use. Accordingly, the Company recorded an IPR&amp;D charge of $3.1 million to research and development expense, including transaction costs associated with this asset acquisition of $0.1 million, in the consolidated statements of operations and comprehensive loss for the year ended December 31, 2022. The Company did not record an IPR&amp;D charge for the years ending December 31, 2025 and 2024 and did not achieve any milestones related to the terms of the license agreement. </div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:9.5pt; 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;">AbCellera Collaboration </div></div></div> <div style="margin-top:2pt; margin-bottom:0pt; font-size:9.5pt; font-family:Arial">In December 2022, the Company entered into a multi-year, multi-target collaboration with AbCellera Biologics Inc. (“AbCellera”) to discover, develop, and commercialize novel antibody-based therapeutics for rare diseases. Under the terms of the agreement, AbCellera and Rallybio will <div style="white-space:nowrap;display:inline;">co-develop</div> and share the development costs of up to five rare disease therapeutic targets, which will be chosen together by both companies. At the point one party in the collaboration <div style="white-space:nowrap;display:inline;">opts-out</div> of future <div style="white-space:nowrap;display:inline;">co-development</div> cost sharing, that party will be entitled to a share of future profit sharing from commercialization of the collaboration target, dependent on the proportion of their <div style="white-space:nowrap;display:inline;">co-development</div> contributions compared to the total development costs of a target as defined within the agreement. The agreement also has defined profit sharing floors that correspond to the stage of development at the time a collaboration party <div style="white-space:nowrap;display:inline;">opts-out</div> of <div style="white-space:nowrap;display:inline;">co-developing</div> a target. </div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">The Company concluded that the agreement with AbCellera will be accounted under the scope of ASC 808 as both parties will actively participate in joint operating activities and are exposed to significant risks and rewards that depend on the commercial success of those activities. Under ASC 808, certain transactions between collaborative arrangement participants should follow the accounting for revenue under ASC 606 when the collaborative arrangement participant is a customer. </div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">The Company determined that <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">co-development</div> arrangement as defined in our agreement with AbCellera does not meet the definition of a customer as defined by ASC 606. As a result, these activities will be accounted for as research and development costs. Payments due because of the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">co-development</div> will be recorded as research and development expense in the period such expenses are incurred and for payments owed to us from our collaboration partner for the reimbursement of research and development costs will be recorded as a contra-research and development expense in the period such expenses are incurred. Costs related to the AbCellera collaboration were $0.4 million for the year ended December 31, 2024. There were no costs related to the AbCellera collaboration for the year ended December 31, 2025. </div> P2Y 500000 454545 0.0001 14.56 0.10 6600000 1200000 700000 500000 5400000 1.132 0.0528 800000 600000 3000000 43000000 150000000 3100000 100000 0 0 400000 0 <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL;font-weight:bold">4. MARKETABLE SECURITIES </div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">The amortized cost, gross unrealized holding gains, gross unrealized holding losses and fair value of our marketable securities by type of security as of December 31, 2025 and 2024 was as follows: </div> <div style="font-size: 9pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9.5pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:56%"></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="14" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">DECEMBER 31, 2025</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(in thousands)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Fair Value<br/> Hierarchy<br/> Level</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Amortized<br/> Cost</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Gross<br/> Unrealized<br/> Holding Gains</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Gross<br/> Unrealized<br/> Holding<br/> Losses</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Fair Value</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Cash and cash equivalents</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">Level 1</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">6,695</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">— </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">— </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">6,695</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">U.S. treasury securities</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">Level 1</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">19,212</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">17</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">— </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">19,229</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">U.S. government agency securities</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">Level 2</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">4,630</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">— </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">4,631</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <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"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"></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;text-align:right">30,537</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">18</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">— </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">30,555</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <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"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> <div style="font-size: 9pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9.5pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:56%"></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="14" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">DECEMBER 31, 2024</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(in thousands)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Fair Value<br/> Hierarchy<br/> Level</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Amortized<br/> Cost</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Gross<br/> Unrealized<br/> Holding Gains</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Gross<br/> Unrealized<br/> Holding<br/> Losses</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Fair Value</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Money market funds</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">Level 1</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">8,705</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">— </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">— </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">8,705</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">U.S. treasury securities</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">Level 1</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">34,316</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">54</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(15</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">34,355</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">U.S. government agency securities</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">Level 2</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">17,224</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">32</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(3</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">17,253</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <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"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"></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;text-align:right">60,245</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">86</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">(18</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">60,313</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <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"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">The fair values of marketable securities by classification on the consolidated balance sheets as of December 31, 2025 and 2024 was as follows: </div> <div style="font-size: 9pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9.5pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:74%"></td> <td style="vertical-align:bottom;width:7%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:7%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(in thousands)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">DECEMBER 31,<br/> 2025</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">DECEMBER 31,<br/> 2024</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Cash and cash equivalents</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">7,193</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">8,705</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Marketable securities</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">23,362</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">51,608</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">30,555</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">60,313</td> <td style="white-space:nowrap;vertical-align:bottom"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">The fair values 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 as of December 31, 2025 and 2024, by contractual maturity, are summarized as follows: </div> <div style="font-size: 9pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9.5pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:74%"></td> <td style="vertical-align:bottom;width:7%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:7%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(in thousands)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">DECEMBER 31,<br/> 2025</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">DECEMBER 31,<br/> 2024</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Due in one year or less</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">30,555</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">51,357</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Due after one year through two years</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">— </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">8,956</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">30,555</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">60,313</td> <td style="white-space:nowrap;vertical-align:bottom"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">The aggregate fair value 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 in an unrealized loss position as of December 31, 2025 and 2024 was $0.7 million and $10.4 million, respectively. As of December 31, 2025 and 2024, we did not have any investments in a continuous unrealized loss position for more than twelve months. As of December 31, 2025, the Company believes that the cost basis of our <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 is recoverable. No allowance for credit losses was recorded as of December 31, 2025 and 2024. </div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">The amortized cost, gross unrealized holding gains, gross unrealized holding losses and fair value of our marketable securities by type of security as of December 31, 2025 and 2024 was as follows: </div> <div style="font-size: 9pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9.5pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:56%"></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="14" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">DECEMBER 31, 2025</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(in thousands)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Fair Value<br/> Hierarchy<br/> Level</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Amortized<br/> Cost</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Gross<br/> Unrealized<br/> Holding Gains</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Gross<br/> Unrealized<br/> Holding<br/> Losses</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Fair Value</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Cash and cash equivalents</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">Level 1</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">6,695</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">— </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">— </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">6,695</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">U.S. treasury securities</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">Level 1</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">19,212</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">17</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">— </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">19,229</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">U.S. government agency securities</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">Level 2</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">4,630</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">— </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">4,631</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <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"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"></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;text-align:right">30,537</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">18</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">— </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">30,555</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <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"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> <div style="font-size: 9pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9.5pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:56%"></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="14" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">DECEMBER 31, 2024</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(in thousands)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Fair Value<br/> Hierarchy<br/> Level</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Amortized<br/> Cost</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Gross<br/> Unrealized<br/> Holding Gains</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Gross<br/> Unrealized<br/> Holding<br/> Losses</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Fair Value</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Money market funds</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">Level 1</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">8,705</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">— </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">— </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">8,705</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">U.S. treasury securities</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">Level 1</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">34,316</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">54</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(15</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">34,355</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">U.S. government agency securities</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">Level 2</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">17,224</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">32</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(3</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">17,253</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <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"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"></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;text-align:right">60,245</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">86</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">(18</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">60,313</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <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"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> 6695000 0 0 6695000 19212000 17000 0 19229000 4630000 1000 0 4631000 30537000 18000 0 30555000 8705000 0 0 8705000 34316000 54000 15000 34355000 17224000 32000 3000 17253000 60245000 86000 18000 60313000 <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">The fair values of marketable securities by classification on the consolidated balance sheets as of December 31, 2025 and 2024 was as follows: </div> <div style="font-size: 9pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9.5pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:74%"></td> <td style="vertical-align:bottom;width:7%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:7%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(in thousands)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">DECEMBER 31,<br/> 2025</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">DECEMBER 31,<br/> 2024</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Cash and cash equivalents</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">7,193</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">8,705</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Marketable securities</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">23,362</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">51,608</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">30,555</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">60,313</td> <td style="white-space:nowrap;vertical-align:bottom"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> 7193000 8705000 23362000 51608000 30555000 60313000 <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">The fair values 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 as of December 31, 2025 and 2024, by contractual maturity, are summarized as follows: </div> <div style="font-size: 9pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9.5pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:74%"></td> <td style="vertical-align:bottom;width:7%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:7%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(in thousands)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">DECEMBER 31,<br/> 2025</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">DECEMBER 31,<br/> 2024</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Due in one year or less</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">30,555</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">51,357</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Due after one year through two years</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">— </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">8,956</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">30,555</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">60,313</td> <td style="white-space:nowrap;vertical-align:bottom"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> 30555000 51357000 0 8956000 30555000 60313000 700000 10400000 0 0 0 0 <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL;font-weight:bold">5. LEASES </div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">The Company has an operating lease for approximately <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="-sec-ix-hidden:hidden169205651;display:inline;">four thousand</div></div> five hundred square feet of corporate office space. The weighted-average remaining lease term as of December 31, 2025 was <div style="-sec-ix-hidden:hidden169205645;display:inline;">1 year, 9 months</div>. The weighted-average discount rate utilized on our operating lease liabilities as of December 31, 2025 was 9.00%. </div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">Operating leases are included in operating lease ROU assets, operating lease liabilities, and operating lease liabilities, noncurrent in our consolidated balance sheets as of December 31, 2025 and 2024. </div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">The following table summarizes the presentation of the Company’s operating lease as presented on the consolidated balance sheets: </div> <div style="font-size: 9pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9.5pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:74%"></td> <td style="vertical-align:bottom;width:10%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:10%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(in thousands)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">DECEMBER 31,<br/> 2025</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">DECEMBER 31,<br/> 2024</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Assets:</div></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:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Operating lease <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space:nowrap;display:inline;">right-of-use</div></div> assets</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">175</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">152</td> <td style="white-space:nowrap;vertical-align:bottom"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Liabilities:</div></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:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Operating lease liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">94</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">154</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Operating lease liabilities, noncurrent</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">82</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">— </td> <td style="white-space:nowrap;vertical-align:bottom"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Total operating lease liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">176</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">154</td> <td style="white-space:nowrap;vertical-align:bottom"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">Future minimum lease payments from December 31, 2025 until the expiration of the operating lease are as follows: </div> <div style="font-size: 9pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9.5pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:94%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:bottom"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(in thousands)</div></div></td> <td style="vertical-align:bottom">  </td> <td colspan="2" style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">2026</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">106</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">2027</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">84</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Thereafter</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">— </td> <td style="white-space:nowrap;vertical-align:bottom"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Total lease payments</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">190</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Less: imputed discount rate</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(14</td> <td style="white-space:nowrap;vertical-align:bottom">) </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Carrying value of operating lease liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">176</td> <td style="white-space:nowrap;vertical-align:bottom"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">The Company incurred $0.2 million in operating lease rent expense for both years ended December 31, 2025 and 2024. Lease payments made were $0.2 million and $0.3 million for the years ended December 31, 2025 and 2024, respectively, with such amounts reflected on the consolidated statements of cash flows in operating activities. </div> 0.09 <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">The following table summarizes the presentation of the Company’s operating lease as presented on the consolidated balance sheets: </div> <div style="font-size: 9pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9.5pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:74%"></td> <td style="vertical-align:bottom;width:10%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:10%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(in thousands)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">DECEMBER 31,<br/> 2025</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">DECEMBER 31,<br/> 2024</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Assets:</div></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:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Operating lease <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space:nowrap;display:inline;">right-of-use</div></div> assets</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">175</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">152</td> <td style="white-space:nowrap;vertical-align:bottom"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Liabilities:</div></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:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Operating lease liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">94</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">154</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Operating lease liabilities, noncurrent</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">82</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">— </td> <td style="white-space:nowrap;vertical-align:bottom"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Total operating lease liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">176</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">154</td> <td style="white-space:nowrap;vertical-align:bottom"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> 175000 152000 94000 154000 82000 0 176000 154000 <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">Future minimum lease payments from December 31, 2025 until the expiration of the operating lease are as follows: </div> <div style="font-size: 9pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9.5pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:94%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:bottom"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(in thousands)</div></div></td> <td style="vertical-align:bottom">  </td> <td colspan="2" style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">2026</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">106</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">2027</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">84</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Thereafter</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">— </td> <td style="white-space:nowrap;vertical-align:bottom"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Total lease payments</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">190</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Less: imputed discount rate</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(14</td> <td style="white-space:nowrap;vertical-align:bottom">) </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Carrying value of operating lease liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">176</td> <td style="white-space:nowrap;vertical-align:bottom"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> 106000 84000 0 190000 14000 176000 200000 200000 200000 300000 <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL;font-weight:bold">6. BALANCE SHEET COMPONENTS </div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:9.5pt; 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;">Property and Equipment— </div></div></div> <div style="margin-top:2pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">Property and equipment consisted of the following as of December 31, 2025 and 2024: </div> <div style="font-size: 9pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9.5pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:74%"></td> <td style="vertical-align:bottom;width:9%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:9%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(in thousands)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">DECEMBER 31,<br/> 2025</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">DECEMBER 31,<br/> 2024</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Computer and other equipment</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">191</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">191</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Capitalized software</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">89</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">89</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Furniture and fixtures</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">76</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">151</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Leasehold improvements</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">147</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">338</td> <td style="white-space:nowrap;vertical-align:bottom"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Total property and equipment</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">503</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">769</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Less: accumulated depreciation</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(480</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(654</td> <td style="white-space:nowrap;vertical-align:bottom">) </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Total property and equipment—net</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">23</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">115</td> <td style="white-space:nowrap;vertical-align:bottom"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> <div style="font-family: ARIAL; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;text-indent: 0px;"></div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><div style="display:inline;">Depreciation expense totaled $0.1 million for both years ended December 31, 2025 and 2024. </div></div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL;text-align:center"></div> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> </div> <div style="font-family: ARIAL; font-size: 9.5pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"><div style="display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Prepaid Expenses and Other Assets— </div></div></div></div> <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"> </div></div> <div style="margin-top:2pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">Prepaid expenses and other assets consisted of the following as of December 31, 2025 and 2024: </div> <div