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Company will recognize interest and penalties related to uncertain tax positions as a component of interest income, net. As of December 31, 2025, the Company had no accrued interest or penalties related to uncertain tax positions and no amounts have been recognized in the Company’s statement of operations. Tax years from 2022 and after remain subject to examination by the taxing jurisdictions. 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Nature of Operations </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Passage Bio, Inc., or the Company, a Delaware corporation incorporated in July 2017, is a clinical stage genetic medicines company focused on improving the lives of patients with neurodegenerative diseases. The Company’s primary focus is the development and advancement of cutting-edge, one-time therapies designed to target critical underlying pathology in these conditions. The Company’s lead clinical product candidate is PBFT02 for the treatment of frontotemporal dementia, or FTD, caused by progranulin deficiency, or FTD-<span style="font-style: italic;">GRN</span>, which seeks to elevate progranulin levels to restore lysosomal function and slow disease progression. </div> <div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">2. Risks and Liquidity </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Company has incurred recurring losses and negative cash flows from operations since inception and had an accumulated deficit of $704.8 million as of December 31, 2025. The Company anticipates incurring additional losses until such time, if ever, that it can generate significant sales of its product candidates currently in development. Substantial additional capital will be needed by the Company to fund its operations and to develop its product candidates. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Company’s operations have consisted primarily of conducting preclinical studies, developing licensed technology, conducting clinical trials, and the development and manufacturing of clinical supply to support clinical trials. The Company faces risks associated with early-stage biotechnology companies whose product candidates are in development. Product candidates currently under development will require significant additional research and development efforts and establishing manufacturing capacity and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital for the Company to complete its research and development, achieve its regulatory objectives, defend its intellectual property rights, and recruit and retain skilled personnel, and key members of management. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize revenue from product sales. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">On March 5, 2021, the Company entered into a Sales Agreement, or the Sales Agreement, with Cowen and Company, LLC, or Cowen, relating to the applicable terms of at-the-market equity offerings, or the ATM Facility, pursuant to which the Company may, but is not obligated to, offer and sell, from time to time, shares of its common stock with an aggregate offering price up to $125.0 million through Cowen, as sales agent in the ATM Facility. The Company issued 300,000 shares of its common stock under the ATM Facility, resulting in net proceeds of $8.7 million, after deducting offering costs of $0.3 million in March 2024. The Company is currently limited in its capacity to offer and sell shares of its common stock under the Sales Agreement pursuant to the prospectus supplement to its shelf registration statement on Form S-3, filed on March 5, 2025. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Company plans to seek additional funding through public or private equity offerings, debt financings, other collaborations, strategic alliances and licensing arrangements. The Company may not be able to obtain financing on acceptable terms, or at all, and the Company may not be able to enter into strategic alliances or other arrangements on favorable terms, or at all. The terms of any financing may adversely affect the holdings or the rights of the Company’s stockholders. If the Company is unable to obtain funding or prospects of funding are unfavorable, the Company could be required to further delay, reduce or eliminate research and development programs, product portfolio expansion or future commercialization efforts, which could adversely affect its business prospects. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In accordance with the Financial Accounting Standards Board’s, or FASB, Accounting Standards Codification, or ASC, Topic 205-40, <span style="font-style: italic;">Presentation of Financial Statements – Going Concern</span>, the Company has evaluated whether there are certain conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. As of the issuance date of these financial statements, the Company expects that its cash and cash equivalents will be sufficient to fund its forecasted operating expenses and capital expenditure requirements for at least the next 12 months from the issuance date of these financial statements. </div> -704800000 125000000 300000 8700000 300000 <div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 8pt; margin-left: 0pt; text-align: left;">3. Summary of Significant Accounting Policies </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 7pt; margin-left: 0pt; text-align: left;">Basis of Presentation </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States, or GAAP. Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the ASC and Accounting Standard Updates, or ASUs, promulgated by the FASB. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">On July 14, 2025, the Company effected a <span style="-sec-ix-hidden:Fact_87ff84423c1d4358a1dd1652b1ad4132">1</span>-for-20 reverse stock split of its common stock, or the Reverse Stock Split. No fractional shares were issued in connection with the Reverse Stock Split. Stockholders who were otherwise entitled to receive fractional shares received the number of shares of Common Stock as rounded up to the nearest whole share. All share and per share amounts in these financial statements and notes thereto, including the stock options, restricted stock units, and employee stock purchase plan activity, have been adjusted retroactively to reflect the Reverse Stock Split for all periods presented. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 17.5pt; margin-left: 0pt; text-align: left;">Use of Estimates </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Estimates and assumptions are periodically reviewed, and the effects of the revisions are reflected in the accompanying financial statements in the period they are determined to be necessary. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 17.5pt; margin-left: 0pt; text-align: left;">Fair Value of Financial Instruments </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Management believes that the carrying amounts of the Company’s financial instruments, including cash equivalents, prepaid expenses, and accounts payable, approximate fair value due to the short-term nature of those instruments. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 18pt; margin-left: 0pt; text-align: left;">Concentration of Credit Risk </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents. The Company maintains a deposit account in a federally insured financial institution in excess of federally insured limits. The Company also maintains a portfolio of money market funds, which is diversified to limit exposure related to counterparty and industry risks. The Company maintains an investment policy which dictates the allocation of funds within its portfolio of money market funds. The Company has not experienced any losses in such accounts and believes it is not exposed to significant risk on its cash and cash equivalents beyond the normal credit risk associated with commercial banking relationships and money market funds. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 18pt; margin-left: 0pt; text-align: left;">Cash and Cash Equivalents </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Company considers all highly-liquid investments that have maturities of three months or less when acquired to be cash equivalents. Cash equivalents as of December 31, 2025 consisted of money market funds. Cash consists of cash deposits at banking institutions. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 18pt; margin-left: 0pt; text-align: left;">Marketable Securities </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Company classifies its marketable securities with original maturities of greater than three months as available-for-sale. The Company held no marketable securities as of December 31, 2025. Marketable securities as of December 31, 2024 consisted of various securities as described in Note 4. Marketable securities are carried at fair market value, with unrealized gains and losses reported in comprehensive loss and accumulated other comprehensive income (loss) within stockholders’ equity. Any premium or discount arising at purchase of debt securities is amortized and/or accreted over the term of the security to other income (expense), net. Gains or losses on marketable securities sold are recognized as a component of other income (expense), net in the statement of operations and comprehensive loss on the specific identification method. All marketable securities are available for use, as needed, to fund operations and therefore, the Company classifies all marketable securities as current assets within the balance sheet. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 8pt; margin-left: 0pt; text-align: left;">Property and Equipment, Net </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Property and equipment, net consists of laboratory equipment, office equipment, computer hardware and software, furniture and fixtures, and leasehold improvements and is initially recorded at cost. Maintenance and repairs that do not improve or extend the lives of the respective assets are expensed as incurred. Property and equipment are depreciated on a straight-line basis over their estimated useful lives. The Company estimates useful life on an asset-by-asset basis, which generally consists of three years for computer hardware and software, five years for office equipment, five years for laboratory equipment, and seven years for furniture and fixtures. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful life of the asset. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">When property and equipment are retired or otherwise disposed of, the costs and accumulated depreciation and amortization are removed from the respective accounts, with any resulting gain or loss recognized concurrently. The Company recognized de minimis losses on disposals of property and equipment for the year ended December 31, 2025. The Company did not recognize any losses on disposals of property and equipment for the year ended December 31, 2024. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Company reviews long-lived assets, such as property and equipment, for impairment when events or changes in circumstances indicate the carrying amount of the assets may not be recoverable. The Company recognized impairment expenses for property and equipment of $3.5 million for the year ended December 31, 2025, $2.5 million of which was for lab equipment, $0.9 of which was for leasehold improvements, and $0.1 million of which was for certain other assets. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">As a result of the Company’s January 2025 announcement to reduce its overall workforce and cease its lab operations, the Company reassessed asset groups at its lab in Hopewell, New Jersey, and evaluated such asset groups for impairment under FASB ASC Topic 360, <span style="font-style: italic;">Long-lived assets: Impairment or disposal of long-lived assets</span>. The Company determined the laboratory equipment was a separate asset group based on management’s implemented plans to sell the laboratory equipment and estimated the fair value of the laboratory equipment based on the estimated future cash flows from the sale of such equipment, resulting in impairment of laboratory equipment and certain other assets of $2.6 million. Subsequent to recording the impairment, the Company sold substantially all the laboratory equipment and certain other assets for $1.2 million. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In December 2025, the Company determined triggering events were present based on rental market activity. The Company determined whether an impairment indicator was present for each of the asset groups. Where an impairment indicator was present, the Company compared the estimated undiscounted cash flows to the carrying values, which includes ROU assets and leasehold improvements allocable to the laboratory space for those asset groups. The Company concluded the carrying value of one asset group was not recoverable as it exceeded the estimated undiscounted cash flows. With support from a valuation specialist, the Company estimated the fair value of that asset group by creating a discounted cash flow model which incorporated the net identifiable estimated cash flows for the remaining term of the Laboratory Lease Agreement and an estimated market participant subtenant borrowing rate and compared that to the carrying value of the asset group, resulting in impairment to leasehold improvements of $0.9 million. The impairment expense for the leasehold improvements relate to the proportional allocation of total impairment recognized for the asset group subject to impairment testing. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Company recognized impairment expenses for property and equipment and certain other assets of $2.7 million for the year ended December 31, 2024, which primarily relates to the proportional allocation of total impairments recognized for asset groups subject to impairment testing as further described in Note 10. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 20pt; margin-left: 0pt; text-align: left;">Leasing </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Company evaluates leases at their inception to determine if they are an operating lease or a finance lease. As of December 31, 2025, the Company has classified all leases with terms greater than one year, as operating leases. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Company recognizes assets and liabilities for operating leases at their inception, based on the present value of all payments due under the lease agreement. The Company uses its incremental borrowing rate to determine the present value of operating leases, which is determined by referencing collateralized borrowing rates for debt instruments with terms similar to the respective lease. The Company utilizes the accounting policy election to not separate lease and non-lease components and the accounting policy election to not apply the recognition requirement to leases with a term of 12 months or less. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: justify;">The Company reviews long-lived assets, such as right of use assets, or ROU assets, for impairment when events or changes indicate the carrying amount of the ROU assets may not be recoverable. The Company recognized impairment expenses for ROU assets of $2.6 million and $2.5 million in the years ended December 31, 2025 and 2024, respectively. These impairment expenses include the proportional allocation of total impairments recognized for the asset groups subject to impairment testing as further described in Note 10. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 15pt; margin-left: 0pt; text-align: left;">Research and Development </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Research and development costs are expensed as incurred and consist primarily of expenses incurred with the University of Pennsylvania’s Gene Therapy Program, or GTP, and Gemma Biotherapeutics, Inc., or Gemma, contract research organizations, contract manufacturing organizations, internal analytical and testing activities, and employee-related expenses, including salaries, benefits, and share-based compensation. Management makes estimates of the Company’s external accrued research and development expenses, which primarily relates to contract research organizations and contract manufacturing organizations, as of each balance sheet date in the Company’s financial statements based on an estimate of progress to completion of specific tasks using facts and circumstances known to the Company at that time. The Company determines the estimates by reviewing contracts, vendor agreements, change orders, and through discussions with the Company’s internal clinical personnel and external service providers as to the progress to completion of services and the agreed-upon fee to be paid for such services. If the actual timing of the performance of services or the level of effort varies from the estimate, the Company will adjust the accrual and related expenses accordingly. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 15pt; margin-left: 0pt; text-align: left;">Other Income (Expense), Net </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Other income (expense), net consists of interest earned on cash equivalents and marketable securities, amortization of premium and discount on marketable securities, income from subleases, and the sale of certain tax credits. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Company recorded $3.8 million to other income (expense), net for the year ended December 31, 2025, which consisted of $2.3 million attributable to interest income and the amortization of premium and discount on the Company’s marketable securities and $1.5 million from sublease income. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Company recorded $5.6 million to other income (expense), net for the year ended December 31, 2024, which consisted of $4.3 million attributable to interest income and the amortization of premium and discount on the Company’s marketable securities, $1.0 million from sublease income, and $0.3 million related to the sale of certain tax credits. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 15pt; margin-left: 0pt; text-align: left;">Share-Based Compensation </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Company measures share-based awards at grant-date fair value and records compensation expense on a straight-line basis over the vesting period of the awards. The Company’s share-based compensation consists of restricted stock units, or RSUs, and options to purchase common stock, or stock option awards. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;">The Company uses the Black-Scholes option pricing model to value its stock option awards. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Estimating the fair value of stock option awards requires the input of assumptions, including the expected term of stock options and stock price volatility. The assumptions used in estimating the fair value of share-based awards represent management’s estimate and involve inherent uncertainties and the application of management’s judgment. As a result, if factors change and management uses different assumptions, share-based compensation expense could be materially different for future awards. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The expected term of the stock options is estimated using the “simplified method,” as the Company has limited historical information from which to develop reasonable expectations about future exercise patterns and post-vesting employment termination behavior for its stock option grants. The simplified method is the midpoint between the vesting period and the contractual term of the option. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">For stock price volatility, the Company uses a composite of comparable public company data as a basis for its expected volatility and considers the historic volatility of its common stock from its initial public offering to date to calculate the fair value of option grants. The selection of comparable public company data requires the application of management’s judgement. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;">The Company accounts for forfeitures of RSUs and stock option awards as they occur. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 15pt; margin-left: 0pt; text-align: left;">License and Other Revenue </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Company may enter into license agreements and transition services agreements (see Note 8) under which it may license rights to research, develop, manufacture, and commercialize its product candidates to third parties, and provide transition services for such licenses. Payments under these arrangements may include non-refundable, upfront fees, reimbursement of certain costs, payments upon the achievement of certain milestones, and royalties on product sales. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Company applies FASB ASC Topic 606, <span style="font-style: italic;">Revenue from Contracts with Customers</span>, or ASC 606, when all of the following criteria are met, to determine a valid contract exists: (i) the parties have approved the contract and are committed to perform their respective obligations; (ii) the Company can identify each party’s rights regarding the goods or services to be transferred; (iii) the Company can identify the payment terms for the goods or services to be transferred; (iv) the contract has commercial substance; and (v) the Company will collect substantially all of the consideration to which it will be entitled in exchange for the goods or services that will be transferred to the customer. Once it is determined that a valid contract exists, the Company performs the following steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including consideration of the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations on a relative stand-alone selling price basis; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. As part of the accounting for these arrangements, the Company must use its judgment to determine the number of performance obligations, the transaction price, the stand-alone selling price for each performance obligation identified in the contract for the allocation of transaction price, the contract term and pattern of satisfaction of the performance obligations. The Company uses judgment to determine whether milestones or other variable consideration, except for certain sales-based milestone payments and royalties, should be included in the transaction price as described further below. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">At the inception of each arrangement that includes milestone payments, the Company evaluates whether the milestones are considered probable of being achieved and estimates the amount to be included in the transaction price using the most likely amount method set forth in ASC 606. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the control of the Company or the licensee, such as those subject to regulatory approvals, are not considered probable of being achieved until those approvals are received. The Company evaluates factors such as the scientific, clinical, regulatory, commercial and other risks that must be overcome to achieve the particular milestone in making this assessment. There is considerable judgment involved in determining whether it is probable that a significant revenue reversal would not occur. At the end of each subsequent reporting period, the Company reevaluates the probability of achievement of all milestones subject to constraint and, if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis in the statements of operations and comprehensive loss in the period of adjustment. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">For customer contracts in the scope of ASC 606, amounts due to the Company are recorded as accounts receivable on the Company’s balance sheet when the Company’s right to consideration is unconditional. Amounts received prior to satisfying the related performance obligations are classified on the Company’s balance sheet as current deferred revenue if expected to be recognized as revenue within 12 months following the balance sheet date and as deferred revenue, net of current portion, if amounts are not expected to be recognized as revenue within the 12 months following the balance sheet date. The Company does not evaluate a contract for a significant financing component if payment is expected within one year or less from the transfer of promised items to the customer. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 15pt; margin-left: 0pt; text-align: left;">Income Taxes </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Income taxes are accounted for under the asset-and-liability method as required by FASB ASC Topic 740, <span style="font-style: italic;">Income Taxes</span>, or ASC 740. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: justify;">corresponding to the enactment date. Under ASC 740, a valuation allowance is required when it is more likely than not all or some portion of the deferred tax assets will not be realized through generating sufficient future taxable income. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">FASB ASC Subtopic 740-10, <span style="font-style: italic;">Accounting for Uncertainty of Income Taxes</span>, or ASC 740-10, defines the criterion an individual tax position must meet for any part of the benefit of the tax position to be recognized in financial statements prepared in conformity with GAAP. The Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not such tax position will be sustained on examination by the taxing authorities, based solely on the technical merits of the respective tax position. The tax benefits recognized in the financial statements from such a tax position should be measured based on the largest benefit having a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority. In accordance with the disclosure requirements of ASC 740-10, the Company’s policy on statement of operations classification of interest and penalties related to income tax obligations is to include such items as part of total interest income, net, within other income (expense), net. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 19pt; margin-left: 0pt; text-align: left;">Net Loss Per Share </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Basic net loss per share of common stock is computed by dividing net loss by the weighted average number of shares of common stock outstanding during each period. Diluted loss per share of common stock includes the effect, if any, from the potential exercise or conversion of securities, such as stock options, which would result in the issuance of incremental shares of common stock. For diluted net loss per share, the weighted-average number of shares of common stock is the same for basic net loss per share due to the fact that when a net loss exists, dilutive securities are not included in the calculation as the impact is anti-dilutive. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The following potentially dilutive securities have been excluded from the computation of diluted weighted-average shares of common stock outstanding, as they would be anti-dilutive: </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> <br/></div> <table cellpadding="0" cellspacing="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 360pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 6.36pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 6.36pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="height: 6pt; width: 95.28pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 360pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div> </td> <td style="width: 6.36pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.36pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="width: 95.28pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Year Ended December 31, </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 360pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div> </td> <td style="width: 6.36pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.36pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025</div> </td> <td style="width: 6.36pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.36pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2024 </div> </td> </tr> <tr> <td style="width: 360pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Stock options</div> </td> <td style="width: 6.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;">658,973</div> </td> <td style="width: 6.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;">577,581</div> </td> </tr> <tr> <td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Unvested restricted stock units</div> </td> <td style="width: 6.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;"><span style="padding-left: 5pt;">50,000</span></div> </td> <td style="width: 6.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;"><span style="padding-left: 10pt;">7,093</span></div> </td> </tr> <tr> <td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Employee stock purchase plan</div> </td> <td style="width: 6.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;"><span style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">696</span></div> </td> <td style="width: 6.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;"><span style="padding-left: 10pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">2,636</span></div> </td> </tr> <tr> <td style="width: 360pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 6.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">709,669</span></div> </td> <td style="width: 6.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">587,310</span></div> </td> </tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 360pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 41.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 41.28pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> </table> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 17.5pt; margin-left: 0pt; text-align: left;">Recently Issued Accounting Pronouncements Not Yet Adopted </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In November 2024, the FASB issued ASU No. 2024-03, <span style="font-style: italic;">Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40) Disaggregation of Income Statement Expenses</span>, or ASU 2024-03, which requires entities to provide disclosures to disaggregate operating expenses into specific categories, such as salaries and wages, depreciation, and amortization, to provide enhanced transparency into the nature and function of expenses. ASU 2024-03 is effective for the Company’s first fiscal year beginning after December 15, 2026, and for interim periods within the Company’s first fiscal year beginning after December 15, 2027, with early adoption permitted. ASU 2024-03 may be applied retrospectively or prospectively. The Company is currently evaluating the impact of this guidance on its disclosures. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In September 2025, the FASB issued ASU No. 2025-06, <span style="font-style: italic;">Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software</span>, or ASU 2025-06. ASU 2025-06 is intended to increase the operability of the accounting for internal-use software costs by removing all references to software development project stages. ASU 2025-06 requires capitalization of software costs to start when management has authorized and committed to funding the software project, it is probable that the project will be completed, and the software will be used to perform the function intended. ASU 2025-06 is effective for the Company’s first fiscal year beginning after December 15, 2027, and for interim periods within that year with early adoption permitted. The Company is currently evaluating the impact of this guidance on its financial statements. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In December 2025, the FASB issued ASU No. 2025-11, <span style="font-style: italic;">Interim Reporting (Topic 270): Narrow-Scope Improvements</span>, or ASU 2025-11. The amendments reorganize and clarify the interim disclosure requirements in U.S. GAAP and establish a single, principles based framework for determining the information that should be disclosed in interim </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: justify;">periods. ASU 2025-11 is effective for the Company for interim periods within annual periods beginning after December 15, 2027, with early adoption permitted. The guidance can be applied prospectively or retrospectively. The Company is currently evaluating the impact of ASU 2025-11 on its interim financial statement disclosures. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Recently Adopted Accounting Pronouncements </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In December 2023, the FASB issued ASU No. 2023-09, <span style="font-style: italic;">Income Taxes (Topic 740): Improvements to Income Tax Disclosures</span>, or ASU 2023-09, which requires that an entity, on an annual basis, disclose additional income tax information, primarily related to the rate reconciliation and income taxes paid. The amendments in ASU 2023-09 are intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in this ASU are effective for annual periods beginning after December 15, 2024 with early adoption permitted. The Company adopted this new accounting pronouncement retrospectively during the year ended December 31, 2025. Refer to Note 14 for additional disclosures. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 7pt; margin-left: 0pt; text-align: left;">Basis of Presentation </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States, or GAAP. Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the ASC and Accounting Standard Updates, or ASUs, promulgated by the FASB. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">On July 14, 2025, the Company effected a <span style="-sec-ix-hidden:Fact_87ff84423c1d4358a1dd1652b1ad4132">1</span>-for-20 reverse stock split of its common stock, or the Reverse Stock Split. No fractional shares were issued in connection with the Reverse Stock Split. Stockholders who were otherwise entitled to receive fractional shares received the number of shares of Common Stock as rounded up to the nearest whole share. All share and per share amounts in these financial statements and notes thereto, including the stock options, restricted stock units, and employee stock purchase plan activity, have been adjusted retroactively to reflect the Reverse Stock Split for all periods presented. </div> 0 <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 17.5pt; margin-left: 0pt; text-align: left;">Use of Estimates </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Estimates and assumptions are periodically reviewed, and the effects of the revisions are reflected in the accompanying financial statements in the period they are determined to be necessary. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 17.5pt; margin-left: 0pt; text-align: left;">Fair Value of Financial Instruments </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Management believes that the carrying amounts of the Company’s financial instruments, including cash equivalents, prepaid expenses, and accounts payable, approximate fair value due to the short-term nature of those instruments. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 18pt; margin-left: 0pt; text-align: left;">Concentration of Credit Risk </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents. The Company maintains a deposit account in a federally insured financial institution in excess of federally insured limits. The Company also maintains a portfolio of money market funds, which is diversified to limit exposure related to counterparty and industry risks. The Company maintains an investment policy which dictates the allocation of funds within its portfolio of money market funds. The Company has not experienced any losses in such accounts and believes it is not exposed to significant risk on its cash and cash equivalents beyond the normal credit risk associated with commercial banking relationships and money market funds. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 18pt; margin-left: 0pt; text-align: left;">Cash and Cash Equivalents </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Company considers all highly-liquid investments that have maturities of three months or less when acquired to be cash equivalents. Cash equivalents as of December 31, 2025 consisted of money market funds. Cash consists of cash deposits at banking institutions. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 18pt; margin-left: 0pt; text-align: left;">Marketable Securities </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Company classifies its marketable securities with original maturities of greater than three months as available-for-sale. The Company held no marketable securities as of December 31, 2025. Marketable securities as of December 31, 2024 consisted of various securities as described in Note 4. Marketable securities are carried at fair market value, with unrealized gains and losses reported in comprehensive loss and accumulated other comprehensive income (loss) within stockholders’ equity. Any premium or discount arising at purchase of debt securities is amortized and/or accreted over the term of the security to other income (expense), net. Gains or losses on marketable securities sold are recognized as a component of other income (expense), net in the statement of operations and comprehensive loss on the specific identification method. All marketable securities are available for use, as needed, to fund operations and therefore, the Company classifies all marketable securities as current assets within the balance sheet. </div> 0 <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 8pt; margin-left: 0pt; text-align: left;">Property and Equipment, Net </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Property and equipment, net consists of laboratory equipment, office equipment, computer hardware and software, furniture and fixtures, and leasehold improvements and is initially recorded at cost. Maintenance and repairs that do not improve or extend the lives of the respective assets are expensed as incurred. Property and equipment are depreciated on a straight-line basis over their estimated useful lives. The Company estimates useful life on an asset-by-asset basis, which generally consists of three years for computer hardware and software, five years for office equipment, five years for laboratory equipment, and seven years for furniture and fixtures. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful life of the asset. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">When property and equipment are retired or otherwise disposed of, the costs and accumulated depreciation and amortization are removed from the respective accounts, with any resulting gain or loss recognized concurrently. The Company recognized de minimis losses on disposals of property and equipment for the year ended December 31, 2025. The Company did not recognize any losses on disposals of property and equipment for the year ended December 31, 2024. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Company reviews long-lived assets, such as property and equipment, for impairment when events or changes in circumstances indicate the carrying amount of the assets may not be recoverable. The Company recognized impairment expenses for property and equipment of $3.5 million for the year ended December 31, 2025, $2.5 million of which was for lab equipment, $0.9 of which was for leasehold improvements, and $0.1 million of which was for certain other assets. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">As a result of the Company’s January 2025 announcement to reduce its overall workforce and cease its lab operations, the Company reassessed asset groups at its lab in Hopewell, New Jersey, and evaluated such asset groups for impairment under FASB ASC Topic 360, <span style="font-style: italic;">Long-lived assets: Impairment or disposal of long-lived assets</span>. The Company determined the laboratory equipment was a separate asset group based on management’s implemented plans to sell the laboratory equipment and estimated the fair value of the laboratory equipment based on the estimated future cash flows from the sale of such equipment, resulting in impairment of laboratory equipment and certain other assets of $2.6 million. Subsequent to recording the impairment, the Company sold substantially all the laboratory equipment and certain other assets for $1.2 million. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In December 2025, the Company determined triggering events were present based on rental market activity. The Company determined whether an impairment indicator was present for each of the asset groups. Where an impairment indicator was present, the Company compared the estimated undiscounted cash flows to the carrying values, which includes ROU assets and leasehold improvements allocable to the laboratory space for those asset groups. The Company concluded the carrying value of one asset group was not recoverable as it exceeded the estimated undiscounted cash flows. With support from a valuation specialist, the Company estimated the fair value of that asset group by creating a discounted cash flow model which incorporated the net identifiable estimated cash flows for the remaining term of the Laboratory Lease Agreement and an estimated market participant subtenant borrowing rate and compared that to the carrying value of the asset group, resulting in impairment to leasehold improvements of $0.9 million. The impairment expense for the leasehold improvements relate to the proportional allocation of total impairment recognized for the asset group subject to impairment testing. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Company recognized impairment expenses for property and equipment and certain other assets of $2.7 million for the year ended December 31, 2024, which primarily relates to the proportional allocation of total impairments recognized for asset groups subject to impairment testing as further described in Note 10. </div> P3Y P5Y P5Y P7Y 0 3500000 2500000 900000 100000 2600000 1200000 900000 2700000 <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 20pt; margin-left: 0pt; text-align: left;">Leasing </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Company evaluates leases at their inception to determine if they are an operating lease or a finance lease. As of December 31, 2025, the Company has classified all leases with terms greater than one year, as operating leases. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Company recognizes assets and liabilities for operating leases at their inception, based on the present value of all payments due under the lease agreement. The Company uses its incremental borrowing rate to determine the present value of operating leases, which is determined by referencing collateralized borrowing rates for debt instruments with terms similar to the respective lease. The Company utilizes the accounting policy election to not separate lease and non-lease components and the accounting policy election to not apply the recognition requirement to leases with a term of 12 months or less. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: justify;">The Company reviews long-lived assets, such as right of use assets, or ROU assets, for impairment when events or changes indicate the carrying amount of the ROU assets may not be recoverable. The Company recognized impairment expenses for ROU assets of $2.6 million and $2.5 million in the years ended December 31, 2025 and 2024, respectively. These impairment expenses include the proportional allocation of total impairments recognized for the asset groups subject to impairment testing as further described in Note 10. </div> 2600000 2500000 <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 15pt; margin-left: 0pt; text-align: left;">Research and Development </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Research and development costs are expensed as incurred and consist primarily of expenses incurred with the University of Pennsylvania’s Gene Therapy Program, or GTP, and Gemma Biotherapeutics, Inc., or Gemma, contract research organizations, contract manufacturing organizations, internal analytical and testing activities, and employee-related expenses, including salaries, benefits, and share-based compensation. Management makes estimates of the Company’s external accrued research and development expenses, which primarily relates to contract research organizations and contract manufacturing organizations, as of each balance sheet date in the Company’s financial statements based on an estimate of progress to completion of specific tasks using facts and circumstances known to the Company at that time. The Company determines the estimates by reviewing contracts, vendor agreements, change orders, and through discussions with the Company’s internal clinical personnel and external service providers as to the progress to completion of services and the agreed-upon fee to be paid for such services. If the actual timing of the performance of services or the level of effort varies from the estimate, the Company will adjust the accrual and related expenses accordingly. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 15pt; margin-left: 0pt; text-align: left;">Other Income (Expense), Net </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Other income (expense), net consists of interest earned on cash equivalents and marketable securities, amortization of premium and discount on marketable securities, income from subleases, and the sale of certain tax credits. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Company recorded $3.8 million to other income (expense), net for the year ended December 31, 2025, which consisted of $2.3 million attributable to interest income and the amortization of premium and discount on the Company’s marketable securities and $1.5 million from sublease income. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Company recorded $5.6 million to other income (expense), net for the year ended December 31, 2024, which consisted of $4.3 million attributable to interest income and the amortization of premium and discount on the Company’s marketable securities, $1.0 million from sublease income, and $0.3 million related to the sale of certain tax credits. </div> 3800000 2300000 1500000 5600000 4300000 1000000 300000 <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 15pt; margin-left: 0pt; text-align: left;">Share-Based Compensation </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Company measures share-based awards at grant-date fair value and records compensation expense on a straight-line basis over the vesting period of the awards. The Company’s share-based compensation consists of restricted stock units, or RSUs, and options to purchase common stock, or stock option awards. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;">The Company uses the Black-Scholes option pricing model to value its stock option awards. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Estimating the fair value of stock option awards requires the input of assumptions, including the expected term of stock options and stock price volatility. The assumptions used in estimating the fair value of share-based awards represent management’s estimate and involve inherent uncertainties and the application of management’s judgment. As a result, if factors change and management uses different assumptions, share-based compensation expense could be materially different for future awards. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The expected term of the stock options is estimated using the “simplified method,” as the Company has limited historical information from which to develop reasonable expectations about future exercise patterns and post-vesting employment termination behavior for its stock option grants. The simplified method is the midpoint between the vesting period and the contractual term of the option. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">For stock price volatility, the Company uses a composite of comparable public company data as a basis for its expected volatility and considers the historic volatility of its common stock from its initial public offering to date to calculate the fair value of option grants. The selection of comparable public company data requires the application of management’s judgement. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;">The Company accounts for forfeitures of RSUs and stock option awards as they occur. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 15pt; margin-left: 0pt; text-align: left;">License and Other Revenue </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Company may enter into license agreements and transition services agreements (see Note 8) under which it may license rights to research, develop, manufacture, and commercialize its product candidates to third parties, and provide transition services for such licenses. Payments under these arrangements may include non-refundable, upfront fees, reimbursement of certain costs, payments upon the achievement of certain milestones, and royalties on product sales. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Company applies FASB ASC Topic 606, <span style="font-style: italic;">Revenue from Contracts with Customers</span>, or ASC 606, when all of the following criteria are met, to determine a valid contract exists: (i) the parties have approved the contract and are committed to perform their respective obligations; (ii) the Company can identify each party’s rights regarding the goods or services to be transferred; (iii) the Company can identify the payment terms for the goods or services to be transferred; (iv) the contract has commercial substance; and (v) the Company will collect substantially all of the consideration to which it will be entitled in exchange for the goods or services that will be transferred to the customer. Once it is determined that a valid contract exists, the Company performs the following steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including consideration of the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations on a relative stand-alone selling price basis; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. As part of the accounting for these arrangements, the Company must use its judgment to determine the number of performance obligations, the transaction price, the stand-alone selling price for each performance obligation identified in the contract for the allocation of transaction price, the contract term and pattern of satisfaction of the performance obligations. The Company uses judgment to determine whether milestones or other variable consideration, except for certain sales-based milestone payments and royalties, should be included in the transaction price as described further below. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">At the inception of each arrangement that includes milestone payments, the Company evaluates whether the milestones are considered probable of being achieved and estimates the amount to be included in the transaction price using the most likely amount method set forth in ASC 606. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the control of the Company or the licensee, such as those subject to regulatory approvals, are not considered probable of being achieved until those approvals are received. The Company evaluates factors such as the scientific, clinical, regulatory, commercial and other risks that must be overcome to achieve the particular milestone in making this assessment. There is considerable judgment involved in determining whether it is probable that a significant revenue reversal would not occur. At the end of each subsequent reporting period, the Company reevaluates the probability of achievement of all milestones subject to constraint and, if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis in the statements of operations and comprehensive loss in the period of adjustment. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">For customer contracts in the scope of ASC 606, amounts due to the Company are recorded as accounts receivable on the Company’s balance sheet when the Company’s right to consideration is unconditional. Amounts received prior to satisfying the related performance obligations are classified on the Company’s balance sheet as current deferred revenue if expected to be recognized as revenue within 12 months following the balance sheet date and as deferred revenue, net of current portion, if amounts are not expected to be recognized as revenue within the 12 months following the balance sheet date. The Company does not evaluate a contract for a significant financing component if payment is expected within one year or less from the transfer of promised items to the customer. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 15pt; margin-left: 0pt; text-align: left;">Income Taxes </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Income taxes are accounted for under the asset-and-liability method as required by FASB ASC Topic 740, <span style="font-style: italic;">Income Taxes</span>, or ASC 740. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: justify;">corresponding to the enactment date. Under ASC 740, a valuation allowance is required when it is more likely than not all or some portion of the deferred tax assets will not be realized through generating sufficient future taxable income. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">FASB ASC Subtopic 740-10, <span style="font-style: italic;">Accounting for Uncertainty of Income Taxes</span>, or ASC 740-10, defines the criterion an individual tax position must meet for any part of the benefit of the tax position to be recognized in financial statements prepared in conformity with GAAP. The Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not such tax position will be sustained on examination by the taxing authorities, based solely on the technical merits of the respective tax position. The tax benefits recognized in the financial statements from such a tax position should be measured based on the largest benefit having a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority. In accordance with the disclosure requirements of ASC 740-10, the Company’s policy on statement of operations classification of interest and penalties related to income tax obligations is to include such items as part of total interest income, net, within other income (expense), net. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 19pt; margin-left: 0pt; text-align: left;">Net Loss Per Share </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Basic net loss per share of common stock is computed by dividing net loss by the weighted average number of shares of common stock outstanding during each period. Diluted loss per share of common stock includes the effect, if any, from the potential exercise or conversion of securities, such as stock options, which would result in the issuance of incremental shares of common stock. For diluted net loss per share, the weighted-average number of shares of common stock is the same for basic net loss per share due to the fact that when a net loss exists, dilutive securities are not included in the calculation as the impact is anti-dilutive. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The following potentially dilutive securities have been excluded from the computation of diluted weighted-average shares of common stock outstanding, as they would be anti-dilutive: </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> <br/></div> <table cellpadding="0" cellspacing="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 360pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 6.36pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 6.36pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="height: 6pt; width: 95.28pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 360pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div> </td> <td style="width: 6.36pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.36pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="width: 95.28pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Year Ended December 31, </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 360pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div> </td> <td style="width: 6.36pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.36pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025</div> </td> <td style="width: 6.36pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.36pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2024 </div> </td> </tr> <tr> <td style="width: 360pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Stock options</div> </td> <td style="width: 6.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;">658,973</div> </td> <td style="width: 6.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;">577,581</div> </td> </tr> <tr> <td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Unvested restricted stock units</div> </td> <td style="width: 6.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;"><span style="padding-left: 5pt;">50,000</span></div> </td> <td style="width: 6.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;"><span style="padding-left: 10pt;">7,093</span></div> </td> </tr> <tr> <td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Employee stock purchase plan</div> </td> <td style="width: 6.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;"><span style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">696</span></div> </td> <td style="width: 6.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;"><span style="padding-left: 10pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">2,636</span></div> </td> </tr> <tr> <td style="width: 360pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 6.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">709,669</span></div> </td> <td style="width: 6.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">587,310</span></div> </td> </tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 360pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 41.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 41.28pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 360pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 6.36pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 6.36pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="height: 6pt; width: 95.28pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 360pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div> </td> <td style="width: 6.36pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.36pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="width: 95.28pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Year Ended December 31, </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 360pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div> </td> <td style="width: 6.36pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.36pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025</div> </td> <td style="width: 6.36pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.36pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2024 </div> </td> </tr> <tr> <td style="width: 360pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Stock options</div> </td> <td style="width: 6.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;">658,973</div> </td> <td style="width: 6.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;">577,581</div> </td> </tr> <tr> <td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Unvested restricted stock units</div> </td> <td style="width: 6.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;"><span style="padding-left: 5pt;">50,000</span></div> </td> <td style="width: 6.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;"><span style="padding-left: 10pt;">7,093</span></div> </td> </tr> <tr> <td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Employee stock purchase plan</div> </td> <td style="width: 6.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;"><span style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">696</span></div> </td> <td style="width: 6.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;"><span style="padding-left: 10pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">2,636</span></div> </td> </tr> <tr> <td style="width: 360pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 6.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">709,669</span></div> </td> <td style="width: 6.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">587,310</span></div> </td> </tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 360pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 41.