style="font-size: 9pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9.5pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:74%"></td> <td style="vertical-align:bottom;width:8%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:8%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(in thousands)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">DECEMBER 31,<br/> 2025</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">DECEMBER 31,<br/> 2024</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Research and development</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">3,372</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">697</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Insurance</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">409</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">424</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Other prepaids</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">219</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">214</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Other current assets</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">2,517</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">995</td> <td style="white-space:nowrap;vertical-align:bottom"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">6,517</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">2,330</td> <td style="white-space:nowrap;vertical-align:bottom"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> <div style="margin-top:4pt; margin-bottom:0pt; font-size:9.5pt; 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;">Accrued Expenses— </div></div></div> <div style="margin-top:2pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">Accrued expenses consisted of the following as of December 31, 2025 and 2024: </div> <div style="font-size: 9pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9.5pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:74%"></td> <td style="vertical-align:bottom;width:8%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:8%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(in thousands)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">DECEMBER 31,<br/> 2025</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">DECEMBER 31,<br/> 2024</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Research and development</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">394</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">1,197</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Compensation and related expenses</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">2,334</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">3,095</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Professional fees</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,039</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">510</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Other</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">24</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">160</td> <td style="white-space:nowrap;vertical-align:bottom"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">3,791</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">4,962</td> <td style="white-space:nowrap;vertical-align:bottom"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> <div style="margin-top:2pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">Property and equipment consisted of the following as of December 31, 2025 and 2024: </div> <div style="font-size: 9pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9.5pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:74%"></td> <td style="vertical-align:bottom;width:9%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:9%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(in thousands)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">DECEMBER 31,<br/> 2025</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">DECEMBER 31,<br/> 2024</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Computer and other equipment</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">191</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">191</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Capitalized software</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">89</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">89</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Furniture and fixtures</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">76</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">151</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Leasehold improvements</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">147</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">338</td> <td style="white-space:nowrap;vertical-align:bottom"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Total property and equipment</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">503</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">769</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Less: accumulated depreciation</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(480</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(654</td> <td style="white-space:nowrap;vertical-align:bottom">) </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Total property and equipment—net</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">23</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">115</td> <td style="white-space:nowrap;vertical-align:bottom"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> 191000 191000 89000 89000 76000 151000 147000 338000 503000 769000 480000 654000 23000 115000 100000 100000 <div style="margin-top:2pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">Prepaid expenses and other assets consisted of the following as of December 31, 2025 and 2024: </div> <div style="font-size: 9pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9.5pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:74%"></td> <td style="vertical-align:bottom;width:8%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:8%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(in thousands)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">DECEMBER 31,<br/> 2025</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">DECEMBER 31,<br/> 2024</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Research and development</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">3,372</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">697</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Insurance</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">409</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">424</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Other prepaids</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">219</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">214</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Other current assets</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">2,517</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">995</td> <td style="white-space:nowrap;vertical-align:bottom"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">6,517</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">2,330</td> <td style="white-space:nowrap;vertical-align:bottom"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> 3372000 697000 409000 424000 219000 214000 2517000 995000 6517000 2330000 <div style="margin-top:2pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">Accrued expenses consisted of the following as of December 31, 2025 and 2024: </div> <div style="font-size: 9pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9.5pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:74%"></td> <td style="vertical-align:bottom;width:8%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:8%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(in thousands)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">DECEMBER 31,<br/> 2025</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">DECEMBER 31,<br/> 2024</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Research and development</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">394</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">1,197</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Compensation and related expenses</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">2,334</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">3,095</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Professional fees</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,039</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">510</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Other</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">24</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">160</td> <td style="white-space:nowrap;vertical-align:bottom"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">3,791</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">4,962</td> <td style="white-space:nowrap;vertical-align:bottom"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> 394000 1197000 2334000 3095000 1039000 510000 24000 160000 3791000 4962000 <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL;font-weight:bold">7. STOCKHOLDERS’ EQUITY </div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:9.5pt; 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;">Common Stock </div></div></div> <div style="margin-top:2pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">In April 2024, the Company entered into the JJDC Securities Purchase Agreement, pursuant to which the Company sold to JJDC, in an unregistered offering, 454,545 shares of its common stock, at a price of $14.56 per share, which represents a 10% premium on the Company’s closing stock price on April 9, 2024, for aggregate gross proceeds of approximately $6.6 million, before deducting offering expenses. </div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">The Company had 200,000,000 shares of common stock authorized as of December 31, 2025 and 2024, of which 5,283,321 and 5,188,743 shares were issued and outstanding as of December 31, 2025 and 2024, respectively. </div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:9.5pt; 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;">Preferred Stock </div></div></div> <div style="margin-top:2pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">The Company had 50,000,000 shares of preferred stock authorized as of December 31, 2025 and 2024, of which no shares were outstanding as of December 31, 2025 and 2024. </div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:9.5pt; 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;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Pre-Funded</div> Warrants </div></div></div> <div style="margin-top:2pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">In connection with the November 2022 <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">follow-on</div> offering, the Company entered into an agreement with certain investors for <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">pre-funded</div> warrants in lieu of common stock to purchase up to an aggregate of 416,673 shares of common stock at a price of $47.9992, which represents the per share public offering price at the November 2022 <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">follow-on</div> offering for common stock less a $0.0008 per share exercise price for each <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">pre-funded</div> warrant. </div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">The Company may not effect the exercise of any <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">pre-funded</div> warrant, and a holder will not be entitled to exercise any portion of any <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">pre-funded</div> warrant if, upon giving effect to such exercise, the aggregate number of shares of common stock beneficially owned by the holder (together with its affiliates) would exceed 9.99% of the number of shares of common stock outstanding immediately after giving effect to the exercise, which percentage may be increased or decreased at the holder’s election upon 61 days’ notice to the Company subject to the terms of such <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">pre-funded</div> warrants, provided that such percentage may in no event exceed 19.99%.</div> <div style="font-family: ARIAL; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;text-indent: 0px;"><div style="display:inline;">The Company’s <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">pre-funded</div> warrant is a freestanding instrument that does not meet the definition of a liability pursuant to ASC 480 and does not meet the definition of a derivative pursuant to ASC 815. The <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">pre-funded</div> warrant </div></div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL;text-align:center"> </div> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> </div> <div style="font-family: ARIAL; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;">is indexed to the Company’s common stock and meets all other conditions for equity classification under ASC 480 and ASC 815. Accordingly, the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">pre-funded</div> warrant was classified as equity and accounted for as a component of additional <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">paid-in</div> capital at the time of issuance. All of the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">pre-funded</div> warrants related to our November 2022 <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">follow-on</div> offering remain outstanding and unexercised as of December 31, 2025. </div></div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:9.5pt; 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;">Share-based Compensation </div></div></div> <div style="margin-top:2pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">Share-based compensation is comprised of the Company’s stock options, restricted stock awards, restricted stock units and shares issued pursuant to the employee stock purchase plan, and is classified in the consolidated statements of operations and comprehensive loss for the years ended December 31, 2025 and 2024 and was as follows: </div> <div style="font-size: 9pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9.5pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:84%"></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="6" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">FOR THE YEAR ENDED<br/> DECEMBER 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(in thousands)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2025  </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2024  </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Research and development</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">2,250</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">3,269</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">General and administrative</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">3,064</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">4,724</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">5,314</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">7,993</td> <td style="white-space:nowrap;vertical-align:bottom"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> <div style="margin-top:4pt; margin-bottom:0pt; font-size:9.5pt; 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;">2021 Equity Incentive Plan </div></div></div> <div style="margin-top:2pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">In 2021, the board of directors adopted the Rallybio Corporation 2021 Equity Incentive Plan (the “2021 Plan”). The 2021 Plan initially reserved 680,043 shares of the Company’s common stock that have been issued in respect of outstanding equity awards granted prior to the registrant’s IPO and for future issuances of shares to employees, directors and consultants in the form of stock options, SARs, restricted and unrestricted stock and stock units, performance awards and other awards that are convertible into or otherwise based on the Company’s common stock. Dividend equivalents may also be provided in connection with awards under the 2021 Plan. The share pool will automatically increase on January 1st of each year until 2031 by the lesser, of (i) five percent of the number of shares of the Company’s common stock outstanding as of such date and (ii) the number of shares of the Company’s common stock determined by the board of directors on or prior to such date. On January 1, 2025 and January 1, 2024, the 2021 Plan share pool was automatically increased by 259,438 and 236,434 shares, respectively. As of December 31, 2025, the total number of shares of the Company’s common stock that were issuable under the 2021 Plan was 1,257,573 shares, of which 590,690 shares remained available for future issuance. </div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">The following table summarizes stock option activity for the year ended December 31, 2025: </div> <div style="font-size: 9pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9.5pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:57%"></td> <td style="vertical-align:bottom;width:6%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:6%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:6%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:6%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="border-bottom:1.00pt solid #000000;vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: ARIAL; font-weight: bold; line-height: normal;">Stock Options</div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Number of<br/> Option Shares</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Weighted-<br/> Average<br/> Exercise Price</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Weighted-<br/> Average<br/> Contractual<br/> Term</div></div><br/> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(in years)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Aggregate<br/> Intrinsic<br/> Value</div></div><br/> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(in thousands)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Outstanding stock options at December 31, 2024</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">529,342</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">62.83</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">7.8</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Granted</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">224,179</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">5.87</td> <td style="white-space:nowrap;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:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Forfeited</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(51,758</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">32.54</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Expired</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(73,483</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">76.34</td> <td style="white-space:nowrap;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:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Exercised</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">— </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">— </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Outstanding at December 31, 2025</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">628,280</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">43.42</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">7.6</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">89</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Exercisable stock options at December 31, 2025</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">399,047</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">58.72</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">7.1</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">— </td> <td style="white-space:nowrap;vertical-align:bottom"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </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="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying stock options and the estimated fair value of the Company’s common stock. Stock options outstanding with an exercise price below the closing price as of December 31, 2025 had an intrinsic value of approximately $89 thousand based on a common stock fair value of $5.49 per share, which was the closing price of the Company’s common stock on </div> <div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div> <div style="text-align: center; font-family: ARIAL; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: ARIAL; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: ARIAL;">December 31, 2025. Stock options outstanding and exercisable with an exercise price above the closing price as of December 31, 2025 are considered to have <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;">no</div></div> intrinsic value. Using the Black-Scholes option pricing model, the weighted-average grant date fair value of stock options granted during the years ended December 31, 2025 and 2024 was $4.92 per share and $11.78 per share, respectively. As of December 31, 2025, there was unrecognized share-based compensation expense related to nonvested stock options of $2.8 million, which the Company expects to recognize over a weighted-average period of approximately 1.9 years. </div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">The fair value of the stock options granted during the years ended December 31, 2025 and 2024 was determined using the Black-Scholes option pricing model with the following assumptions: </div> <div style="font-size: 9pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9.5pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:63%"></td> <td style="vertical-align:bottom;width:6%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:6%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="6" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">FOR THE YEAR ENDED DECEMBER 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2025</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2024</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Expected volatility</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">91.88% - 119.61%</div></td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">89.41% - 94.48%</div></td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Expected term (years)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">5.27 - 6.02</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">5.50 - 6.02</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Risk free interest rate</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right"><div style="-sec-ix-hidden:hidden169205143;display:inline;">4.03</div>% - 4.39%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">3.93% - 4.35%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Expected dividend yield</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">— </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">— </td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Exercise price</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">2.38 - $7.60</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">14.88 - $19.20</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr></table> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">A summary of the status of the Company’s nonvested restricted common stock awards at December 31, 2025 and changes during the year ended December 31, 2025 was as follows: </div> <div style="font-size: 9pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9.5pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:81%"></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="border-bottom:1.00pt solid #000000;vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: ARIAL; font-weight: bold; line-height: normal;">Restricted Stock Awards</div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Shares</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Weighted-<br/> Average Grant<br/> Date Fair Value<br/> Per Share</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Nonvested restricted common stock awards at December 31, 2024</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">2,687</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">31.76</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Granted</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">— </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">— </td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Vested</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(2,687</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">31.76</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Forfeited</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">— </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">— </td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Nonvested restricted common stock awards at December 31, 2025</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">— </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">— </td> <td style="white-space:nowrap;vertical-align:bottom"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </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></tr></table> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">As of December 31, 2025, there was no unrecognized share-based compensation expense related to nonvested restricted common stock awards. </div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">A summary of the status of the Company’s nonvested restricted common stock units at December 31, 2025 and changes during the year ended December 31, 2025 was as follows: </div> <div style="font-size: 9pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9.5pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:79%"></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="border-bottom:1.00pt solid #000000;vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: ARIAL; font-weight: bold; line-height: normal;">Restricted Stock Units</div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Shares</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Weighted-<br/> Average Grant<br/> Date Fair Value<br/> Per Share</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Nonvested restricted common stock units at December 31, 2024</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">133,069</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">18.89</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Granted</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">59,500</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">5.96</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Forfeited</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(66,646</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">12.34</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Vested</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(87,320</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">19.18</td> <td style="white-space:nowrap;vertical-align:bottom"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </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></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Nonvested restricted common stock units at December 31, 2025</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">38,603</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">9.60</td> <td style="white-space:nowrap;vertical-align:bottom"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </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></tr></table> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">As of December 31, 2025, there was unrecognized share-based compensation expense related to nonvested restricted common stock units of $0.3 million, which the Company expects to recognize over a weighted-average period of approximately 2.4 years. <br/></div><div style="font-family: ARIAL; font-size: 9.5pt; font-weight: bold; margin-top: 4pt; 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;">2021 Employee Stock Purchase Plan </div></div></div></div><div style="margin-top:2pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">In connection with the Company’s IPO, the board of directors adopted the Rallybio Corporation 2021 Employee Stock Purchase Plan (the “2021 ESPP”), which initially reserved 36,415 shares of the Company’s common stock for</div><div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="text-align: center; font-family: ARIAL; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: ARIAL; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: ARIAL;">future issuances under this plan. The share pool will automatically increase on January 1st of each year from 2022 to 2031 by the lesser of (i) one percent of the number of shares of the Company’s common stock outstanding as of such date (ii) 72,831 shares of the Company’s common stock, and (iii) the number of shares of the Company’s common stock determined by the board of directors on or prior to such date. The 2021 ESPP share pool did not increase on January 1, 2025 or January 1, 2024. As of December 31, 2025, the total number of shares of the Company’s common stock available for future issuance under the 2021 ESPP was 94,281 shares. During the years ended December 31, 2025 and 2024, the Company issued 7,258 and 7,603 shares, respectively, of the Company’s common stock under the 2021 ESPP. </div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">The 2021 ESPP allows eligible participants to purchase shares of the Company’s common stock through authorized payroll deductions. The purchase price of the shares will not be less than 85% of the lower of the fair market value the Company’s common stock on the first day of an offering or on the date of the purchase. </div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">For the years ended December 31, 2025 and 2024, the total share-based compensation for the 2021 ESPP was $16 thousand and $0.1 million, respectively. </div> 454545 14.56 0.10 6600000 200000000 200000000 5283321 5283321 5188743 5188743 50000000 50000000 0 0 416673 47.9992 0.0008 0.0999 P61D 0.1999 <div style="margin-top:2pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">Share-based compensation is comprised of the Company’s stock options, restricted stock awards, restricted stock units and shares issued pursuant to the employee stock purchase plan, and is classified in the consolidated statements of operations and comprehensive loss for the years ended December 31, 2025 and 2024 and was as follows: </div> <div style="font-size: 9pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9.5pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:84%"></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="6" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">FOR THE YEAR ENDED<br/> DECEMBER 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(in thousands)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2025  </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">  2024  </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Research and development</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">2,250</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">3,269</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">General and administrative</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">3,064</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">4,724</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">5,314</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">7,993</td> <td style="white-space:nowrap;vertical-align:bottom"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> 