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 41.28pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> </table> 658973 577581 50000 7093 696 2636 709669 587310 <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 17.5pt; margin-left: 0pt; text-align: left;">Recently Issued Accounting Pronouncements Not Yet Adopted </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In November 2024, the FASB issued ASU No. 2024-03, <span style="font-style: italic;">Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40) Disaggregation of Income Statement Expenses</span>, or ASU 2024-03, which requires entities to provide disclosures to disaggregate operating expenses into specific categories, such as salaries and wages, depreciation, and amortization, to provide enhanced transparency into the nature and function of expenses. ASU 2024-03 is effective for the Company’s first fiscal year beginning after December 15, 2026, and for interim periods within the Company’s first fiscal year beginning after December 15, 2027, with early adoption permitted. ASU 2024-03 may be applied retrospectively or prospectively. The Company is currently evaluating the impact of this guidance on its disclosures. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In September 2025, the FASB issued ASU No. 2025-06, <span style="font-style: italic;">Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software</span>, or ASU 2025-06. ASU 2025-06 is intended to increase the operability of the accounting for internal-use software costs by removing all references to software development project stages. ASU 2025-06 requires capitalization of software costs to start when management has authorized and committed to funding the software project, it is probable that the project will be completed, and the software will be used to perform the function intended. ASU 2025-06 is effective for the Company’s first fiscal year beginning after December 15, 2027, and for interim periods within that year with early adoption permitted. The Company is currently evaluating the impact of this guidance on its financial statements. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In December 2025, the FASB issued ASU No. 2025-11, <span style="font-style: italic;">Interim Reporting (Topic 270): Narrow-Scope Improvements</span>, or ASU 2025-11. The amendments reorganize and clarify the interim disclosure requirements in U.S. GAAP and establish a single, principles based framework for determining the information that should be disclosed in interim </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: justify;">periods. ASU 2025-11 is effective for the Company for interim periods within annual periods beginning after December 15, 2027, with early adoption permitted. The guidance can be applied prospectively or retrospectively. The Company is currently evaluating the impact of ASU 2025-11 on its interim financial statement disclosures. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Recently Adopted Accounting Pronouncements </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In December 2023, the FASB issued ASU No. 2023-09, <span style="font-style: italic;">Income Taxes (Topic 740): Improvements to Income Tax Disclosures</span>, or ASU 2023-09, which requires that an entity, on an annual basis, disclose additional income tax information, primarily related to the rate reconciliation and income taxes paid. The amendments in ASU 2023-09 are intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in this ASU are effective for annual periods beginning after December 15, 2024 with early adoption permitted. The Company adopted this new accounting pronouncement retrospectively during the year ended December 31, 2025. Refer to Note 14 for additional disclosures. </div> <div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">4. Cash, Cash Equivalents, and Marketable Securities </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7pt; margin-left: 0pt; text-align: left;">The following table provides details regarding the Company’s portfolio of cash and cash equivalents: </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> <br/></div> <table cellpadding="0" cellspacing="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 240pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 51.74pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 56.96pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 58.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 34.74pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 240pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">(in thousands)</div> </td> <td style="width: 3.28pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.74pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Cost or </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Amortized cost</div> </td> <td style="width: 3.28pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 56.96pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Unrealized gains</div> </td> <td style="width: 3.28pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 58.28pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Unrealized losses</div> </td> <td style="width: 3.28pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 34.74pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Fair value </div> </td> </tr> <tr> <td style="width: 240pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">December 31, 2025: </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.74pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 56.96pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 58.28pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 34.74pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> </tr> <tr> <td style="width: 240pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Cash accounts in banking institutions</div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.74pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.63pt; text-align: left;">$<span style="padding-left: 5pt;">2,500</span></div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 56.96pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20.98pt; text-align: left;">$—</div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 58.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 21.65pt; text-align: left;">$—</div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 34.74pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.13pt; text-align: left;">$<span style="padding-left: 5pt;">2,500 </span></div> </td> </tr> <tr> <td style="width: 240pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Money market funds</div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.74pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.63pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">43,803 </span></div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 56.96pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20.98pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">—</span></div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 58.28pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 21.65pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">—</span></div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 34.74pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.13pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">43,803 </span></div> </td> </tr> <tr> <td style="width: 240pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total</div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.74pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.63pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$46,303</span></div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 56.96pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20.98pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$—</span></div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 58.28pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 21.65pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$—</span></div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 34.74pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.13pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$46,303 </span></div> </td> </tr> <tr> <td style="width: 240pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">December 31, 2024: </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.74pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 56.96pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 58.28pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 34.74pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> </tr> <tr> <td style="width: 240pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Cash accounts in banking institutions</div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.74pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.63pt; text-align: left;">$<span style="padding-left: 5pt;">3,527</span></div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 56.96pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20.98pt; text-align: left;">$—</div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 58.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 21.65pt; text-align: left;">$—</div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 34.74pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.13pt; text-align: left;">$<span style="padding-left: 5pt;">3,527 </span></div> </td> </tr> <tr> <td style="width: 240pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Money market funds</div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.74pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.63pt; text-align: left;"><span style="padding-left: 5pt;">29,058 </span></div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 56.96pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20.98pt; text-align: left;"><span style="padding-left: 5pt;">—</span></div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 58.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 21.65pt; text-align: left;"><span style="padding-left: 5pt;">—</span></div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 34.74pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.13pt; text-align: left;"><span style="padding-left: 5pt;">29,058 </span></div> </td> </tr> <tr> <td style="width: 240pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Commercial paper</div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.74pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.63pt; text-align: left;"><span style="padding-left: 10pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">4,988 </span></div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 56.96pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20.98pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">—</span></div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 58.28pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 21.65pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">—</span></div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 34.74pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.13pt; text-align: left;"><span style="padding-left: 10pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">4,988 </span></div> </td> </tr> <tr> <td style="width: 240pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total</div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.74pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.63pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$37,573</span></div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 56.96pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20.98pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$—</span></div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 58.28pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 21.65pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$—</span></div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 34.74pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.13pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$37,573</span></div> </td> </tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 240pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 51.74pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 56.96pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 58.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 34.74pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> </tr> </table> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The following table provides details regarding the Company’s portfolio of marketable securities: </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> <br/></div> <table cellpadding="0" cellspacing="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 240pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 51.74pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 56.96pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 58.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 34.74pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 240pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">(in thousands)</div> </td> <td style="width: 3.28pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.74pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Amortized cost</div> </td> <td style="width: 3.28pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 56.96pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Unrealized gains</div> </td> <td style="width: 3.28pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 58.28pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Unrealized losses</div> </td> <td style="width: 3.28pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 34.74pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Fair value </div> </td> </tr> <tr> <td style="width: 240pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">December 31, 2025: </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.74pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 56.96pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 58.28pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 34.74pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> </tr> <tr> <td style="width: 240pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Certificates of deposit</div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.74pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.63pt; text-align: left;">$<span style="padding-left: 17.5pt;">—</span></div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 56.96pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20.98pt; text-align: left;">$—</div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 58.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 21.65pt; text-align: left;">$—</div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 34.74pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.13pt; text-align: left;">$<span style="padding-left: 17.5pt;">— </span></div> </td> </tr> <tr> <td style="width: 240pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Commercial paper</div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.74pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.63pt; text-align: left;"><span style="padding-left: 22.5pt;">—</span></div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 56.96pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20.98pt; text-align: left;"><span style="padding-left: 5pt;">—</span></div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 58.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 21.65pt; text-align: left;"><span style="padding-left: 5pt;">—</span></div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 34.74pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.13pt; text-align: left;"><span style="padding-left: 22.5pt;">— </span></div> </td> </tr> <tr> <td style="width: 240pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Corporate debt securities</div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.74pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.63pt; text-align: left;"><span style="padding-left: 22.5pt;">—</span></div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 56.96pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20.98pt; text-align: left;"><span style="padding-left: 5pt;">—</span></div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 58.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 21.65pt; text-align: left;"><span style="padding-left: 5pt;">—</span></div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 34.74pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.13pt; text-align: left;"><span style="padding-left: 22.5pt;">— </span></div> </td> </tr> <tr> <td style="width: 240pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">U.S. government securities</div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.74pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.63pt; text-align: left;"><span style="padding-left: 22.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">—</span></div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 56.96pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20.98pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">—</span></div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 58.28pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 21.65pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">—</span></div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 34.74pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.13pt; text-align: left;"><span style="padding-left: 22.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">— </span></div> </td> </tr> <tr> <td style="width: 240pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total</div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.74pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.63pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 17.5pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">—</span></div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 56.96pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20.98pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$—</span></div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 58.28pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 21.65pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$—</span></div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 34.74pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.13pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 17.5pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">— </span></div> </td> </tr> <tr> <td style="width: 240pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">December 31, 2024: </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.74pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 56.96pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 58.28pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 34.74pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> </tr> <tr> <td style="width: 240pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Certificates of deposit</div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.74pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.63pt; text-align: left;">$<span style="padding-left: 5pt;">5,970</span></div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 56.96pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20.98pt; text-align: left;">$<span style="padding-left: 5pt;">1</span></div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 58.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 21.65pt; text-align: left;">$—</div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 34.74pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.13pt; text-align: left;">$<span style="padding-left: 5pt;">5,971 </span></div> </td> </tr> <tr> <td style="width: 240pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Commercial paper</div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.74pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.63pt; text-align: left;"><span style="padding-left: 5pt;">25,433 </span></div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 56.96pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20.98pt; text-align: left;"><span style="padding-left: 10pt;">6 </span></div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 58.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 21.65pt; text-align: left;"><span style="padding-left: 5pt;">—</span></div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 34.74pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.13pt; text-align: left;"><span style="padding-left: 5pt;">25,439</span></div> </td> </tr> <tr> <td style="width: 240pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Corporate debt securities</div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.74pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.63pt; text-align: left;"><span style="padding-left: 10pt;">1,864 </span></div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 56.96pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20.98pt; text-align: left;"><span style="padding-left: 10pt;">1 </span></div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 58.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 21.65pt; text-align: left;"><span style="padding-left: 5pt;">—</span></div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 34.74pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.13pt; text-align: left;"><span style="padding-left: 10pt;">1,865 </span></div> </td> </tr> <tr> <td style="width: 240pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">U.S. government securities</div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.74pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.63pt; text-align: left;"><span style="padding-left: 10pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">5,908 </span></div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 56.96pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20.98pt; text-align: left;"><span style="padding-left: 10pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">1 </span></div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 58.28pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 21.65pt; text-align: left;"><span style="padding-left: 6.67pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(1) </span></div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 34.74pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.13pt; text-align: left;"><span style="padding-left: 10pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">5,908 </span></div> </td> </tr> <tr> <td style="width: 240pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total</div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.74pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.63pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$39,175</span></div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 56.96pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20.98pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 5pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">9</span></div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 58.28pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 21.65pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 1.67pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">(1)</span></div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 34.74pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.13pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$39,183</span></div> </td> </tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 240pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 51.74pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 56.96pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 58.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 34.74pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> </table> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">As of December 31, 2025, all of the Company’s marketable securities matured and the proceeds were invested into money market funds, which are included in cash and cash equivalents on the Company’s balance sheet. </div> <table cellpadding="0" cellspacing="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 240pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 51.74pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 56.96pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 58.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 34.74pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 240pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">(in thousands)</div> </td> <td style="width: 3.28pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.74pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Cost or </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Amortized cost</div> </td> <td style="width: 3.28pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 56.96pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Unrealized gains</div> </td> <td style="width: 3.28pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 58.28pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Unrealized losses</div> </td> <td style="width: 3.28pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 34.74pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Fair value </div> </td> </tr> <tr> <td style="width: 240pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">December 31, 2025: </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.74pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 56.96pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 58.28pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 34.74pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> </tr> <tr> <td style="width: 240pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Cash accounts in banking institutions</div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.74pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.63pt; text-align: left;">$<span style="padding-left: 5pt;">2,500</span></div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 56.96pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20.98pt; text-align: left;">$—</div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 58.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 21.65pt; text-align: left;">$—</div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 34.74pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.13pt; text-align: left;">$<span style="padding-left: 5pt;">2,500 </span></div> </td> </tr> <tr> <td style="width: 240pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Money market funds</div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.74pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.63pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">43,803 </span></div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 56.96pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20.98pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">—</span></div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 58.28pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 21.65pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">—</span></div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 34.74pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.13pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">43,803 </span></div> </td> </tr> <tr> <td style="width: 240pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total</div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.74pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.63pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$46,303</span></div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 56.96pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20.98pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$—</span></div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 58.28pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 21.65pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$—</span></div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 34.74pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.13pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$46,303 </span></div> </td> </tr> <tr> <td style="width: 240pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">December 31, 2024: </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.74pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 56.96pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 58.28pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 34.74pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> </tr> <tr> <td style="width: 240pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Cash accounts in banking institutions</div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.74pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.63pt; text-align: left;">$<span style="padding-left: 5pt;">3,527</span></div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 56.96pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20.98pt; text-align: left;">$—</div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 58.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 21.65pt; text-align: left;">$—</div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 34.74pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.13pt; text-align: left;">$<span style="padding-left: 5pt;">3,527 </span></div> </td> </tr> <tr> <td style="width: 240pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Money market funds</div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.74pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.63pt; text-align: left;"><span style="padding-left: 5pt;">29,058 </span></div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 56.96pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20.98pt; text-align: left;"><span style="padding-left: 5pt;">—</span></div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 58.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 21.65pt; text-align: left;"><span style="padding-left: 5pt;">—</span></div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 34.74pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.13pt; text-align: left;"><span style="padding-left: 5pt;">29,058 </span></div> </td> </tr> <tr> <td style="width: 240pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Commercial paper</div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.74pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.63pt; text-align: left;"><span style="padding-left: 10pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">4,988 </span></div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 56.96pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20.98pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">—</span></div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 58.28pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 21.65pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">—</span></div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 34.74pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.13pt; text-align: left;"><span style="padding-left: 10pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">4,988 </span></div> </td> </tr> <tr> <td style="width: 240pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total</div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.74pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.63pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$37,573</span></div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 56.96pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20.98pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$—</span></div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 58.28pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 21.65pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$—</span></div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 34.74pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.13pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$37,573</span></div> </td> </tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 240pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 51.74pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 56.96pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 58.