2250000 3269000 3064000 4724000 5314000 7993000 680043 0.05 259438 236434 1257573 590690 <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">The following table summarizes stock option activity for the year ended December 31, 2025: </div> <div style="font-size: 9pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9.5pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:57%"></td> <td style="vertical-align:bottom;width:6%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:6%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:6%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:6%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="border-bottom:1.00pt solid #000000;vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: ARIAL; font-weight: bold; line-height: normal;">Stock Options</div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Number of<br/> Option Shares</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Weighted-<br/> Average<br/> Exercise Price</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Weighted-<br/> Average<br/> Contractual<br/> Term</div></div><br/> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(in years)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Aggregate<br/> Intrinsic<br/> Value</div></div><br/> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(in thousands)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Outstanding stock options at December 31, 2024</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">529,342</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">62.83</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">7.8</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Granted</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">224,179</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">5.87</td> <td style="white-space:nowrap;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:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Forfeited</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(51,758</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">32.54</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Expired</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(73,483</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">76.34</td> <td style="white-space:nowrap;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:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Exercised</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">— </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">— </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Outstanding at December 31, 2025</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">628,280</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">43.42</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">7.6</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">89</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Exercisable stock options at December 31, 2025</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">399,047</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">58.72</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">7.1</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">— </td> <td style="white-space:nowrap;vertical-align:bottom"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </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> 529342 62.83 P7Y9M18D 0 224179 5.87 51758 32.54 73483 76.34 0 0 628280 43.42 P7Y7M6D 89000 399047 58.72 P7Y1M6D 0 89000 5.49 0 4.92 11.78 2800000 P1Y10M24D <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">The fair value of the stock options granted during the years ended December 31, 2025 and 2024 was determined using the Black-Scholes option pricing model with the following assumptions: </div> <div style="font-size: 9pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9.5pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:63%"></td> <td style="vertical-align:bottom;width:6%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:6%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="6" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">FOR THE YEAR ENDED DECEMBER 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2025</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2024</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Expected volatility</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">91.88% - 119.61%</div></td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">89.41% - 94.48%</div></td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Expected term (years)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">5.27 - 6.02</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">5.50 - 6.02</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Risk free interest rate</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right"><div style="-sec-ix-hidden:hidden169205143;display:inline;">4.03</div>% - 4.39%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">3.93% - 4.35%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Expected dividend yield</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">— </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">— </td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Exercise price</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">2.38 - $7.60</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">14.88 - $19.20</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr></table> 0.9188 1.1961 0.8941 0.9448 P5Y3M7D P6Y7D P5Y6M P6Y7D 0.0439 0.0393 0.0435 0 0 2.38 7.6 14.88 19.2 <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">A summary of the status of the Company’s nonvested restricted common stock awards at December 31, 2025 and changes during the year ended December 31, 2025 was as follows: </div> <div style="font-size: 9pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9.5pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:81%"></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="border-bottom:1.00pt solid #000000;vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: ARIAL; font-weight: bold; line-height: normal;">Restricted Stock Awards</div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Shares</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Weighted-<br/> Average Grant<br/> Date Fair Value<br/> Per Share</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Nonvested restricted common stock awards at December 31, 2024</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">2,687</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">31.76</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Granted</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">— </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">— </td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Vested</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(2,687</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">31.76</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Forfeited</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">— </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">— </td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Nonvested restricted common stock awards at December 31, 2025</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">— </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">— </td> <td style="white-space:nowrap;vertical-align:bottom"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </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></tr></table> 2687 31.76 0 0 2687 31.76 0 0 0 0 0 <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">A summary of the status of the Company’s nonvested restricted common stock units at December 31, 2025 and changes during the year ended December 31, 2025 was as follows: </div> <div style="font-size: 9pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9.5pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:79%"></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="border-bottom:1.00pt solid #000000;vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: ARIAL; font-weight: bold; line-height: normal;">Restricted Stock Units</div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Shares</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Weighted-<br/> Average Grant<br/> Date Fair Value<br/> Per Share</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Nonvested restricted common stock units at December 31, 2024</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">133,069</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">18.89</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Granted</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">59,500</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">5.96</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Forfeited</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(66,646</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">12.34</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Vested</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(87,320</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">19.18</td> <td style="white-space:nowrap;vertical-align:bottom"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </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></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Nonvested restricted common stock units at December 31, 2025</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">38,603</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">9.60</td> <td style="white-space:nowrap;vertical-align:bottom"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </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></tr></table> 133069 18.89 59500 5.96 66646 12.34 87320 19.18 38603 9.6 300000 P2Y4M24D 36415 0.01 72831 0 94281 7258 7603 0.85 16000 100000 <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL;font-weight:bold">8. INCOME TAXES </div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">The following table summarizes income (loss) before income taxes: </div> <div style="font-size: 9pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9.5pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:92%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(in thousands)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2025</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Domestic</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">(8,978</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Foreign</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">— </td> <td style="white-space:nowrap;vertical-align:bottom"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Total</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">(8,978</td> <td style="white-space:nowrap;vertical-align:bottom">) </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">The Company had no income tax expense (benefit) as of December 31, 2025 and 2024. </div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">The Company’s effective tax rate for the period ended December 31, 2025 was 0.0%. For the period ended December 31, 2025, the primary drivers of the variance from the statutory rate were state taxes, research &amp; development tax credits, stock based compensation, and valuation allowance. </div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">The following is a reconciliation from the Company’s statutory rate to the effective tax rate reported in the financial statements: </div> <div style="font-size: 9pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9.5pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:87%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="6" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2025</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(in thousands)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Amount</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Rate</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Statutory federal income tax rate</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">(1,885</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">21.0</td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Tax credits (federal):</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:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Orphan drug credit</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(1,331</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">14.8</td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Other</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(231</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">2.6</td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Valuation allowance</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">2,203</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(24.5 </td> <td style="white-space:nowrap;vertical-align:bottom">%) </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Non-deductible</div> or <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-taxable</div> items:</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:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Share-based compensation</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,227</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(13.7</td> <td style="white-space:nowrap;vertical-align:bottom">)% </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Other adjustments</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">17</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(0.2</td> <td style="white-space:nowrap;vertical-align:bottom">%) </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Effective income tax rate</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">— </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">0.0</td> <td style="white-space:nowrap;vertical-align:bottom">% </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </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:9pt; font-family:ARIAL;text-align:center"></div> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">The Company’s effective income tax rates are different from the federal statutory tax rates in 2024 predominantly due to the valuation allowance, tax credits, and state taxes. A reconciliation of the effect of applying the federal statutory rate to the net loss and effective income tax rate are as follows: </div> <div style="font-size: 9pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9.5pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:94%"></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2024</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">U.S. federal statutory income tax rate</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">21.0</td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">State income taxes, net of federal income tax benefit</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">5.4</td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Tax credits</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">10.7</td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Other</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(2.9</td> <td style="white-space:nowrap;vertical-align:bottom">)% </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Valuation allowance</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(34.2</td> <td style="white-space:nowrap;vertical-align:bottom">)% </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Effective income tax rate</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom">% </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">The tax effect of temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases that give rise to deferred tax assets and liabilities are as follows at December 31, 2025 and 2024: </div> <div style="font-size: 9pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9.5pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:80%"></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;">(in thousands)</div></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;">2025</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;">2024</div></td> <td style="vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9.5pt; font-family:ARIAL">Net operating loss carryforwards</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">50,322</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">45,973</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9.5pt; font-family:ARIAL">Amortization</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,775</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,341</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9.5pt; font-family:ARIAL">Section 174 capitalization</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">19,947</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">22,479</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9.5pt; font-family:ARIAL">Research and development tax credits</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">25,701</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">24,047</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9.5pt; font-family:ARIAL">Share-based compensation</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">2,405</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">2,654</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9.5pt; font-family:ARIAL">Other</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">301</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,476</td> <td style="white-space:nowrap;vertical-align:bottom"> </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:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9.5pt; font-family:ARIAL">Total deferred tax assets</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">100,451</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">97,970</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9.5pt; font-family:ARIAL">Valuation allowance</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(100,451</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(97,970</td> <td style="white-space:nowrap;vertical-align:bottom">) </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:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9.5pt; font-family:ARIAL">Net deferred tax assets</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">— </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">— </td> <td style="white-space:nowrap;vertical-align:bottom"> </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:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </div></td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </div></td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </div></td> <td> </td></tr></table> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">As of December 31, 2025, the Company’s federal and state post-apportioned carryforwards are approximately $183.3 million and $181.6 million, respectively. Of the federal amount, $183.3 million will have an indefinite carryforward period. Of the state post-apportioned amount, $181.6 million have a limited carryforward period and will begin to expire in 2038. </div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">As of December 31, 2025, the Company’s federal and state carryforwards are approximately $25.0 million and $0.9 million, respectively. All tax credits have a limited carryforward period and will begin to expire in 2038. </div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">After weighing all available positive and negative evidence, the Company has recorded a valuation allowance of approximately $100.5 million and $98.0 million as of December 31, 2025 and 2024, respectively. The Company increased the valuation allowance by $2.5 million and $19.7 million for the years ended December 31, 2025 and 2024, respectively. </div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">The Company is subject to income tax in multiple jurisdictions, including federal, states, and city jurisdictions. The Company has federal, state, and city income tax returns that are open to examination from 2022, 2023, and 2024 forward, respectively. In addition, the utilization of tax carryforwards, from periods prior to those previously mentioned may also be audited by the taxing authorities once utilized. </div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">As a result, the Company continuously monitors its current and prior filing positions in order to determine if any unrecognized tax positions need to be recorded. The analysis involves considerable judgement and is based on the best information available. As of December 31, 2025 the Company has no unrecognized tax benefits. </div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">The Company has <div style="display:inline;"><div style="display:inline;"><div style="-sec-ix-hidden:hidden169205174;display:inline;">not</div></div></div> accrued any interest expense or penalties related to the unrecognized tax benefits for the period ended December 31, 2025. </div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL;text-align:center"></div><div></div><div><div style="line-height:normal;display: inline;"></div></div><div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">The Company has made no income tax payments and received no income tax refunds during the periods ended December 31, 2025 and 2024. All payments made to taxing authorities were for <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-income</div> based tax liabilities and are outside the scope of ASC 740. </div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">The One Big Beautiful Bill Act (the “OBBBA”) was enacted on July 4, 2025. The Company has evaluated whether the OBBBA has a material impact on its 2025 financial statements. The only provision of the OBBBA that impacts the Company’s income tax accounting under Accounting Standards Codification 740 is the new Internal Revenue Code of 1986, as amended, Section 174A (“Section 174A”), which permanently allows taxpayers to fully expense domestic research or experimental (“R&amp;E”) expenditures paid or incurred in taxable years beginning after December 31, 2024. The requirement to capitalize foreign expenses under Internal Revenue Code Section 174 over 15 years has not changed. On August 28, 2025, the Internal Revenue Service released procedural guidance (Rev. Proc. <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">20;/.25-28)</div> for implementing Section 174A and related elections for domestic R&amp;E. Transition rules provide taxpayers with options to account for any remaining unamortized domestic R&amp;E expenditures paid or incurred in taxable years beginning after December 31, 2021, and before January 1, 2025. Taxpayers may continue to amortize such unamortized amounts over the remaining five-year period; alternatively, they may elect to deduct any remaining unamortized domestic R&amp;E expenditures either entirely in the first tax year beginning after December 31, 2024, or ratably over two taxable years (e.g., 2025 or ratably in 2025 and 2026). The company has decided it will elect to continue to amortize previously capitalized and unamortized domestic R&amp;E expenditures over the remaining five-year period. As of December 31, 2024, the company had approximately $41.4 million of remaining unamortized domestic research and development expenditures, representing approximately $11.4 million of its gross deferred tax assets. As of December 31, 2025, the company had approximately $25.5 million of remaining unamortized domestic research and development expenditures, representing approximately $7.0 million of its gross deferred tax assets. </div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">Utilization of the U.S. federal and state net operating loss carryforwards and research and development tax credit carryforwards may be subject to an annual limitation under Section 382 and Section 383 of the Code, and corresponding provisions of state law, due to ownership changes that may have occurred previously or that could occur in the future. These ownership changes may limit the amount of carryforwards that can be utilized annually to offset future taxable income and tax liabilities. In general, an ownership change, as defined by Section 382 of the Code, results from transactions increasing the ownership of certain stockholders or public groups in the stock of a corporation by more than 5% over a three-year period. </div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">The Company completed a Section 382 study and concluded that it underwent an ownership change as defined by the Code during the year ended December 31, 2021. The Company does not currently believe that the annual limitation will result in the expiration of any net operating losses or research and development tax credit carryforwards before utilization. Additional ownership changes which may have occurred after December 31, 2021 and any future ownership changes may limit our ability to utilize remaining tax attributes. Any carryforwards that will expire prior to utilization as a result of such additional limitations will be removed from deferred tax assets, with a corresponding reduction of the valuation allowance. Due to the existence of the valuation allowance, limitations created by future ownership changes, if any, will not impact the Company’s effective tax rate. </div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">ASC 740 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under ASC 740, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely that not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The Company has no material uncertain tax positions that qualify for either recognition or disclosure in consolidated financial statements. </div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">The following table summarizes income (loss) before income taxes: </div> <div style="font-size: 9pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9.5pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:92%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(in thousands)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2025</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Domestic</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">(8,978</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Foreign</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">— </td> <td style="white-space:nowrap;vertical-align:bottom"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Total</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">(8,978</td> <td style="white-space:nowrap;vertical-align:bottom">) </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> -8978000 0 -8978000 0 0 0 <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">The following is a reconciliation from the Company’s statutory rate to the effective tax rate reported in the financial statements: </div> <div style="font-size: 9pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9.5pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:87%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="6" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2025</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(in thousands)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Amount</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Rate</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Statutory federal income tax rate</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">(1,885</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">21.0</td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Tax credits (federal):</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:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Orphan drug credit</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(1,331</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">14.8</td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Other</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(231</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">2.6</td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Valuation allowance</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">2,203</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(24.5 </td> <td style="white-space:nowrap;vertical-align:bottom">%) </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Non-deductible</div> or <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-taxable</div> items:</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:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Share-based compensation</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,227</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(13.7</td> <td style="white-space:nowrap;vertical-align:bottom">)% </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Other adjustments</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">17</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(0.2</td> <td style="white-space:nowrap;vertical-align:bottom">%) </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Effective income tax rate</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">— </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">0.0</td> <td style="white-space:nowrap;vertical-align:bottom">% </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </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:9pt; font-family:ARIAL;text-align:center"></div> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">The Company’s effective income tax rates are different from the federal statutory tax rates in 2024 predominantly due to the valuation allowance, tax credits, and state taxes. A reconciliation of the effect of applying the federal statutory rate to the net loss and effective income tax rate are as follows: </div> <div style="font-size: 9pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9.5pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:94%"></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2024</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">U.S. federal statutory income tax rate</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">21.0</td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">State income taxes, net of federal income tax benefit</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">5.4</td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Tax credits</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">10.7</td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Other</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(2.9</td> <td style="white-space:nowrap;vertical-align:bottom">)% </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Valuation allowance</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(34.2</td> <td style="white-space:nowrap;vertical-align:bottom">)% </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Effective income tax rate</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom">% </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); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> -1885000 0.21 -1331000 0.148 231000 -0.026 2203000 -0.245 1227000 -0.137 17000 -0.002 0 0 0.21 0.054 -0.107 0.029 -0.342 0 <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">The tax effect of temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases that give rise to deferred tax assets and liabilities are as follows at December 31, 2025 and 2024: </div> <div style="font-size: 9pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9.5pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:80%"></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;">(in thousands)</div></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;">2025</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;">2024</div></td> <td style="vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9.5pt; font-family:ARIAL">Net operating loss carryforwards</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">50,322</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">45,973</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9.5pt; font-family:ARIAL">Amortization</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,775</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,341</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9.5pt; font-family:ARIAL">Section 174 capitalization</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">19,947</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">22,479</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9.5pt; font-family:ARIAL">Research and development tax credits</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">25,701</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">24,047</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9.5pt; font-family:ARIAL">Share-based compensation</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">2,405</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">2,654</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9.5pt; font-family:ARIAL">Other</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">301</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,476</td> <td style="white-space:nowrap;vertical-align:bottom"> </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:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9.5pt; font-family:ARIAL">Total deferred tax assets</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">100,451</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">97,970</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9.5pt; font-family:ARIAL">Valuation allowance</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(100,451</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(97,970</td> <td style="white-space:nowrap;vertical-align:bottom">) </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:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9.5pt; font-family:ARIAL">Net deferred tax assets</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">— </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">— </td> <td style="white-space:nowrap;vertical-align:bottom"> </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:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </div></td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </div></td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </div></td> <td> </td></tr></table> 50322000 45973000 1775000 1341000 19947000 22479000 25701000 24047000 2405000 2654000 301000 1476000 100451000 97970000 100451000 97970000 0 0 183300000 181600000 183300000 181600000 25000000 900000 100500000 98000000 2500000 19700000 0 0 0 0 0 P5Y 41400000 11400000 25500000 7000000 <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL;font-weight:bold">9. INVESTMENT IN JOINT VENTURE </div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">In July 2025, the Company entered into the ENPP1 Purchase Agreement to sell its interest in REV102, an ENPP1 inhibitor in preclinical development for the treatment of patients with HPP, to Buyer (a subsidiary of its joint venture partner Recursion). In connection with the JV Sale, the Company received compensation in the form of Recursion </div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL;text-align:center"></div> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">common stock (which is a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-cash</div> investing activity). The Company subsequently sold the Recursion common stock for cash proceeds of $20.0 million in the third quarter of 2025 which included $7.5 million from an upfront payment and $12.5 million from a milestone payment related to the initiation of additional preclinical studies. The Company is eligible to receive a $5.0 million milestone cash payment in connection with the initiation of dosing in a Phase 1 clinical study, as defined in the ENPP1 Purchase Agreement and low single-digit royalties on all future net sales by Recursion of products comprising or incorporating certain compounds developed by <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">REV-I.</div> The Company may also be eligible to receive certain payments in the event of Recursion’s sale of the REV102 program. </div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">The Company evaluated the JV Sale under ASC 860, <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Transfers and Servicing of Financial Assets</div></div> (“ASC 860”). Based on the Company’s evaluation of the JV Sale under ASC 860, the Company recognized a gain from the sale of its equity interests in REV102 of $22.4 million, based on the excess of the total net consideration allocated to the sale of the Company’s equity interests (based on relative fair value) of $23.0 million over the carrying value of the equity interests sold of $0.6 million. The total net consideration of $23.0 million included cash received of $20.0 million, plus an estimated $3.0 million representing the fair value of the future milestone payments and future royalties (which is a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-cash</div> investing activity). </div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">The contingent consideration was initially measured at fair value using a probability based present value model of the risk-adjusted estimated cash flows, with a discount rate of 15.4%. This valuation model relied on significant unobservable inputs (level 3 inputs) based on management’s estimates, which were informed by external data, judgment, and forecasts. Key assumptions included the probability of achieving the milestone and royalties, timing of cash flows, discount rate, and forecasted net revenues. The fair value of the contingent consideration is a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-recurring</div> fair value measurement and is recorded as other assets and other assets, <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-current</div> on the Company’s consolidated balance sheets and as gain on sale of joint venture and other income within the Company’s consolidated statements of operations and comprehensive loss. </div> <div style="font-family: ARIAL; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;text-indent: 0px;"><div style="display:inline;"><div style="font-family: ARIAL; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Prior to the JV Sale, the Company, through one of its wholly owned subsidiaries, had<div style="display:inline;"> </div></div></div><div style="font-size: 9.5pt;display:inline;">a </div>50<div style="font-size: 9.5pt;display:inline;">% interest of the joint venture entity, </div><div style="font-size: 9.5pt; text-wrap-mode: nowrap; letter-spacing: 0px; top: 0px;display:inline;">REV-I.</div><div style="font-size: 9.5pt;display:inline;"> For the years ended December 31, 2025 and 2024 the Company funded $</div>1.5<div style="font-size: 9.5pt;display:inline;"> million and $</div>2.0<div style="font-size: 9.5pt;display:inline;"> million, respectively, associated with the Company’s commitment and its share of </div><div style="font-size: 9.5pt; text-wrap-mode: nowrap; letter-spacing: 0px; top: 0px;display:inline;">REV-I</div><div style="font-size: 9.5pt;display:inline;"> development costs. The Company did </div>no<div style="font-size: 9.5pt;display:inline;">t</div><div style="font-size: 9.5pt;display:inline;"> provide any additional financial support outside of capital contributions to </div><div style="font-size: 9.5pt; text-wrap-mode: nowrap; letter-spacing: 0px; top: 0px;display:inline;">REV-I</div><div style="font-size: 9.5pt;display:inline;"> during the years ended December 31, 2025 and 2024. However, in connection with the joint venture, the Company provided certain scientific and finance and accounting related support which was reimbursed by </div><div style="font-size: 9.5pt; text-wrap-mode: nowrap; letter-spacing: 0px; top: 0px;display:inline;">REV-I</div><div style="font-size: 9.5pt;display:inline;"> to the Company and included in other income on the consolidated statements of operations and comprehensive loss. For the years ended December 31, 2025 and 2024, the Company recorded $</div>0.3<div style="font-size: 9.5pt;display:inline;"> million and $</div>0.7<div style="font-size: 9.5pt;display:inline;"> million, respectively, related to such support. Prior to the JV Sale, the Company held a </div>50<div style="font-size: 9.5pt;display:inline;">% interest in the joint venture and based on management’s analysis, the Company was not the primary beneficiary of </div><div style="font-size: 9.5pt; text-wrap-mode: nowrap; letter-spacing: 0px; top: 0px;display:inline;">REV-I</div><div style="font-size: 9.5pt;display:inline;"> and accordingly, the entity was not consolidated in the Company’s consolidated financial statements.</div></div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">For the years ended December 31, 2025 and 2024, the Company recorded its allocable share of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">REV-I’s</div> losses, which totaled $0.9 million and $2.2 million, respectively, as a loss on investment in joint venture in the consolidated statements of operations and comprehensive loss. After recognition of its share of losses for the period, the carrying value and maximum exposure to risk of the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">REV-I</div> investment there was no carrying value remaining on the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">REV-I</div> investment as of December 31, 2025 or 2024. </div> 20000000 7500000 12500000 5000000 22400000 23000000 600000 23000000 20000000 3000000 0.154 0.50 0.50 1500000 2000000 0 0 300000 700000 0.50 0.50 900000 2200000 0 0 <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL;font-weight:bold">10. COMMITMENTS AND CONTINGENCIES </div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Purchase Commitments</div></div>—The Company enters contracts in the normal course of business with contract research organizations (“CROs”) and other third-party vendors for clinical trials and testing and manufacturing services. These contracts generally do not contain minimum purchase commitments and are cancellable by us upon written notice. Payments that may be due upon cancellation consist of payments for services provided or expenses incurred prior to cancellation. As of December 31, 2025 and 2024 there were no amounts accrued related to termination charges. </div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div> 0 0 <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL;font-weight:bold">11. NET LOSS PER COMMON SHARE </div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">Basic and diluted loss per common share were calculated as follows: </div> <div style="font-size:9pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9.5pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:77%"></td> <td style="vertical-align:bottom;width:5%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:5%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="6" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">FOR THE YEAR ENDED<br/> DECEMBER 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(in thousands except share and per share amounts)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2025</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2024</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Net loss</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">(8,978</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">(57,775</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Weighted-average number of common shares outstanding, basic and diluted</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">5,629,370</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">5,443,332</td> <td style="white-space:nowrap;vertical-align:bottom"> </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: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Net loss per common share, basic and diluted</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">(1.59</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">(10.61</td> <td style="white-space:nowrap;vertical-align:bottom">) </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: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">Basic net loss per share of common stock is based on the weighted-average number of shares of common stock outstanding during the period. <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Pre-funded</div> warrants to purchase 416,673 shares of common stock that were issued in connection with the November 2022 <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">follow-on</div> offering were included in the weighted-average number of common shares outstanding for the years ended December 31, 2025 and 2024, respectively. The weighted-average number of common shares outstanding diluted for the years ended December 31, 2025 and 2024 both exclude approximately $0.7 million stock options and nonvested restricted stock awards and units, which were not dilutive. </div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">Basic and diluted loss per common share were calculated as follows: </div> <div style="font-size:9pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9.5pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:77%"></td> <td style="vertical-align:bottom;width:5%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:5%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="6" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">FOR THE YEAR ENDED<br/> DECEMBER 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(in thousands except share and per share amounts)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2025</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2024</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Net loss</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">(8,978</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">(57,775</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Weighted-average number of common shares outstanding, basic and diluted</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">5,629,370</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">5,443,332</td> <td style="white-space:nowrap;vertical-align:bottom"> </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: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Net loss per common share, basic and diluted</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">(1.59</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">(10.61</td> <td style="white-space:nowrap;vertical-align:bottom">) </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: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> -8978000 -57775000 5629370 5629370 5443332 5443332 -1.59 -1.59 -10.61 -10.61 416673 700000 700000 <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL;font-weight:bold">12. SEGMENTS </div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">The Company defines its segments on the basis of the way in which internally reported financial information is regularly reviewed by the CODM to analyze financial performance, make decisions, and allocate resources. The Company’s CODM consists of its Chief Executive Officer, Chief Financial Officer and Chief Medical Officer. The Company manages its operations as a single operating and reportable segment and the measure of segment profit or loss is net loss. The CODM uses net loss in the budget and forecasting process and considers <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space:nowrap;display:inline;">budget-to-actual</div></div> variances on a quarterly basis when making decisions about the allocation of operating and capital resources. </div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">The following table summarizes the information about reported segment revenues and significant segment expenses presented on the Company’s consolidated statements of operations and comprehensive loss for the years ended December 31, 2025 and 2024: </div> <div style="font-size:9pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9.5pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:81%"></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="6" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">FOR THE YEAR ENDED<br/> DECEMBER 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(in thousands)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2025</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2024</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Revenue</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">858</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">636</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Less:</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:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Research and development:</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:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">RLYB212</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">6,291</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">21,287</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">RLYB116</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">3,786</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">4,841</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Other program candidates</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(29</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,901</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Personnel (including share-based compensation)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">8,798</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">12,488</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Other</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">751</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">990</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">General and administrative, excluding personnel</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">6,078</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">6,654</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">General and administrative, personnel (including share-based compensation)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">8,247</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">12,971</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Other segment items*</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(24,086</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(2,721</td> <td style="white-space:nowrap;vertical-align:bottom">) </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: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Segment net loss</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">(8,978</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">(57,775</td> <td style="white-space:nowrap;vertical-align:bottom">) </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: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> <div style="font-size:9pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;vertical-align:top;text-align:right">*</td> <td style="width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left">Other segment items includes total other income, net and gain and loss on investment in joint venture. </td></tr></table> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">The following table summarizes the information about reported segment revenues and significant segment expenses presented on the Company’s consolidated statements of operations and comprehensive loss for the years ended December 31, 2025 and 2024: </div> <div style="font-size:9pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9.5pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:81%"></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="6" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">FOR THE YEAR ENDED<br/> DECEMBER 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(in thousands)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2025</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2024</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Revenue</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">858</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">636</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Less:</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:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Research and development:</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:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">RLYB212</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">6,291</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">21,287</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">RLYB116</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">3,786</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">4,841</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Other program candidates</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(29</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,901</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Personnel (including share-based compensation)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">8,798</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">12,488</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Other</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">751</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">990</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">General and administrative, excluding personnel</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">6,078</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">6,654</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">General and administrative, personnel (including share-based compensation)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">8,247</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">12,971</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Other segment items*</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(24,086</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(2,721</td> <td style="white-space:nowrap;vertical-align:bottom">) </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: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Segment net loss</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">(8,978</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">(57,775</td> <td style="white-space:nowrap;vertical-align:bottom">) </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: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> <div style="font-size:9pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;vertical-align:top;text-align:right">*</td> <td style="width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left">Other segment items includes total other income, net and gain and loss on investment in joint venture. </td></tr></table> 858000 636000 6291000 21287000 3786000 4841000 -29000 1901000 8798000 12488000 751000 990000 6078000 6654000 8247000 12971000 -24086000 -2721000 -8978000 -57775000 <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL;font-weight:bold">13. RESTRUCTURING </div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">On May 2, 2025, the Company approved a workforce reduction to focus resources on the Company’s lead program, RLYB116 and its preclinical development programs. </div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">As part of this effort, the Company eliminated approximately 40% of its positions. As a result of these actions, the Company incurred charges of approximately $1.7 million of which $1.2 million was included in research and development expenses and $0.5 million was included in general and administrative expenses, with such amounts reflected in the consolidated statements of operations and comprehensive loss. The charges related to the workforce reduction were cash-based expenditures related primarily to severance and benefit payments. The Company recognized all such charges during the second quarter of 2025, with such amounts reflected in the consolidated statements of operations and comprehensive loss. The accrued restructuring liability is included in accrued expenses in the consolidated balance sheets as of December 31, 2025. </div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">In February, 2024, the Company announced a prioritization of its portfolio and a workforce reduction to focus resources primarily on the continued development of RLYB212. </div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">As part of this effort, the Company eliminated approximately 45% of its positions. As a result of these actions, the Company incurred charges of approximately $3.3 million of which $2.0 million was included in research and development expenses and $1.3 million was included in general and administrative expenses, with such amounts reflected in the consolidated statements of operations and comprehensive loss. The charges related to the workforce reduction are cash-based expenditures related primarily to severance and benefit payments. The Company recognized all such charges in the first quarter of 2024, with such amounts reflected in the consolidated statements of operations and comprehensive loss. </div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">Substantially all restructuring payments are expected to be completed by August 2026. </div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">The following table summarizes the restructuring accrued expense activity as of December 31, 2025: </div> <div style="font-size:9pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9.5pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:87%"></td> <td style="vertical-align:bottom;width:9%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(in thousands)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">DECEMBER 31,<br/> 2025</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Beginning accrued severance</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">203</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;"><div style="-sec-ix-hidden:hidden169206279;display:inline;">Severance incurred during the period</div></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,706</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Severance paid and adjustments made during the period</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(1,386</td> <td style="white-space:nowrap;vertical-align:bottom">) </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: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Ending accrued severance</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">523</td> <td style="white-space:nowrap;vertical-align:bottom"> </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: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> 0.40 1700000 1200000 500000 0.45 3300000 2000000 1300000 <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">The following table summarizes the restructuring accrued expense activity as of December 31, 2025: </div> <div style="font-size:9pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9.5pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:87%"></td> <td style="vertical-align:bottom;width:9%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(in thousands)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">DECEMBER 31,<br/> 2025</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Beginning accrued severance</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">203</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;"><div style="-sec-ix-hidden:hidden169206279;display:inline;">Severance incurred during the period</div></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,706</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Severance paid and adjustments made during the period</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(1,386</td> <td style="white-space:nowrap;vertical-align:bottom">) </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: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9.5pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9.5pt; font-family: ARIAL; line-height: normal;">Ending accrued severance</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">523</td> <td style="white-space:nowrap;vertical-align:bottom"> </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: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> 203000 1706000 1386000 523000 <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL;font-weight:bold">14. SUBSEQUENT EVENTS </div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:9.5pt; 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;">Share Price and Reverse Split </div></div></div> <div style="margin-top:2pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">On February 24, 2025, the Company received a notification letter from The Nasdaq Stock Market LLC (“Nasdaq”) Listing Qualifications Department notifying the Company that the closing bid price of the Company’s shares of common stock was below the minimum closing bid price of $1.00 per share during the prior 30 consecutive business days (the “Notice”), as required for continued listing on the Nasdaq. Pursuant to Nasdaq’s Listing Rules, the Company had until August 25, 2025 (the “Initial Compliance Date”) to regain compliance with the minimum closing bid price requirement. As of the Initial Compliance Date, the Company had not regained compliance with the minimum closing bid price requirement. </div> <div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL">On August 26, 2025, Nasdaq notified the Company that it had approved the Company’s application to transfer its listing to the Nasdaq Capital Market and that the Company is eligible for an additional 180 calendar day period, or until February 23, 2026 (the “Second Compliance Date”), to regain compliance with the minimum closing bid price requirement. At the opening of business on August 29, 2025, the Company’s common stock was transferred to the Nasdaq Capital Market, which operates in substantially the same manner as the Nasdaq Global Select Market, where it will continue to trade under the symbol “RLYB.” </div> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL;text-align:center"></div> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;text-indent: 0px;"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL;text-indent: 0px;">On January 26, 2026, the Company’s stockholders approved a proposal to amend its Amended and Restated Certificate of Incorporation (the “Certificate of Incorporation”) with the Secretary of State of the State of Delaware to effect a reverse stock split of the Company’s issued and outstanding common stock, par value $0.0001 at a ratio of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space:nowrap;display:inline;">1-for-8.