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 34.74pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> </tr> </table> 2500000 2500000 43803000 43803000 46303000 46303000 3527000 3527000 29058000 29058000 4988000 4988000 37573000 37573000 <table cellpadding="0" cellspacing="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 240pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 51.74pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 56.96pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 58.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 34.74pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 240pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">(in thousands)</div> </td> <td style="width: 3.28pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.74pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Amortized cost</div> </td> <td style="width: 3.28pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 56.96pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Unrealized gains</div> </td> <td style="width: 3.28pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 58.28pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Unrealized losses</div> </td> <td style="width: 3.28pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 34.74pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Fair value </div> </td> </tr> <tr> <td style="width: 240pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">December 31, 2025: </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.74pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 56.96pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 58.28pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 34.74pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> </tr> <tr> <td style="width: 240pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Certificates of deposit</div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.74pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.63pt; text-align: left;">$<span style="padding-left: 17.5pt;">—</span></div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 56.96pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20.98pt; text-align: left;">$—</div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 58.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 21.65pt; text-align: left;">$—</div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 34.74pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.13pt; text-align: left;">$<span style="padding-left: 17.5pt;">— </span></div> </td> </tr> <tr> <td style="width: 240pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Commercial paper</div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.74pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.63pt; text-align: left;"><span style="padding-left: 22.5pt;">—</span></div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 56.96pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20.98pt; text-align: left;"><span style="padding-left: 5pt;">—</span></div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 58.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 21.65pt; text-align: left;"><span style="padding-left: 5pt;">—</span></div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 34.74pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.13pt; text-align: left;"><span style="padding-left: 22.5pt;">— </span></div> </td> </tr> <tr> <td style="width: 240pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Corporate debt securities</div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.74pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.63pt; text-align: left;"><span style="padding-left: 22.5pt;">—</span></div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 56.96pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20.98pt; text-align: left;"><span style="padding-left: 5pt;">—</span></div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 58.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 21.65pt; text-align: left;"><span style="padding-left: 5pt;">—</span></div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 34.74pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.13pt; text-align: left;"><span style="padding-left: 22.5pt;">— </span></div> </td> </tr> <tr> <td style="width: 240pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">U.S. government securities</div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.74pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.63pt; text-align: left;"><span style="padding-left: 22.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">—</span></div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 56.96pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20.98pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">—</span></div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 58.28pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 21.65pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">—</span></div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 34.74pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.13pt; text-align: left;"><span style="padding-left: 22.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">— </span></div> </td> </tr> <tr> <td style="width: 240pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total</div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.74pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.63pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 17.5pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">—</span></div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 56.96pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20.98pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$—</span></div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 58.28pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 21.65pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$—</span></div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 34.74pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.13pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 17.5pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">— </span></div> </td> </tr> <tr> <td style="width: 240pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">December 31, 2024: </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.74pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 56.96pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 58.28pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 34.74pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> </tr> <tr> <td style="width: 240pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Certificates of deposit</div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.74pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.63pt; text-align: left;">$<span style="padding-left: 5pt;">5,970</span></div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 56.96pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20.98pt; text-align: left;">$<span style="padding-left: 5pt;">1</span></div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 58.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 21.65pt; text-align: left;">$—</div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 34.74pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.13pt; text-align: left;">$<span style="padding-left: 5pt;">5,971 </span></div> </td> </tr> <tr> <td style="width: 240pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Commercial paper</div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.74pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.63pt; text-align: left;"><span style="padding-left: 5pt;">25,433 </span></div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 56.96pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20.98pt; text-align: left;"><span style="padding-left: 10pt;">6 </span></div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 58.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 21.65pt; text-align: left;"><span style="padding-left: 5pt;">—</span></div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 34.74pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.13pt; text-align: left;"><span style="padding-left: 5pt;">25,439</span></div> </td> </tr> <tr> <td style="width: 240pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Corporate debt securities</div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.74pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.63pt; text-align: left;"><span style="padding-left: 10pt;">1,864 </span></div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 56.96pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20.98pt; text-align: left;"><span style="padding-left: 10pt;">1 </span></div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 58.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 21.65pt; text-align: left;"><span style="padding-left: 5pt;">—</span></div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 34.74pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.13pt; text-align: left;"><span style="padding-left: 10pt;">1,865 </span></div> </td> </tr> <tr> <td style="width: 240pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">U.S. government securities</div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.74pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.63pt; text-align: left;"><span style="padding-left: 10pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">5,908 </span></div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 56.96pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20.98pt; text-align: left;"><span style="padding-left: 10pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">1 </span></div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 58.28pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 21.65pt; text-align: left;"><span style="padding-left: 6.67pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(1) </span></div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 34.74pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.13pt; text-align: left;"><span style="padding-left: 10pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">5,908 </span></div> </td> </tr> <tr> <td style="width: 240pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total</div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.74pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.63pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$39,175</span></div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 56.96pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20.98pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 5pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">9</span></div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 58.28pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 21.65pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 1.67pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">(1)</span></div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 34.74pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.13pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$39,183</span></div> </td> </tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 240pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 51.74pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 56.96pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 58.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 3.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 34.74pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> </table> 5970000 1000 5971000 25433000 6000 25439000 1864000 1000 1865000 5908000 1000 1000 5908000 39175000 9000 1000 39183000 <div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">5. Fair Value of Financial Instruments and Non-Financial Instruments </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 7pt; margin-left: 0pt; text-align: left;">Financial Instruments </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Fair value is the price that could be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value determination in accordance with applicable accounting guidance requires that </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: justify;">a number of significant judgments be made. Additionally, fair value is used on a nonrecurring basis to evaluate assets for impairment or as required for disclosure purposes by applicable accounting guidance on disclosures about fair value of financial instruments. Depending on the nature of the assets and liabilities, various valuation techniques and assumptions are used when estimating fair value. The carrying amounts of certain of the Company’s financial instruments, including prepaid expense and accounts payable are shown at cost, which approximates fair value due to the short-term nature of these instruments. The Company follows the provisions of FASB ASC Topic 820, <span style="font-style: italic;">Fair Value Measurement</span>, for financial assets and liabilities measured on a recurring basis. The guidance requires fair value measurements be classified and disclosed in one of the following three categories: </div> <table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt; border-spacing: 0;"> <tr> <td style="width: 20pt; text-align: left; vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">•</div> </td> <td style="vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><span style="font-style: italic;">Level 1:</span> Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. </div> </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt; border-spacing: 0;"> <tr> <td style="width: 20pt; text-align: left; vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">•</div> </td> <td style="vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><span style="font-style: italic;">Level 2:</span> Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liabilities. </div> </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt; border-spacing: 0;"> <tr> <td style="width: 20pt; text-align: left; vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">•</div> </td> <td style="vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><span style="font-style: italic;">Level 3:</span> Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). </div> </td> </tr> </table> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The