</div></div> Pursuant to the Certificate of Amendment, the Reverse Stock Split became effective at 12:01 a.m., Eastern Time, on February 6, 2026 and began trading on a post-split basis under CUSIP number 75120L 209. </div><div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL;text-indent: 0px;">All common share, per share and related information included in the accompanying financial statements and footnote disclosures have been adjusted retroactively, where applicable, to reflect the Reverse Stock Split. </div><div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL;text-indent: 0px;">On February 24, 2026, Rallybio received a letter from Nasdaq notifying the Company it had regained compliance with the Nasdaq’s Listing Rules and that it complies with the requirements for continued listing. </div><div style="margin-top:4pt; margin-bottom:0pt; font-size:9.5pt; 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;">Proposed Merger with Candid Therapeutics </div></div></div><div style="margin-top:2pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL;text-indent: 0px;">On March 1, 2026, Rallybio entered into the Merger Agreement with Candid, a clinical-stage biotechnology company advancing a leading portfolio of TCE therapeutics for autoimmune diseases, and the Merger Sub. Upon the terms and subject to the satisfaction of the conditions described in the Merger Agreement, Merger Sub will be merged with and into Candid, with Candid surviving as a wholly owned subsidiary of the Merger. The Merger is intended to qualify as a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">tax-free</div> reorganization for U.S. federal income tax purposes. </div><div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL;text-indent: 0px;">Subject to the terms and conditions of the Merger Agreement, at the Effective Time, (a) each then-outstanding share of common stock or preferred stock of Candid Share (excluding any share described in clauses (b) or (c) below and Candid Shares held by stockholders who have exercised and perfected appraisal rights for such shares) will be converted into the right to receive a number of shares of Rallybio Common Stock, par value $0.0001 <div style="letter-spacing: 0px; top: 0px;display:inline;">per share, calculated in accordance with the Exchange Ratio, (b) each Candid Share issued in the Concurrent Financing will be converted into the right to receive a number of shares of Rallybio Common Stock calculated in accordance with the Concurrent Financing Exchange Ratio, (c) any Candid Shares held as treasury shares or held or owned by Rallybio, Merger Sub or any subsidiary of Rallybio or Candid immediately prior to the Effective Time will be canceled and shall cease to exist, and no consideration shall be delivered in exchange therefor. Each then-outstanding option to purchase Candid Shares will be converted into an option to purchase Rallybio Common Stock, subject to adjustment as set forth in the Merger Agreement. </div><div style="letter-spacing: 0px; top: 0px; background: none;display:inline;"><div style="font-family: ARIAL; font-size: 9.5pt; letter-spacing: 0px; top: 0px; background: none; text-decoration: none;display:inline;"> </div></div></div><div style="font-family: ARIAL; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: ARIAL; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="null;text-indent: 0px;display:inline;">Concurrently with the execution and delivery of the Merger Agreement, certain investors entered into a subscription agreement with Candid, pursuant to which such investors have agreed to purchase, immediately prior to the Merger, shares of Candid common stock representing an aggregate commitment of approximately</div> $505.5 million in the Concurrent Financing. The shares of Candid common stock that are issued in the Concurrent Financing will be or will have the right to be, respectively, converted into shares of Rallybio common stock in the Merger. </div></div></div><div style="margin-top:9pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL;text-indent: 0px;"><div style="text-indent: 0px; letter-spacing: 0px; top: 0px;display:inline;">Under the Exchange Ratio and Concurrent Financing Exchange Ratio formulas in the Merger Agreement, immediately after the Closing, on a pro forma basis and based upon the number of shares of Rallybio Common Stock expected to be issued in connection with the Merger</div>, <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;"></div><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;"></div><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;"></div><div style="text-wrap-mode: nowrap; letter-spacing: 0px; top: 0px;display:inline;">pre-Merger</div> equityholders of Candid (other than investors in the Concurrent Financing) are expected to own approximately 57.55% of the combined company, <div style="text-wrap-mode: nowrap; letter-spacing: 0px; top: 0px;display:inline;">pre-Merger</div> equityholders of Rallybio are expected to own approximately 3.65% of the combined company and the Investors in the Concurrent Financing are expected to own approximately 38.80% of the combined company (assuming proceeds from the Concurrent Financing of $505.5 million), in each case, calculated on a fully diluted basis, using the treasury stock method, and subject to certain assumptions, including (i) a valuation for Rallybio of $47.5 million (assuming Rallybio has net cash (“Rallybio Net Cash”) of $37.5 million as of the closing of the Merger (the “Closing” and such date, the “Closing Date”)), (ii) a fixed valuation for Candid of $750.0 million, and (iii) the relative capitalization of Rallybio and Candid.<div style="letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="text-indent: 0px; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: ARIAL; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">The percentage of the combined company that each party’s equity holders will own following the Closing is subject to certain adjustments as described in the Merger Agreement, including the amount of the final Rallybio Net Cash at Closing.</div></div></div><div style="font-family: ARIAL; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: ARIAL; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Immediately prior to the Effective Time, Rallybio and a rights agent are expected to enter into the CVR Agreement, pursuant to which holders of record of certain Rallybio securities as of the close of business on the last business day </div></div></div><div style="text-indent: 0px; letter-spacing: 0px; top: 0px; background: none;display:inline;"><div style="font-family: ARIAL; font-size: 9.5pt; letter-spacing: 0px; top: 0px; background: none; text-decoration: none;display:inline;"> </div></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:9pt; font-family:ARIAL;text-align:center;text-indent: 0px;"></div><div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> </div><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: ARIAL; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;"></div></div> <div style="font-family: ARIAL; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: ARIAL; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">prior to the day on which the Effective Time occurs will receive one contingent value right (each, a “CVR”) for each outstanding share of Rallybio Common Stock, prefunded warrant, Rallybio restricted stock unit or In the Money Parent Option (as defined in the CVR Agreement) held as of such date. Pursuant to the CVR Agreement, each CVR holder will be entitled to receive their pro rata share of (i) all of the net proceeds (including cash the value of stock to the extent listed on a national exchange, at the time of disposition), if any, received by Rallybio as a result of payments made to Rallybio of any upfront, milestone, royalty and other payments received under any disposition agreement related to Rallybio’s Legacy Assets, and (ii) all of the cash proceeds, if any, received from Recursion under the Membership Interest Purchase Agreement, dated July 8, 2025, by and among Recursion, Exscientia Ventures I, Inc., Rallybio Corporation and Rallybio IPB, LLC. For a period of one year after the Closing Date, Rallybio will use commercially reasonable efforts to effect the disposition of the Legacy Assets. Such net proceeds will be subject to certain permitted deductions, including for applicable tax payments, certain expenses incurred or other liabilities borne by Rallybio or its affiliates in respect of the Legacy Assets, and losses incurred by Rallybio or its affiliates due to a third-party proceeding in connection with such disposition. </div></div></div><div style="letter-spacing: 0px; top: 0px; background: none;display:inline;"><div style="font-family: ARIAL; font-size: 9.5pt; letter-spacing: 0px; top: 0px; background: none; text-decoration: none;display:inline;"> </div></div> 1 P30D P180D 0.0001 0.0001 505500000 0.5755 0.0365 0.388 505500000 47500000 37500000 750000000 41299000 31374000 5496000 23362000 6695000 6517000 53490000 61253000 20000 23000 152000 175000 810000 810000 54472000 62261000 940000 126000 3101000 3791000 99000 94000 0 212000 4140000 4223000 55000 82000 4195000 4305000 0.0001 0.0001 200000000 200000000 5290236 5290236 5283321 5283321 4000 4000 0.0001 0.0001 50000000 50000000 0 0 0 0 0 0 360548000 359932000 1000 18000 -310276000 -301998000 50277000 57956000 54472000 62261000 212000 212000 212000 212000 2871000 5725000 6074000 4157000 8945000 9882000 -8733000 -9670000 201000 644000 254000 174000 455000 818000 -8278000 -8852000 0 -587000 -8278000 -9439000 -1.46 -1.46 -1.69 -1.69 5688584 5688584 5597528 5597528 -17000 -21000 -17000 -21000 -8295000 -9460000 5188743 4000 354602000 -293020000 68000 61654000 1879000 1879000 12736 -9439000 -9439000 -21000 -21000 5201479 4000 356481000 -302459000 47000 54073000 5283321 4000 359932000 -301998000 18000 57956000 613000 613000 6354 561 3000 3000 -8278000 -8278000 -17000 -17000 5290236 4000 360548000 -310276000 1000 50277000 -8278000 -9439000 3000 28000 -51000 -210000 613000 1879000 0 -587000 155000 506000 814000 122000 -712000 -2454000 -212000 -212000 -7978000 -10205000 0 5919000 17900000 18000000 0 1000000 17900000 11081000 3000 0 3000 0 9925000 876000 31374000 13903000 41299000 14779000 <div style="font-family: Arial; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">1. BUSINESS AND LIQUIDITY </div></div><div style="font-family: Arial; font-size: 9.5pt; margin-top: 4pt; margin-bottom: 0pt;">Rallybio Corporation and subsidiaries (“Rallybio”, the “Company”, “we”, “our”, or “us”) is a clinical-stage biotechnology company comprised of experienced biopharma industry leaders with extensive research, development, and rare disease expertise with a mission to develop and commercialize life-transforming therapies for patients with severe and rare diseases. The Company’s lead program, RLYB116, is a differentiated complement component 5 (“C5”) inhibitor with the potential to treat diseases of complement dysregulation. In addition, RLYB332, a long-acting <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">matriptase-2</div> <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">(“MTP-2”)</div> antibody for the treatment of diseases of iron overload is currently in preclinical development. In 2025, the Company completed a confirmatory pharmacokinetic (“PK”) and pharmacodynamic (“PD”) study of RLYB116 in healthy volunteers and reported data in the first quarter of 2026. In April 2025, the Company announced the discontinuation of its RLYB212 program for the prevention of fetal and neonatal alloimmune thrombocytopenia (“FNAIT”) based on PK data from the Phase 2 clinical trial that demonstrated an inability of the RLYB212 dose regimen to achieve predicted target concentrations, as well as the minimum target concentration required for efficacy. In July 2025, the Company entered into a definitive agreement to sell its interest in REV102, an Ectonucleotide Pyrophosphatase/Phosphodiesterase 1 (“ENPP1”) inhibitor in preclinical development for the treatment of patients with hypophosphatasia (“HPP”), to a subsidiary of its joint venture partner Recursion Pharmaceuticals, Inc. (“Recursion”) (the “JV Sale”). </div><div style="font-family: Arial; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">On March 1, 2026, Rallybio entered into an Agreement and Plan of Merger and Reorganization with Candid Therapeutics, Inc. (“Candid”) (the “Merger Agreement”) pursuant to which the parties intended to undertake a business combination (the “Merger”). </div></div><div style="font-family: Arial; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">On May 3, 2026, Candid terminated the Merger Agreement concurrently with entering into a Permitted Alternative Agreement (as defined in the Merger Agreement) with UCB S.A. (“UCB”). As a result of the termination of the Merger Agreement, Rallybio was paid on May 4, 2026 a $50.0 million Parent Termination Fee (as defined in the Merger Agreement) and was reimbursed $0.4 million for certain expenses. </div></div><div style="font-family: Arial; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">The Company had cash, cash equivalents and marketable securities of $46.8 million as of March 31, 2026. The Company currently expects that its cash, cash equivalents and marketable securities will be sufficient to fund its operating expenses and capital requirements for more than 12 months from the date these unaudited condensed consolidated financial statements are issued. However, the Company does not anticipate that its current cash, cash equivalents and marketable securities as of March 31, 2026 will be sufficient to fund any of its product candidates through regulatory approval, and it will need to raise substantial additional capital to complete the development and commercialization of its product candidates, if approved. Rallybio may satisfy its future cash needs through the sale of equity securities, debt financings, corporate collaborations or license agreements, working capital lines of credit, grant funding, interest income earned on invested cash balances or a combination of one or more of these sources. </div></div> 50000000 400000 46800000 <div style="font-family: Arial; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION </div></div><div style="font-family: Arial; font-size: 9.5pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Unaudited Financial Information—</div></div>The unaudited condensed consolidated financial statements of the Company have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”), and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) promulgated by the Financial Accounting Standards Board. </div><div style="font-family: Arial; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">In the opinion of the Company, the information furnished reflects all adjustments, all of which are of a normal and recurring nature, necessary for a fair presentation of the financial position and results of operations for the reported interim periods. The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or any other interim period. </div></div><div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="text-align: center; font-family: Arial; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">The accompanying unaudited condensed consolidated financial statements include the accounts of Rallybio Corporation and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. </div></div><div style="font-family: Arial; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;">These accompanying unaudited condensed consolidated financial statements and notes should be read in conjunction with Rallybio’s Annual Report on Form <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">10-K</div> for the year ended December 31, 2025 (our “Annual Report”). The Company’s significant accounting policies are described in Note 2 of the Notes to the consolidated financial statements included in our Annual Report. There have been no new accounting policies, including the adoption of new accounting standards during the three months ended March 31, 2026, unless otherwise noted below, which could be expected to materially impact the Company’s unaudited condensed consolidated financial statements. </div><div style="font-family: Arial; font-size: 9.5pt; font-weight: bold; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Significant Accounting Policies — </div></div><div style="font-family: Arial; font-size: 10pt; font-weight: bold; margin-top: 4pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Future Milestone and Royalty Assets </div></div><div style="font-family: Arial; font-size: 9.5pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">As part of the JV Sale, the Company received consideration including an estimated $3.0 million in future contingent milestones and royalty payments, which are recognized as a contingent consideration asset on the condensed consolidated balance sheets. The fair value of this contingent consideration was determined using a model that incorporates significant unobservable inputs based on Company estimates, external data, and management’s judgment and forecasts. Key assumptions in the model include the discount rate, the timing of expected cash flows, the probability of achieving the milestone and royalty payments, and projected future net revenues. </div></div><div style="font-family: Arial; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">The Company periodically reviews the carrying value of the contingent consideration when impairment indicators arise and records an impairment loss if the carrying amount materially exceeds the reassessed fair value. Increases in the carrying value are recognized only when contingent gains are realized. Since the contingent payments are tied to Phase 1 clinical study milestones and future royalty payments, the Company believes the likelihood of timely payment by Recursion is uncertain. </div></div><div style="font-family: Arial; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Recently Issued Accounting Pronouncements</div></div>—In November 2024, the FASB issued ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">2024-03,</div> Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">220-40):</div> <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Disaggregation of Income Statement Expenses (</div></div>“ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">2024-03”).</div> This ASU requires public entities to disclose additional transparency on certain costs and expenses. ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">2024-03</div> is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company has chosen not to early adopt this standard and is currently evaluating the potential impact of adopting this standard on its financial statements. </div> <div style="font-family: Arial; font-size: 9.5pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Unaudited Financial Information—</div></div>The unaudited condensed consolidated financial statements of the Company have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”), and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) promulgated by the Financial Accounting Standards Board. </div><div style="font-family: Arial; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">In the opinion of the Company, the information furnished reflects all adjustments, all of which are of a normal and recurring nature, necessary for a fair presentation of the financial position and results of operations for the reported interim periods. The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or any other interim period. </div></div><div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="text-align: center; font-family: Arial; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">The accompanying unaudited condensed consolidated financial statements include the accounts of Rallybio Corporation and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. </div></div><div style="font-family: Arial; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;">These accompanying unaudited condensed consolidated financial statements and notes should be read in conjunction with Rallybio’s Annual Report on Form <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">10-K</div> for the year ended December 31, 2025 (our “Annual Report”). The Company’s significant accounting policies are described in Note 2 of the Notes to the consolidated financial statements included in our Annual Report. There have been no new accounting policies, including the adoption of new accounting standards during the three months ended March 31, 2026, unless otherwise noted below, which could be expected to materially impact the Company’s unaudited condensed consolidated financial statements. </div> <div style="font-family: Arial; font-size: 10pt; font-weight: bold; margin-top: 4pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Future Milestone and Royalty Assets </div></div><div style="font-family: Arial; font-size: 9.5pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">As part of the JV Sale, the Company received consideration including an estimated $3.0 million in future contingent milestones and royalty payments, which are recognized as a contingent consideration asset on the condensed consolidated balance sheets. The fair value of this contingent consideration was determined using a model that incorporates significant unobservable inputs based on Company estimates, external data, and management’s judgment and forecasts. Key assumptions in the model include the discount rate, the timing of expected cash flows, the probability of achieving the milestone and royalty payments, and projected future net revenues. </div></div><div style="font-family: Arial; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">The Company periodically reviews the carrying value of the contingent consideration when impairment indicators arise and records an impairment loss if the carrying amount materially exceeds the reassessed fair value. Increases in the carrying value are recognized only when contingent gains are realized. Since the contingent payments are tied to Phase 1 clinical study milestones and future royalty payments, the Company believes the likelihood of timely payment by Recursion is uncertain. </div></div> 3000000 <div style="font-family: Arial; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Recently Issued Accounting Pronouncements</div></div>—In November 2024, the FASB issued ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">2024-03,</div> Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">220-40):</div> <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Disaggregation of Income Statement Expenses (</div></div>“ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">2024-03”).</div> This ASU requires public entities to disclose additional transparency on certain costs and expenses. ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">2024-03</div> is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company has chosen not to early adopt this standard and is currently evaluating the potential impact of adopting this standard on its financial statements. </div> <div style="font-family: Arial; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">3. MARKETABLE SECURITIES </div></div><div style="font-family: Arial; font-size: 9.5pt; margin-top: 4pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">The amortized cost, gross unrealized <div style="display:inline;">holding </div>gains, gross unrealized holding losses and fair value of our marketable securities by type of security as of March 31, 2026 and December 31, 2025 was as follows: </div></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 100%; font-family: Arial; font-size: 9.5pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 51%;"></td> <td style="width: 5%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 5%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 5%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 5%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 5%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td></tr> <tr style="font-family: Arial; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">MARCH 31, 2026</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(in thousands)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Fair Value<br/> Hierarchy Level</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Amortized<br/> Cost</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Gross<br/> Unrealized<br/> Holding Gains</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Gross<br/> Unrealized<br/> Holding Losses</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Fair Value</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-family: Arial; font-size: 9.5pt; 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: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Cash and cash equivalents</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">Level 1</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">16,383</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">— </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">— </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">16,383</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Arial; font-size: 9.5pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. treasury securities</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">Level 1</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">5,495</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">1</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">— </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">5,496</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td></tr> <tr style="font-family: Arial; font-size: 9.5pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">21,878</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">1</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">— </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">21,879</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td></tr></table><div style="clear:both;max-height:0pt;"></div><div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="text-align: center; font-family: Arial; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 100%; font-family: Arial; font-size: 9.5pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 51%;"></td> <td style="width: 5%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 5%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 5%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 5%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 5%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-family: Arial; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">DECEMBER 31, 2025</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(in thousands)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Fair Value<br/> Hierarchy Level</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Amortized<br/> Cost</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Gross<br/> Unrealized<br/> Holding Gains</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Gross<br/> Unrealized<br/> Holding<br/> Losses</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Fair Value</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> </tr> <tr style="font-family: Arial; font-size: 9.5pt; 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: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Cash and cash equivalents</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">Level 1</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">6,695</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">— </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">— </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">6,695</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Arial; font-size: 9.5pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. treasury securities</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">Level 1</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">19,212</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">17</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">— </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">19,229</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Arial; font-size: 9.5pt; 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: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. government agency securities</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">Level 2</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">4,630</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">1</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">— </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">4,631</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td> </td> </tr> <tr style="font-family: Arial; font-size: 9.5pt; page-break-inside: avoid;"> <td style="vertical-align: top; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">30,537</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">18</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">— </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">30,555</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td> </td> </tr> </table> <div style="clear: both; max-height: 0px;"></div> <div style="font-family: Arial; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">The fair values of marketable securities by classification in the condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025 was as follows: </div></div> <div style="font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 100%; font-family: Arial; font-size: 9.5pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 68%;"></td> <td style="width: 10%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 10%; vertical-align: bottom;"></td> <td></td> <td></td> <td></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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(in thousands)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">MARCH 31, 2026</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">DECEMBER 31, 2025</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> </tr> <tr style="font-family: Arial; font-size: 9.5pt; 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: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Cash and cash equivalents</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">16,383</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">7,193</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Arial; font-size: 9.5pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Marketable securities</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">5,496</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">23,362</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td> </td> </tr> <tr style="font-family: Arial; font-size: 9.5pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">21,879</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">30,555</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td> </td> </tr> </table> <div style="clear: both; max-height: 0px;"></div> <div style="font-family: Arial; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;">The fair values 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 as of March 31, 2026 and December 31, 2025, by contractual maturity, are summarized as follows: </div> <div style="font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 100%; font-family: Arial; font-size: 9.5pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 78%;"></td> <td style="width: 5%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 5%; vertical-align: bottom;"></td> <td></td> <td></td> <td></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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(in thousands)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">MARCH 31,<br/> 2026</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">DECEMBER 31,<br/> 2025</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> </tr> <tr style="font-family: Arial; font-size: 9.5pt; 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: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Due in one year or less</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">21,879</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">30,555</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Arial; font-size: 9.5pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Due after one year through two years</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">— </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">— </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td> </td> </tr> <tr style="font-family: Arial; font-size: 9.5pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">21,879</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">30,555</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td> </td> </tr> </table> <div style="clear: both; max-height: 0px;"></div> <div style="font-family: Arial; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;">The aggregate fair value 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 in an unrealized loss position as of December 31, 2025 was $0.7 million. There was no aggregate fair value 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 in an unrealized loss position as of March 31, 2026. As of March 31, 2026, the Company did <div style="letter-spacing: 0px; top: 0px;display:inline;">not</div> have any investments in a continuous unrealized loss position for more than twelve months. As of March 31, 2026, the Company believes that the cost basis of 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 is recoverable. No allowance for credit loss was recorded as of March 31, 2026 and December 31, 2025. </div> <div style="font-family: Arial; font-size: 9.5pt; margin-top: 4pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">The amortized cost, gross unrealized <div style="display:inline;">holding </div>gains, gross unrealized holding losses and fair value of our marketable securities by type of security as of March 31, 2026 and December 31, 2025 was as follows: </div></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 100%; font-family: Arial; font-size: 9.5pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 51%;"></td> <td style="width: 5%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 5%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 5%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 5%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 5%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td></tr> <tr style="font-family: Arial; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">MARCH 31, 2026</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(in thousands)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Fair Value<br/> Hierarchy Level</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Amortized<br/> Cost</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Gross<br/> Unrealized<br/> Holding Gains</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Gross<br/> Unrealized<br/> Holding Losses</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Fair Value</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-family: Arial; font-size: 9.5pt; 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: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Cash and cash equivalents</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">Level 1</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">16,383</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">— </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">— </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">16,383</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Arial; font-size: 9.5pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. treasury securities</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">Level 1</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">5,495</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">1</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">— </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">5,496</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td></tr> <tr style="font-family: Arial; font-size: 9.5pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">21,878</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">1</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">— </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">21,879</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td></tr></table><div style="clear:both;max-height:0pt;"></div><div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="text-align: center; font-family: Arial; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 100%; font-family: Arial; font-size: 9.5pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 51%;"></td> <td style="width: 5%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 5%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 5%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 5%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 5%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-family: Arial; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">DECEMBER 31, 2025</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(in thousands)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Fair Value<br/> Hierarchy Level</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Amortized<br/> Cost</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Gross<br/> Unrealized<br/> Holding Gains</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Gross<br/> Unrealized<br/> Holding<br/> Losses</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Fair Value</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> </tr> <tr style="font-family: Arial; font-size: 9.5pt; 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: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Cash and cash equivalents</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">Level 1</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">6,695</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">— </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">— </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">6,695</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Arial; font-size: 9.5pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. treasury securities</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">Level 1</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">19,212</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">17</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">— </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">19,229</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Arial; font-size: 9.5pt; 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: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. government agency securities</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">Level 2</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">4,630</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">1</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">— </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">4,631</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td> </td> </tr> <tr style="font-family: Arial; font-size: 9.5pt; page-break-inside: avoid;"> <td style="vertical-align: top; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">30,537</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">18</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">$</td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">— </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">30,555</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td> </td> </tr> </table> 16383000 0 0 16383000 5495000 1000 0 5496000 21878000 1000 0 21879000 6695000 0 0 6695000 19212000 17000 0 19229000 4630000 1000 0 4631000 30537000 18000 0 30555000 <div style="font-family: Arial; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">The fair values of marketable securities by classification in the condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025 was as follows: </div></div> <div style="font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 100%; font-family: Arial; font-size: 9.5pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 68%;"></td> <td style="width: 10%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 10%; vertical-align: bottom;"></td> <td></td> <td></td> <td></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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(in thousands)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">MARCH 31, 2026</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">DECEMBER 31, 2025</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> </tr> <tr style="font-family: Arial; font-size: 9.5pt; 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: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Cash and cash equivalents</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">16,383</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">7,193</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Arial; font-size: 9.5pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Marketable securities</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">5,496</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">23,362</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td> </td> </tr> <tr style="font-family: Arial; font-size: 9.5pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">21,879</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">30,555</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td> </td> </tr> </table> 16383000 7193000 5496000 23362000 21879000 30555000 <div style="font-family: Arial; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;">The fair values 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 as of March 31, 2026 and December 31, 2025, by contractual maturity, are summarized as follows: </div> <div style="font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 100%; font-family: Arial; font-size: 9.5pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 78%;"></td> <td style="width: 5%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 5%; vertical-align: bottom;"></td> <td></td> <td></td> <td></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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(in thousands)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">MARCH 31,<br/> 2026</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">DECEMBER 31,<br/> 2025</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> </tr> <tr style="font-family: Arial; font-size: 9.5pt; 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: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Due in one year or less</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">21,879</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">30,555</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Arial; font-size: 9.5pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Due after one year through two years</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">— </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">— </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td> </td> </tr> <tr style="font-family: Arial; font-size: 9.5pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">21,879</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">30,555</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td> </td> </tr> </table> 21879000 30555000 0 0 21879000 30555000 700000 0 0 0 0 <div style="font-family: Arial; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">4. <div style="display:inline;">BALANCE </div>SHEET COMPONENTS </div></div> <div style="font-family: Arial; font-size: 9.5pt; font-weight: bold; margin-top: 4pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Prepaid expenses and other current assets — </div></div> <div style="font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Prepaid expenses and other current assets consisted of the following as of March 31, 2026 and December 31, 2025: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 100%; font-family: Arial; font-size: 9.5pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 68%;"></td> <td style="width: 11%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 11%; vertical-align: bottom;"></td> <td></td> <td></td> <td></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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(in thousands)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">MARCH 31, 2026</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">DECEMBER 31, 2025</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> </tr> <tr style="font-family: Arial; font-size: 9.5pt; 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: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Research and development</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">595</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">3,372</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Arial; font-size: 9.5pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Insurance</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">231</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">409</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Arial; font-size: 9.5pt; 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: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Other prepaids</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">135</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">219</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Arial; font-size: 9.5pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Other current assets</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">5,734</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">2,517</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td> </td> </tr> <tr style="font-family: Arial; font-size: 9.5pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">6,695</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">6,517</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td> </td> </tr> </table> <div style="clear: both; max-height: 0px;"></div> <div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="text-align: center; font-family: Arial; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Other current assets consists of approximately $3.4 million of accounts receivable related to clinical development costs expected to be returned to the Company in the second quarter of 2026, approximately $2.2 million related to a contingent payment receivable tied to a Phase 1 clinical study milestone in connection with the JV Sale, approximately $0.1 million of interest income and other current assets. </div></div> <div style="font-family: Arial; font-size: 9.5pt; font-weight: bold; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Accrued Expenses — </div></div> <div style="font-family: Arial; font-size: 9.5pt; margin-top: 4pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Accrued expenses consisted of the following as of March 31, 2026 and December 31, 2025: </div></div> <div style="font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 100%; font-family: Arial; font-size: 9.5pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 68%;"></td> <td style="width: 11%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 11%; vertical-align: bottom;"></td> <td></td> <td></td> <td></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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(in thousands)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">MARCH 31, 2026</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">DECEMBER 31, 2025</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> </tr> <tr style="font-family: Arial; font-size: 9.5pt; 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: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Compensation and related expenses</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">1,407</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">2,334</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Arial; font-size: 9.5pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Professional fees</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">1,396</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">1,039</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Arial; font-size: 9.5pt; 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: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Research and development</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">94</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">394</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Arial; font-size: 9.5pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Other accrued expenses</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">204</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">24</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td> </td> </tr> <tr style="font-family: Arial; font-size: 9.5pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">3,101</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">3,791</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td> </td> </tr> </table> <div style="font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Prepaid expenses and other current assets consisted of the following as of March 31, 2026 and December 31, 2025: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 100%; font-family: Arial; font-size: 9.5pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 68%;"></td> <td style="width: 11%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 11%; vertical-align: bottom;"></td> <td></td> <td></td> <td></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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(in thousands)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">MARCH 31, 2026</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">DECEMBER 31, 2025</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> </tr> <tr style="font-family: Arial; font-size: 9.5pt; 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: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Research and development</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">595</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">3,372</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Arial; font-size: 9.5pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Insurance</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">231</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">409</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Arial; font-size: 9.5pt; 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: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Other prepaids</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">135</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">219</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Arial; font-size: 9.5pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Other current assets</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">5,734</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">2,517</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td> </td> </tr> <tr style="font-family: Arial; font-size: 9.5pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">6,695</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">6,517</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td> </td> </tr> </table> 595000 3372000 231000 409000 135000 219000 5734000 2517000 6695000 6517000 3400000 2200000 100000 <div style="font-family: Arial; font-size: 9.5pt; margin-top: 4pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Accrued expenses consisted of the following as of March 31, 2026 and December 31, 2025: </div></div> <div style="font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 100%; font-family: Arial; font-size: 9.5pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 68%;"></td> <td style="width: 11%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 11%; vertical-align: bottom;"></td> <td></td> <td></td> <td></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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(in thousands)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">MARCH 31, 2026</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">DECEMBER 31, 2025</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> </tr> <tr style="font-family: Arial; font-size: 9.5pt; 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: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Compensation and related expenses</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">1,407</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">2,334</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Arial; font-size: 9.5pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Professional fees</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">1,396</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">1,039</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Arial; font-size: 9.5pt; 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: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Research and development</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">94</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">394</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-family: Arial; font-size: 9.5pt; page-break-inside: avoid;"> <td style="vertical-align: top;"> <div style="text-indent: -1em; font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Other accrued expenses</div></div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">204</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">24</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td> </td> </tr> <tr style="font-family: Arial; font-size: 9.5pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">3,101</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">3,791</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> </tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </td> <td> </td> </tr> </table> 1407000 2334000 1396000 1039000 94000 394000 204000 24000 3101000 3791000 <div style="font-family: Arial; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">5. STOCKHOLDERS’ EQUITY </div></div> <div style="font-family: Arial; font-size: 10pt; font-weight: bold; margin-top: 4pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Common Stock </div></div> <div style="font-family: Arial; font-size: 9.5pt; margin-top: 4pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">In April 2024, the Company entered into a securities purchase agreement (the “JJDC Securities Purchase Agreement”) with Johnson &amp; Johnson Innovation - JJDC, Inc. (“JJDC”), pursuant to which the Company sold to JJDC, in an unregistered offering, 454,545 shares of its common stock, at a price of $14.56 per share, which represented a 10% premium on the Company’s closing stock price on April 9, 2024, for aggregate gross proceeds of approximately $6.6 million, before deducting offering expenses. </div></div> <div style="font-family: Arial; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">The Company had 200,000,000 shares of common stock authorized as of March 31, 2026 and December 31, 2025, of which 5,290,236 and 5,283,321 shares were issued and outstanding as of March 31, 2026 and December 31, 2025, respectively. </div></div> <div style="font-family: Arial; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Preferred Stock </div></div> <div style="font-family: Arial; font-size: 9.5pt; margin-top: 4pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">The Company had 50,000,000 shares of preferred stock authorized as of March 31, 2026 and December 31, 2025, of which no shares were issued or outstanding as of March 31, 2026 and December 31, 2025. </div></div> <div style="font-family: Arial; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-bottom: 0pt;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Pre-Funded</div> Warrants </div> <div style="font-family: Arial; font-size: 9.5pt; margin-top: 4pt; margin-bottom: 0pt;">In connection with a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">follow-on</div> offering, the Company entered into an agreement with certain investors to issue <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">pre-funded</div> warrants in lieu of common stock to purchase up to an aggregate of 416,673 shares of common stock at a price of $47.9992, which represents the per share public offering price of the November 2022 <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">follow-on</div> offering for common stock less a $0.0008 per share exercise price for each <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">pre-funded</div> warrant. </div> <div style="font-family: Arial; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;">The Company may not effect the exercise of any <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">pre-funded</div> warrant, and a holder will not be entitled to exercise any portion of any <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">pre-funded</div> warrant if, upon giving effect to such exercise, the aggregate number of shares of common stock beneficially owned by the holder (together with its affiliates) would exceed 9.99% of the number of shares of common stock outstanding immediately after giving effect to the exercise, which percentage may be increased or decreased at the holder’s election upon 61 days’ notice to the Company subject to the terms of such <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">pre-funded</div> warrants, provided that such percentage may in no event exceed 19.99%. </div> <div style="font-family: Arial; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;">The Company’s <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">pre-funded</div> warrant is a freestanding instrument that does not meet the definition of a liability pursuant to ASC 480, <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Distinguishing Liabilities from Equity </div></div>(“ASC 480”)<div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">,</div></div> and does not meet the definition of a derivative pursuant to ASC 815, <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Derivatives and Hedging </div></div>(“ASC 815”). The <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">pre-funded</div> warrant is indexed to the Company’s common stock and meets all other conditions for equity classification under ASC 480 and ASC 815. </div> <div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="text-align: center; font-family: Arial; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt;">Accordingly, the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">pre-funded</div> warrant was classified as equity and accounted for as a component of additional <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">paid-in</div> capital at the time of issuance. All of the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">pre-funded</div> warrants related to the November 2022 <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">follow-on</div> offering remain outstanding and unexercised as of March 31, 2026. </div><div style="font-family: Arial; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Share-based Compensation </div></div><div style="font-family: Arial; font-size: 9.5pt; margin-top: 4pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Share-based compensation is comprised of the Company’s stock options, restricted stock awards, restricted stock units and shares issued pursuant to the employee stock purchase plan, and is classified in the condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2026 and 2025 was as follows: </div></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 100%; font-family: Arial; font-size: 9.5pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 78%;"></td> <td style="width: 7%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 7%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td></tr> <tr style="font-family: Arial; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">FOR THE THREE MONTHS ENDED<br/> MARCH 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(in thousands)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2026</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2025</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-family: Arial; font-size: 9.5pt; 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: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Research and development</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">184</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">810</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Arial; font-size: 9.5pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">General and administrative</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">429</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">1,069</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td></tr> <tr style="font-family: Arial; font-size: 9.5pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">613</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">1,879</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td></tr></table><div style="clear:both;max-height:0pt;"></div><div style="font-family: Arial; font-size: 9.5pt; font-weight: bold; margin-top: 4pt; margin-bottom: 0pt;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">2021 Equity Incentive Plan </div></div></div><div style="font-family: Arial; font-size: 9.5pt; margin-top: 2pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">In 2021, the board of directors adopted the Rallybio Corporation 2021 Equity Incentive Plan (the “2021 Plan”). The 2021 Plan initially reserved 680,043 shares of the Company’s common stock that have been issued in respect of outstanding equity awards granted prior to the Company’s initial public offering (“IPO”), and for future issuances of shares to employees, directors and consultants in the form of stock options, SARs, restricted and unrestricted stock and stock units, performance awards and other awards that are convertible into or otherwise based on the Company’s common stock. Dividend equivalents may also be provided in connection with awards under the 2021 Plan. The share pool will automatically increase on January 1st of each year until 2031, by the lesser of (i) five percent of the number of shares of the Company’s common stock outstanding as of such date and (ii) the number of shares of the Company’s common stock determined by the board of directors on or prior to such date. On January 1, 2026 and January 1, 2025, the 2021 Plan share pool was automatically increased by 264,166 and 259,438 shares, respectively. As of March 31, 2026, the total number of shares of the Company’s common stock that were issuable under the 2021 Plan was 1,514,824 shares, of which 834,331 shares remained available for future issuance. </div></div><div style="font-family: Arial; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">The following table summarizes stock option activity for the three months ended March 31, 2026: </div></div><div style="font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 100%; font-family: Arial; font-size: 9.5pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 57%; font-family: Arial;"></td> <td style="width: 6%; vertical-align: bottom; font-family: Arial;"></td> <td style="font-family: Arial;"></td> <td style="font-family: Arial;"></td> <td style="font-family: Arial;"></td> <td style="width: 6%; vertical-align: bottom; font-family: Arial;"></td> <td style="font-family: Arial;"></td> <td style="font-family: Arial;"></td> <td style="font-family: Arial;"></td> <td style="width: 6%; vertical-align: bottom; font-family: Arial;"></td> <td style="font-family: Arial;"></td> <td style="font-family: Arial;"></td> <td style="font-family: Arial;"></td> <td style="width: 6%; vertical-align: bottom; font-family: Arial;"></td> <td style="font-family: Arial;"></td> <td style="font-family: Arial;"></td> <td style="font-family: Arial;"></td></tr> <tr style="font-family: Arial; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; white-space: nowrap; padding-bottom: 0.5pt;"><div style="font-family: Arial; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: table-cell; line-height: normal;"><div style="font-family: Arial; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Stock Options</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Number of<br/> Option Shares</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Weighted-<br/> Average</div></div><br/> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Exercise Price</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Weighted-<br/> Average</div></div><br/> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Contractual<br/> Term</div></div><br/> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(in years)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Aggregate<br/> Intrinsic Value</div></div><br/> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(in thousands)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-family: Arial; font-size: 9.5pt; 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: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Outstanding stock options at December 31, 2025</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">628,280</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">43.42</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">7.6</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">89</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Arial; font-size: 9.5pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Granted</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">32,360</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">4.45</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td></tr> <tr style="font-family: Arial; font-size: 9.5pt; 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: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Forfeited</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">(11,404</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">15.70</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td></tr> <tr style="font-family: Arial; font-size: 9.5pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Expired</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">(1,281</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">88.75</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td></tr> <tr style="font-family: Arial; font-size: 9.5pt; 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: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Exercised</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">(561</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">6.08</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td></tr> <tr style="font-family: Arial; font-size: 9.5pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Outstanding stock options at March 31, 2026</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">647,394</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">41.90</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">6.2</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">749</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td></tr> <tr style="font-family: Arial; font-size: 9.5pt; 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: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Exercisable stock options at March 31, 2026</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">427,642</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">56.52</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">5.6</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">180</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td></tr></table><div style="clear:both;max-height:0pt;"></div><div style="font-family: Arial; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying stock options and the estimated fair value of the Company’s common stock. Stock options outstanding with an exercise price below the closing price as of March 31, 2026 had an intrinsic value of approximately $749 thousand. Stock </div></div><div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="text-align: center; font-family: Arial; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt;">options outstanding and exercisable with an exercise price below the closing price as of March 31, 2026 had an intrinsic value of $180 thousand. These values are based on a common stock fair value of $8.97 per share, which was the closing price of the Company’s common stock on March 31, 2026. Using the Black-Scholes option pricing model, the weighted-average grant date fair value of stock options granted during the three months ended March 31, 2026 and 2025 was $3.60 per share and $5.36 per share, respectively. As of March 31, 2026, there was unrecognized share-based compensation expense related to nonvested stock options of $2.2 million, which the Company expects to recognize over a weighted-average period of approximately 1.6 years. As of March 31, 2026, in connection with the consummation of the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">now-terminated</div> proposed Merger, all nonvested stock options were expected to vest and the remaining expense would have been recognized. </div><div style="font-family: Arial; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">The fair value of the stock options granted during the three months ended March 31, 2026 and 2025 was determined using the Black-Scholes option pricing model with the following assumptions: </div></div><div style="font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 100%; font-family: Arial; font-size: 9.5pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 72%;"></td> <td style="width: 7%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 7%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td></tr> <tr style="font-family: Arial; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">FOR THE THREE MONTHS ENDED<br/> MARCH 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-family: Arial; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> 2026 </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> 2025 </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-family: Arial; font-size: 9.5pt; 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: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Expected volatility</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">109.21%</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">91.88%–119.61%</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Arial; font-size: 9.5pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Expected term (years)</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">5.25</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">5.27–6.02</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Arial; font-size: 9.5pt; 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: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Risk free interest rate</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">3.68%</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">4.36%–4.39%</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Arial; font-size: 9.5pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Expected dividend yield</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">— </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">— </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Arial; font-size: 9.5pt; 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: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Exercise price</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">4.45</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">6.08–$7.60</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr></table><div style="clear:both;max-height:0pt;"></div><div style="font-family: Arial; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">A summary of the status of the Company’s nonvested restricted common stock units at March 31, 2026 and changes during the three months ended March 31, 2026 was as follows: </div></div><div style="font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 100%; font-family: Arial; font-size: 9.5pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 80%; font-family: Arial;"></td> <td style="width: 4%; vertical-align: bottom; font-family: Arial;"></td> <td style="font-family: Arial;"></td> <td style="font-family: Arial;"></td> <td style="font-family: Arial;"></td> <td style="width: 4%; vertical-align: bottom; font-family: Arial;"></td> <td style="font-family: Arial;"></td> <td style="font-family: Arial;"></td> <td style="font-family: Arial;"></td></tr> <tr style="font-family: Arial; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; white-space: nowrap; padding-bottom: 0.5pt;"><div style="font-family: Arial; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: table-cell; line-height: normal;"><div style="font-family: Arial; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Restricted Stock Units</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Shares</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Weighted-<br/> Average Grant<br/> Date Fair</div></div><br/> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Value Per Share</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-family: Arial; font-size: 9.5pt; 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: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Nonvested restricted stock units at December 31, 2025</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">38,603</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">9.60</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Arial; font-size: 9.5pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Granted</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">5,000</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">4.45</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Arial; font-size: 9.5pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Forfeited</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">(4,150</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">2.40</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Arial; font-size: 9.5pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Vested</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">(6,354</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">7.79</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td></tr> <tr style="font-family: Arial; font-size: 9.5pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Nonvested restricted stock units at March 31, 2026</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">33,099</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">10.07</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td></tr></table><div style="clear:both;max-height:0pt;"></div><div style="font-family: Arial; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;">As of March 31, 2026, there was unrecognized share-based compensation expense related to nonvested restricted stock units of $0.2 million, which the Company expects to recognize over a weighted-average period of approximately 2.0 years. As of March 31, 2026, in connection with the consummation of the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">now-terminated</div> proposed Merger, all nonvested restricted stock units were expected to vest and the remaining expense would have been recognized. </div><div style="font-family: Arial; font-size: 9.5pt; font-weight: bold; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">2021 Employee Stock Purchase Plan </div></div></div><div style="font-family: Arial; font-size: 9.5pt; margin-top: 4pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">In connection with the Company’s IPO, the board of directors adopted the Rallybio Corporation 2021 Employee Stock Purchase Plan (the “2021 ESPP”), which initially reserved 36,415 shares of the Company’s common stock for future issuances under this plan. The share pool will automatically increase on January 1st of each year from 2022 to 2031, by the lesser of (i) one percent of the number of shares of the Company’s common stock outstanding as of such date, (ii) 72,831 shares of the Company’s common stock and (iii) the number of shares of the Company’s common stock determined by the board of directors on or prior to such date. The 2021 ESPP share pool did not increase on January 1, 2026 or January 1, 2025. As of March 31, 2026, the total number of shares of the Company’s common stock available for future issuance under the 2021 ESPP was 94,281 shares. During the three months ended March 31, 2026 and 2025, the Company did not issue any of the Company’s common stock under the 2021 ESPP. </div></div><div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="text-align: center; font-family: Arial; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">The 2021 ESPP allows eligible participants to purchase shares of the Company’s common stock through authorized payroll deductions. The purchase price of the shares will not be less than 85% of the lower of the fair market value of the Company’s common stock on the first day of an offering or on the date of the purchase. </div></div> 454545 14.56 0.10 6600000 200000000 5290236 5283321 50000000 50000000 0 416673 47.9992 0.0008 0.0999 P61D 0.1999 <div style="font-family: Arial; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Share-based Compensation </div></div><div style="font-family: Arial; font-size: 9.5pt; margin-top: 4pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Share-based compensation is comprised of the Company’s stock options, restricted stock awards, restricted stock units and shares issued pursuant to the employee stock purchase plan, and is classified in the condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2026 and 2025 was as follows: </div></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 100%; font-family: Arial; font-size: 9.5pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 78%;"></td> <td style="width: 7%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 7%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td></tr> <tr style="font-family: Arial; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">FOR THE THREE MONTHS ENDED<br/> MARCH 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(in thousands)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2026</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2025</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-family: Arial; font-size: 9.5pt; 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: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Research and development</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">184</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">810</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Arial; font-size: 9.5pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">General and administrative</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">429</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">1,069</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td></tr> <tr style="font-family: Arial; font-size: 9.5pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">613</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">1,879</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td></tr></table> 184000 810000 429000 1069000 613000 1879000 680043 0.05 264166 259438 1514824 834331 <div style="font-family: Arial; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">The following table summarizes stock option activity for the three months ended March 31, 2026: </div></div><div style="font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 100%; font-family: Arial; font-size: 9.5pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 57%; font-family: Arial;"></td> <td style="width: 6%; vertical-align: bottom; font-family: Arial;"></td> <td style="font-family: Arial;"></td> <td style="font-family: Arial;"></td> <td style="font-family: Arial;"></td> <td style="width: 6%; vertical-align: bottom; font-family: Arial;"></td> <td style="font-family: Arial;"></td> <td style="font-family: Arial;"></td> <td style="font-family: Arial;"></td> <td style="width: 6%; vertical-align: bottom; font-family: Arial;"></td> <td style="font-family: Arial;"></td> <td style="font-family: Arial;"></td> <td style="font-family: Arial;"></td> <td style="width: 6%; vertical-align: bottom; font-family: Arial;"></td> <td style="font-family: Arial;"></td> <td style="font-family: Arial;"></td> <td style="font-family: Arial;"></td></tr> <tr style="font-family: Arial; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; white-space: nowrap; padding-bottom: 0.5pt;"><div style="font-family: Arial; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: table-cell; line-height: normal;"><div style="font-family: Arial; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Stock Options</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Number of<br/> Option Shares</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Weighted-<br/> Average</div></div><br/> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Exercise Price</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Weighted-<br/> Average</div></div><br/> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Contractual<br/> Term</div></div><br/> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(in years)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Aggregate<br/> Intrinsic Value</div></div><br/> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(in thousands)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-family: Arial; font-size: 9.5pt; 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: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Outstanding stock options at December 31, 2025</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">628,280</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">43.42</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">7.6</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">89</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Arial; font-size: 9.5pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Granted</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">32,360</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">4.45</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td></tr> <tr style="font-family: Arial; font-size: 9.5pt; 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: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Forfeited</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">(11,404</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">15.70</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td></tr> <tr style="font-family: Arial; font-size: 9.5pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Expired</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">(1,281</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">88.75</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td></tr> <tr style="font-family: Arial; font-size: 9.5pt; 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: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Exercised</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">(561</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">6.08</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td></tr> <tr style="font-family: Arial; font-size: 9.5pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Outstanding stock options at March 31, 2026</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">647,394</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">41.90</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">6.2</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">749</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td></tr> <tr style="font-family: Arial; font-size: 9.5pt; 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: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Exercisable stock options at March 31, 2026</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">427,642</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">56.52</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">5.6</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">180</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td></tr></table> 628280 43.42 P7Y7M6D 89000 32360 4.45 11404 15.7 1281 88.75 561 6.08 647394 41.9 P6Y2M12D 749000 427642 56.52 P5Y7M6D 180000 749000 180000 8.97 3.6 5.36 2200000 P1Y7M6D <div style="font-family: Arial; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">The fair value of the stock options granted during the three months ended March 31, 2026 and 2025 was determined using the Black-Scholes option pricing model with the following assumptions: </div></div><div style="font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 100%; font-family: Arial; font-size: 9.5pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 72%;"></td> <td style="width: 7%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 7%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td></tr> <tr style="font-family: Arial; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">FOR THE THREE MONTHS ENDED<br/> MARCH 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-family: Arial; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> 2026 </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> 2025 </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-family: Arial; font-size: 9.5pt; 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: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Expected volatility</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">109.21%</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">91.88%–119.61%</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Arial; font-size: 9.5pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Expected term (years)</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">5.25</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">5.27–6.02</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Arial; font-size: 9.5pt; 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: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Risk free interest rate</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">3.68%</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">4.36%–4.39%</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Arial; font-size: 9.5pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Expected dividend yield</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">— </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">— </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Arial; font-size: 9.5pt; 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: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Exercise price</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">4.45</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">6.08–$7.60</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr></table> 1.0921 0.9188 1.1961 P5Y3M P5Y3M7D P6Y7D 0.0368 0.0436 0.0439 0 0 4.45 6.08 7.6 <div style="font-family: Arial; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">A summary of the status of the Company’s nonvested restricted common stock units at March 31, 2026 and changes during the three months ended March 31, 2026 was as follows: </div></div><div style="font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 100%; font-family: Arial; font-size: 9.5pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 80%; font-family: Arial;"></td> <td style="width: 4%; vertical-align: bottom; font-family: Arial;"></td> <td style="font-family: Arial;"></td> <td style="font-family: Arial;"></td> <td style="font-family: Arial;"></td> <td style="width: 4%; vertical-align: bottom; font-family: Arial;"></td> <td style="font-family: Arial;"></td> <td style="font-family: Arial;"></td> <td style="font-family: Arial;"></td></tr> <tr style="font-family: Arial; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; white-space: nowrap; padding-bottom: 0.5pt;"><div style="font-family: Arial; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: table-cell; line-height: normal;"><div style="font-family: Arial; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Restricted Stock Units</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Shares</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Weighted-<br/> Average Grant<br/> Date Fair</div></div><br/> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Value Per Share</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-family: Arial; font-size: 9.5pt; 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: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Nonvested restricted stock units at December 31, 2025</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">38,603</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">9.60</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Arial; font-size: 9.5pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Granted</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">5,000</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">4.45</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Arial; font-size: 9.5pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Forfeited</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">(4,150</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">2.40</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Arial; font-size: 9.5pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Vested</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">(6,354</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">7.79</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td></tr> <tr style="font-family: Arial; font-size: 9.5pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Nonvested restricted stock units at March 31, 2026</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">33,099</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">10.07</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td></tr></table> 38603 9.6 5000 4.45 4150 2.4 6354 7.79 33099 10.07 200000 P2Y 36415 72831 94281 0.85 <div style="font-family: Arial; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">6. INVESTMENT IN JOINT VENTURE </div></div><div style="font-family: Arial; font-size: 9.5pt; margin-top: 4pt; margin-bottom: 0pt;">In July 2025, the Company entered into a Membership Interest Purchase Agreement (the “ENPP1 Purchase Agreement”) to sell its interest in REV102, an ENPP1 inhibitor in preclinical development for the treatment of patients with HPP, to Recursion Exscientia Ventures I, Inc, an indirect wholly-owned subsidiary of Recursion (“Buyer”). In connection with the JV Sale, the Company received compensation in the form of Recursion common stock (which is a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-cash</div> investing activity). The Company subsequently sold the Recursion common stock for cash proceeds of $20.0 million in the third quarter of 2025 which included $7.5 million from an upfront payment and $12.5 million from a milestone payment related to the initiation of additional preclinical studies. The Company is eligible to receive a $5.0 million milestone cash payment in connection with the initiation of dosing in a Phase 1 clinical study, as defined in the ENPP1 Purchase Agreement and low single-digit royalties on all future net sales by Recursion of products comprising or incorporating certain compounds developed by RE Ventures I, LLC, a limited liability company <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">(“REV-I”).</div> The Company may also be eligible to receive certain payments in the event of Recursion’s sale of the REV102 program. </div><div style="font-family: Arial; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;">The Company evaluated the JV Sale under ASC 860, <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Transfers and Servicing of Financial Assets </div></div>(“ASC 860”). Based on the Company’s evaluation of the JV Sale under ASC 860, the Company recognized a gain from the sale of its equity interests in REV102 of $22.4 million, based on the excess of the total net consideration allocated to the sale of the Company’s equity interests (based on relative fair value) of $23.0 million over the carrying value of the equity interests sold of $0.6 million. The total net consideration of $23.0 million included cash received of $20.0 million, plus an estimated $3.0 million representing the fair value of the future milestone payments and future royalties (which is a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-cash</div> investing activity). </div><div style="font-family: Arial; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;">The contingent consideration was initially measured at fair value using a probability based present value model of the risk-adjusted estimated cash flows, with a discount rate of 15.4%. This valuation model relied on significant unobservable inputs (level 3 inputs) based on management’s estimates, which were informed by external data, judgment, and forecasts. Key assumptions included the probability of achieving the milestone and royalties, timing of cash flows, discount rate, and forecasted net revenues. The fair value of the contingent consideration is a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-recurring</div> fair value measurement and is recorded as other assets and other assets, <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-current</div> on the Company’s condensed consolidated balance sheets and as gain on sale of joint venture and other income within the Company’s condensed consolidated statements of operations and comprehensive loss. </div><div style="font-family: Arial; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;">Prior to the JV Sale, the Company, through one of its wholly-owned subsidiaries, had a 50% interest of the joint venture entity, <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">REV-I.</div> For the three months ended March 31, 2026, the Company did not fund <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">REV-I</div> due to the JV Sale. For the three months ended March 31, 2025, the Company funded $1.0 million, associated with the Company’s commitment and its share of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">REV-I</div> development costs. The Company did <div style="display:inline;">not</div> provide any additional financial support outside of capital contributions to <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">REV-I</div> during the three months ended March 31, 2026 and 2025. However, in connection with the joint venture, the Company provided certain scientific and finance and accounting related support which was reimbursed by <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">REV-I</div> to the Company and included in other income on the condensed consolidated statements of operations and comprehensive loss. For the three months ended March 31, 2026 the Company did not provide such support due to the JV Sale. For the three months ended March 31, 2025, the Company recorded $0.2 million related to such support. Prior to the JV Sale, the Company held a 50% interest in the joint venture and based on management’s analysis, the Company was not the primary beneficiary of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">REV-I</div> and accordingly, the entity was not consolidated in the Company’s condensed consolidated financial statements. </div><div style="font-family: Arial; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;">For the three months ended March 31, 2026, the Company did not have allocable share of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">REV-I</div> losses due to the JV Sale. For the three months ended March 31, 2025, the Company recorded its allocable share of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">REV-I’s</div> losses </div><div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="text-align: center; font-family: Arial; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt;">which totaled $0.6 million. These losses were recorded as a loss on investment in joint venture within the condensed consolidated statements of operations and comprehensive loss. After recognition of its share of losses for the period, there was no carrying value remaining of the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">REV-I</div> investment as of March 31, 2026 and December 31, 2025. </div> 20000000 7500000 12500000 5000000 22400000 23000000 600000 23000000 20000000 3000000 0.154 0.50 0 1000000 0 0 0 200000 0.50 0 600000 0 <div style="font-family: Arial; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">7. COMMITMENTS AND CONTINGENCIES </div></div><div style="font-family: Arial; font-size: 9.5pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Purchase Commitments </div></div>— The Company enters contracts in the normal course of business with contract research organizations and other third-party vendors for clinical trials and testing and manufacturing services. These contracts generally do not contain minimum purchase commitments and are cancellable by the Company upon written notice. Payments that may be due upon cancellation consist of payments for services provided or expenses incurred prior to cancellation. As of March 31, 2026 and December 31, 2025, there were no amounts accrued related to termination charges. </div> 0 0 <div style="font-family: Arial; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">8. NET LOSS PER COMMON SHARE </div></div><div style="font-family: Arial; font-size: 9.5pt; margin-top: 4pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Basic and diluted net loss per common share for the three months ended March 31, 2026 and 2025 was calculated as follows: </div></div><div style="font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 100%; font-family: Arial; font-size: 9.5pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 76%;"></td> <td style="width: 6%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 6%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td></tr> <tr style="font-family: Arial; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">FOR THE THREE MONTHS ENDED<br/> MARCH 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(in thousands except share and per share amounts)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2026</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2025</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-family: Arial; font-size: 9.5pt; 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: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Net loss</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">(8,278</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">(9,439</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td></tr> <tr style="font-family: Arial; font-size: 9.5pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Weighted-average number of common shares outstanding, basic and diluted</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">5,688,584</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">5,597,528</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Arial; font-size: 9.5pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Net loss per common share, basic and diluted</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">(1.46</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">(1.69</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td></tr></table><div style="clear:both;max-height:0pt;"></div><div style="font-family: Arial; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;">Basic net loss per share of common stock is based on the weighted-average number of shares of common stock outstanding during the period. <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Pre-funded</div> warrants to purchase 416,673 shares of common stock that were issued in connection with the November 2022 <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">follow-on</div> offering are included in the weighted-average number of common shares outstanding for the three months ended March 31, 2026 and 2025. The weighted- average number of common shares outstanding diluted for the three months ended March 31, 2026 and 2025 excluded approximately 0.7 million and 0.9 million stock options and nonvested restricted stock awards and units, respectively, which were not <div style="display:inline;">dilutive</div>. </div> <div style="font-family: Arial; font-size: 9.5pt; margin-top: 4pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Basic and diluted net loss per common share for the three months ended March 31, 2026 and 2025 was calculated as follows: </div></div><div style="font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 100%; font-family: Arial; font-size: 9.5pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 76%;"></td> <td style="width: 6%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 6%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td></tr> <tr style="font-family: Arial; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">FOR THE THREE MONTHS ENDED<br/> MARCH 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(in thousands except share and per share amounts)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2026</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2025</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-family: Arial; font-size: 9.5pt; 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: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Net loss</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">(8,278</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">(9,439</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td></tr> <tr style="font-family: Arial; font-size: 9.5pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Weighted-average number of common shares outstanding, basic and diluted</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">5,688,584</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">5,597,528</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Arial; font-size: 9.5pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Net loss per common share, basic and diluted</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">(1.46</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">(1.69</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td></tr></table> -8278000 -9439000 5688584 5688584 5597528 5597528 -1.46 -1.46 -1.69 -1.69 416673 700000 900000 <div style="font-family: Arial; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">9. SEGMENTS </div></div><div style="font-family: Arial; font-size: 9.5pt; margin-top: 4pt; margin-bottom: 0pt;">The Company defines its segments on the basis of the way in which internally reported financial information is regularly reviewed by the chief operating decision maker (“CODM”) to analyze financial performance, make decisions, and allocate resources. The Company’s CODM consists of its Chief Executive Officer and Chief Financial Officer. The Company manages its operations as a single operating and reportable segment and the measure of segment profit or loss is net loss. The CODM uses net loss in the budget and forecasting process and considers <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space: nowrap;display:inline;">budget-to-actual</div></div> variances on a quarterly basis when making decisions about the allocation of operating and capital resources. </div><div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="text-align: center; font-family: Arial; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">The following table summarizes the information about reported segment revenues and significant segment expenses presented on the Company’s condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2026 and 2025: </div></div><div style="font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 100%; font-family: Arial; font-size: 9.5pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 79%;"></td> <td style="width: 2%; vertical-align: bottom;"></td> <td></td> <td></td> <td style="width: 2%; vertical-align: bottom;"></td> <td style="width: 2%; vertical-align: bottom;"></td> <td></td> <td></td> <td style="width: 3%; vertical-align: bottom;"></td></tr> <tr style="font-family: Arial; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">FOR THE THREE MONTHS</div></div><br/> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">ENDED<br/> MARCH 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(in thousands)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2026</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2025</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-family: Arial; font-size: 9.5pt; 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: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Revenue</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">212</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">212</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Arial; font-size: 9.5pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Less:</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td></tr> <tr style="font-family: Arial; font-size: 9.5pt; 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: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Research and development:</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td></tr> <tr style="font-family: Arial; font-size: 9.5pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">RLYB212</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">56</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">2,438</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Arial; font-size: 9.5pt; 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: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">RLYB116</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">396</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">619</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Arial; font-size: 9.5pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Other program candidates</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">2</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">(163</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td></tr> <tr style="font-family: Arial; font-size: 9.5pt; 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: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Personnel expenses (including share-based compensation)</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">2,280</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">2,589</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Arial; font-size: 9.5pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Other expenses</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">137</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">242</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Arial; font-size: 9.5pt; 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: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">General and administrative, excluding personnel expenses</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">4,223</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">1,525</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Arial; font-size: 9.5pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">General and administrative, personnel expenses (including share-based compensation)</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">1,851</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">2,632</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Arial; font-size: 9.5pt; 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: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Other segment items*</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">(455</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">(231</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td></tr> <tr style="font-family: Arial; font-size: 9.5pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Segment net loss</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">(8,278</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">(9,439</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td></tr></table><div style="clear:both;max-height:0pt;"></div><div style="width: 11%; line-height: 8pt; margin-top: 0pt; margin-bottom: 2pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> </div><div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: Arial; font-size: 9.5pt; border-collapse: collapse; border-spacing: 0;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; vertical-align: top;">*</td> <td style="text-align: left; vertical-align: top;"><div style="text-align: left; font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Other segment items include total other income, net and loss on investment in joint venture. </div></div></td></tr></table> <div style="font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">The following table summarizes the information about reported segment revenues and significant segment expenses presented on the Company’s condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2026 and 2025: </div></div><div style="font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 100%; font-family: Arial; font-size: 9.5pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 79%;"></td> <td style="width: 2%; vertical-align: bottom;"></td> <td></td> <td></td> <td style="width: 2%; vertical-align: bottom;"></td> <td style="width: 2%; vertical-align: bottom;"></td> <td></td> <td></td> <td style="width: 3%; vertical-align: bottom;"></td></tr> <tr style="font-family: Arial; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">FOR THE THREE MONTHS</div></div><br/> <div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">ENDED<br/> MARCH 31,</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(in thousands)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2026</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">2025</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-family: Arial; font-size: 9.5pt; 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: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Revenue</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">212</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">212</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Arial; font-size: 9.5pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Less:</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td></tr> <tr style="font-family: Arial; font-size: 9.5pt; 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: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Research and development:</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom; font-family: Arial;"></td></tr> <tr style="font-family: Arial; font-size: 9.5pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">RLYB212</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">56</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">2,438</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Arial; font-size: 9.5pt; 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: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">RLYB116</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">396</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">619</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Arial; font-size: 9.5pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Other program candidates</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">2</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">(163</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td></tr> <tr style="font-family: Arial; font-size: 9.5pt; 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: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Personnel expenses (including share-based compensation)</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">2,280</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">2,589</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Arial; font-size: 9.5pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Other expenses</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">137</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">242</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Arial; font-size: 9.5pt; 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: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">General and administrative, excluding personnel expenses</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">4,223</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">1,525</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Arial; font-size: 9.5pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">General and administrative, personnel expenses (including share-based compensation)</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">1,851</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">2,632</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Arial; font-size: 9.5pt; 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: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Other segment items*</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">(455</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">(231</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td></tr> <tr style="font-family: Arial; font-size: 9.5pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Segment net loss</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">(8,278</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">(9,439</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td></tr></table><div style="clear:both;max-height:0pt;"></div><div style="width: 11%; line-height: 8pt; margin-top: 0pt; margin-bottom: 2pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> </div><div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: Arial; font-size: 9.5pt; border-collapse: collapse; border-spacing: 0;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; vertical-align: top;">*</td> <td style="text-align: left; vertical-align: top;"><div style="text-align: left; font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Other segment items include total other income, net and loss on investment in joint venture. </div></div></td></tr></table> 212000 212000 56000 2438000 396000 619000 2000 -163000 2280000 2589000 137000 242000 4223000 1525000 1851000 2632000 -455000 -231000 -8278000 -9439000 <div style="font-family: Arial; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">10. RESTRUCTURING AND SEVERANCE </div></div><div style="font-family: Arial; font-size: 9.5pt; margin-top: 4pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">In connection with entering into the Merger Agreement and the potential Merger, the Company incurred severance charges of approximately $2.3 million of which $1.6 million was included in research and development expenses and $0.7 million was included in general and administrative expenses, with such amounts reflected in the condensed consolidated statements of operations and comprehensive loss. The charges related to the Merger Agreement were cash-based expenditures related primarily to severance and benefit payments. The Company recognized all such charges during the first quarter of 2026, with such amounts reflected in the condensed consolidated statements of operations and comprehensive loss. The accrued severance liability is included in accrued expenses in the condensed consolidated balance sheets as of March 31, 2026. </div></div><div style="font-family: Arial; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">On May 2, 2025, the Company approved a workforce reduction to focus resources on the Company’s lead program, RLYB116, and its preclinical development programs. </div></div><div style="font-family: Arial; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">As part of this effort, the Company eliminated approximately 40% of its positions. As a result of these actions, the Company incurred charges of approximately $1.7 million of which $1.2 million was included in research and development expenses and $0.5 million was included in general and administrative expenses, with such amounts reflected in the condensed consolidated statements of operations and comprehensive loss. The charges related to the workforce reduction were cash-based expenditures related primarily to severance and benefit payments. The Company recognized all such charges during the second quarter of 2025, with such amounts reflected in the condensed consolidated statements of operations and comprehensive loss. The accrued restructuring liability is included in accrued expenses in the condensed consolidated balance sheets as of March 31, 2026. </div></div><div style="font-family: Arial; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">All restructuring and severance payments related to the terminated Merger are expected to be paid within the next 12 months. </div></div><div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="text-align: center; font-family: Arial; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">The following table summarizes the restructuring accrual activity as of March 31, 2026: </div></div><div style="font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 100%; font-family: Arial; font-size: 9.5pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 86%;"></td> <td style="width: 8%; vertical-align: bottom;"></td> <td></td> <td></td> <td></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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(in thousands)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">MARCH 31, 2026</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-family: Arial; font-size: 9.5pt; 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: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Beginning accrued severance as of January 1, 2026</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">523</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Arial; font-size: 9.5pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Severance incurred during the period</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">2,302</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Arial; font-size: 9.5pt; 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: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Severance paid and adjustments made during the period</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">(1,449</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td></tr> <tr style="font-family: Arial; font-size: 9.5pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Ending accrued severance as of March 31, 2026</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">1,376</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td></tr></table> 2300000 1600000 700000 0.40 1700000 1200000 500000 <div style="font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">The following table summarizes the restructuring accrual activity as of March 31, 2026: </div></div><div style="font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 100%; font-family: Arial; font-size: 9.5pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 86%;"></td> <td style="width: 8%; vertical-align: bottom;"></td> <td></td> <td></td> <td></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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(in thousands)</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </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="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">MARCH 31, 2026</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-family: Arial; font-size: 9.5pt; 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: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Beginning accrued severance as of January 1, 2026</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">523</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Arial; font-size: 9.5pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Severance incurred during the period</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">2,302</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Arial; font-size: 9.5pt; 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: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Severance paid and adjustments made during the period</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="text-align: right; vertical-align: bottom;">(1,449</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td></tr> <tr style="font-family: Arial; font-size: 9.5pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Ending accrued severance as of March 31, 2026</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;">$</td> <td style="text-align: right; vertical-align: bottom;">1,376</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: Arial;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td> <td> </td></tr></table> 523000 2302000 1449000 1376000 <div style="font-family: Arial; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">11. COLLABORATION AND LICENSE AGREEMENTS` </div></div><div style="font-family: Arial; font-size: 9.5pt; margin-top: 4pt; margin-bottom: 0pt;">In April 2024, the Company entered into a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">two-year</div> collaboration agreement (the “J&amp;J Collaboration Agreement”), with Johnson &amp; Johnson (“J&amp;J”) through its wholly-owned subsidiary, Momenta Pharmaceuticals, Inc. to facilitate the advancement of research into products to address unmet needs relating to FNAIT. </div><div style="font-family: Arial; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">In April 2025, the Company announced that RLYB212 Phase 2 PK results did not achieve target concentrations, including the minimum target concentration required for efficacy, and that the Company would discontinue its RLYB212 program for the prevention of FNAIT.  </div></div><div style="font-family: Arial; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">Pursuant to the J&amp;J Collaboration Agreement, the Company received an upfront payment of $0.5 million from J&amp;J for the information dissemination and data provision services under the agreement. The J&amp;J Collaboration Agreement provides that the Company is eligible for payments upon the achievement of certain screening-related events, however, the Company has discontinued screening and enrollment in both the FNAIT natural history study and the RLYB212 Phase 2 clinical trial. </div></div><div style="font-family: Arial; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;">The Company evaluated the agreement and determined it was within the scope of ASC 606, <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Revenue Recognition</div></div> (“ASC 606”). The Company determined there were performance obligations as follows: </div><div style="font-family: Arial; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">(1) Data collection and submission revenue – derived from Rallybio’s ongoing management of the studies including the maintenance of a minimum site footprint, the license to utilize, and timely, semi-annual submission of the anonymized data, in the required formats. </div></div><div style="font-family: Arial; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt; margin-left: 4%;">(2) Dissemination of J&amp;J materials &amp; participant revenue – derived from Rallybio’s dissemination of content, information or materials related to the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">J&amp;J-Sponsored</div> Studies that are developed by J&amp;J and are provided by Rallybio for the purpose of disseminating such content, information, or materials to staff at Rallybio study sites to provide to potential eligible participants regarding J&amp;J’s independent study. </div><div style="font-family: Arial; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;">In April 2024, the Company also entered into the JJDC Securities Purchase Agreement. Under the terms of the JJDC Securities Purchase Agreement, JJDC purchased 454,545 shares of the Company’s common stock with a par value of $0.0001 per share for a share purchase price of $14.56 per share which included a 10% premium on the then-current market price, for an aggregate purchase price of $6.6 million. The JJDC Securities Purchase Agreement contains provisions related to the registration of the shares and the restriction on the sale or transfer of the shares for a period of time. The Company determined the J&amp;J Collaboration Agreement and the JJDC Securities Purchase Agreement represented combined agreements. In accordance with ASC 606 and ASC Topic 820, <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Fair Value Measurement,</div></div> total consideration of $1.2 million for the shares of common stock from the JJDC Securities Purchase Agreement, which represents the premium of $0.7 million and discount for lack of marketability of $0.5 million, has been allocated to revenue and will be recognized over the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">two-year</div> expected performance period. </div><div style="font-family: Arial; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;">The Company valued the common stock issued to JJDC, in connection with the JJDC Securities Purchase Agreement at fair value. The resulting fair value of $5.4 million was determined by applying the discount due to lack of marketability during the registration and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">lock-up</div> period to the public trading price of the common stock, which is a Level 1 input, on the date of sale. The Company determined the value of the lack of marketability during the </div><div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="text-align: center; font-family: Arial; font-size: 9pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: Arial; font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;">registration and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">lock-up</div> period by utilizing put option models, which are considered Level 3 inputs. Such option models included the Company’s historical volatility of 113.2% and the risk-free rate of 5.28% based on U.S. Treasury bond rates, as key inputs. </div><div style="font-family: Arial; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;text-indent: 0px;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">The Company recognized revenue of $0.2 million for both the three months ended March 31, 2026 and 2025, related to data collection and data submission with the identified performance obligations, and the premium and discount allocated to revenue from the sale of the common stock to JJDC. As of March 31, 2026, all revenue was recognized due to the performance obligations being satisfied. On April 9, 2026, the J&amp;J Collaboration Agreement terminated upon completion of the initial term of the agreement. </div></div><div style="font-family: Arial; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;text-indent: 0px;">The Company determined that the J&amp;J Collaboration Agreement is not in the scope of ASC 808, <div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="display:inline;">Collaborative </div>Arrangements</div></div>. </div> P2Y 500000 454545 0.0001 14.56 0.10 6600000 1200000 700000 500000 P2Y 5400000 1.132 0.0528 200000 <div style="font-family: Arial; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-bottom: 0pt;text-indent: 0px;"><div style="font-family: Arial; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">12. SUBSEQUENT EVENTS </div></div><div style="font-family: Arial; font-size: 9.5pt; margin-top: 4pt; margin-bottom: 0pt;text-indent: 0px;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">On March 1, 2026, Rallybio entered into an Agreement and Plan of Merger and Reorganization with Candid pursuant to which the parties intended to undertake a business combination. </div></div><div style="font-family: Arial; font-size: 9.5pt; margin-top: 9pt; margin-bottom: 0pt;text-indent: 0px;"><div style="font-family: Arial; font-size: 9.5pt; letter-spacing: 0px; top: 0px;display:inline;">On May 3, 2026, Candid terminated the Merger Agreement concurrently with entering into a Permitted Alternative Agreement (as defined in the Merger Agreement) with UCB. As a result of the termination of the Merger Agreement, Rallybio was paid on May 4, 2026 a $50.0 million Parent Termination Fee (as defined in the Merger <div style="display:inline;">Agreement</div>) and was reimbursed $0.4 million for certain expenses. On April 9, 2026, the J&amp;J Collaboration Agreement terminated upon completion of the initial term of the agreement. </div></div> 50000000 400000