following fair value hierarchy table presents information about the Company’s assets measured at fair value on a recurring basis. Included within cash and cash equivalents on the balance sheet, but excluded from the fair value hierarchy table, are cash deposits held at financial institutions: </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> <br/></div> <table cellpadding="0" cellspacing="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 312pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="7" style="height: 6pt; width: 147.47pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 312pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div> </td> <td style="width: 4.26pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="7" style="width: 147.47pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Fair value measurement at </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">reporting date using </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 312pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">(in thousands)</div> </td> <td style="width: 4.26pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 47.77pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Quoted prices </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">in active </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">markets for </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">identical </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">assets </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(Level 1)</div> </td> <td style="width: 4.26pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.89pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Significant </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">other </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">observable </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Inputs </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(Level 2)</div> </td> <td style="width: 4.26pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 45.77pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Significant </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">unobservable </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Inputs </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(Level 3) </div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">December 31, 2025: </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 47.77pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.89pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 45.77pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 10pt; text-align: left;">Assets </div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 47.77pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.89pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 45.77pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20pt; text-align: left;">Cash equivalents: </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 47.77pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.89pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 45.77pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 30pt; text-align: left;">Money market funds</div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 47.77pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.64pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$43,803</span></div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.89pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.2pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$</span><span style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">—</span></div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 45.77pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 15.38pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$— </span></div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20pt; text-align: left;">Total cash equivalents</div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 47.77pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.64pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">43,803</span></div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.89pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.2pt; text-align: left;"><span style="padding-left: 22.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">—</span></div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 45.77pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 15.38pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">— </span></div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20pt; text-align: left;">Total financial assets</div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 47.77pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.64pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$43,803</span></div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.89pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.2pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 17.5pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">—</span></div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 45.77pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 15.38pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$— </span></div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">December 31, 2024: </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 47.77pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.89pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 45.77pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 10pt; text-align: left;">Assets </div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 47.77pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.89pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 45.77pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20pt; text-align: left;">Cash equivalents: </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 47.77pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.89pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 45.77pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 30pt; text-align: left;">Money market funds</div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 47.77pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.64pt; text-align: left;">$29,058</div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.89pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.2pt; text-align: left;">$<span style="padding-left: 17.5pt;">—</span></div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 45.77pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 15.38pt; text-align: left;">$— </div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 30pt; text-align: left;">Commercial paper</div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 47.77pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.64pt; text-align: left;"><span style="padding-left: 22.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">—</span></div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.89pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.2pt; text-align: left;"><span style="padding-left: 10pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">4,988</span></div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 45.77pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 15.38pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">— </span></div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20pt; text-align: left;">Total cash equivalents</div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 47.77pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.64pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">29,058</span></div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.89pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.2pt; text-align: left;"><span style="padding-left: 10pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">4,988</span></div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 45.77pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 15.38pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">— </span></div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20pt; text-align: left;">Marketable securities: </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 47.77pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.89pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 45.77pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 30pt; text-align: left;">Certificates of deposit</div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 47.77pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.64pt; text-align: left;"><span style="padding-left: 22.5pt;">—</span></div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.89pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.2pt; text-align: left;"><span style="padding-left: 10pt;">5,971</span></div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 45.77pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 15.38pt; text-align: left;"><span style="padding-left: 5pt;">— </span></div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 30pt; text-align: left;">Commercial paper</div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 47.77pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.64pt; text-align: left;"><span style="padding-left: 22.5pt;">—</span></div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.89pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.2pt; text-align: left;"><span style="padding-left: 5pt;">25,439</span></div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 45.77pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 15.38pt; text-align: left;"><span style="padding-left: 5pt;">— </span></div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 30pt; text-align: left;">Corporate debt securities</div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 47.77pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.64pt; text-align: left;"><span style="padding-left: 22.5pt;">—</span></div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.89pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.2pt; text-align: left;"><span style="padding-left: 10pt;">1,865</span></div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 45.77pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 15.38pt; text-align: left;"><span style="padding-left: 5pt;">— </span></div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 30pt; text-align: left;">U.S. government securities</div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 47.77pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.64pt; text-align: left;"><span style="padding-left: 22.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">—</span></div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.89pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.2pt; text-align: left;"><span style="padding-left: 10pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">5,908</span></div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 45.77pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 15.38pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">— </span></div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20pt; text-align: left;">Total marketable securities</div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 47.77pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.64pt; text-align: left;"><span style="padding-left: 22.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">—</span></div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.89pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.2pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">39,183</span></div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 45.77pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 15.38pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">— </span></div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20pt; text-align: left;">Total financial assets</div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 47.77pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.64pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$29,058</span></div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.89pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.2pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$44,171</span></div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 45.77pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 15.38pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$—</span></div> </td> </tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 312pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 47.77pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 36.89pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 45.77pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> </tr> </table> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 17.5pt; margin-left: 0pt; text-align: left;">Non-Financial Instruments </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Long-lived non-financial assets are measured at fair value on a nonrecurring basis for purposes of calculating impairment using Level 3 inputs as defined in the fair value hierarchy. The fair value of long-lived assets using Level 3 </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: justify;">inputs is determined by estimating the amount and timing of net future cash flows (which are unobservable inputs) and discounting them using a risk-adjusted rate of interest. Significant increases or decreases in actual cash flows may result in valuation changes. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The following long-lived assets were measured at fair value, on a nonrecurring basis, during the years ended December 31, 2025 and 2024. Assets remeasured in 2024 or sold in 2025 are not included in the fair value presented as of December 31, 2025. The significant assumptions utilized are further described in Notes 3 and 10: </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> <br/></div> <table cellpadding="0" cellspacing="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 192pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="7" style="height: 6pt; width: 189.53pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 65.53pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 192pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div> </td> <td style="width: 5.23pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="7" style="width: 189.53pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Fair Value Measurements as of December 31, 2025 of </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">assets remeasured during 2025</div> </td> <td style="width: 5.23pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 65.53pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Year ended </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December 31, 2025 </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 192pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">(in thousands)</div> </td> <td style="width: 5.23pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 53.59pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Level 1</div> </td> <td style="width: 5.23pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 53.59pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Level 2</div> </td> <td style="width: 5.23pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 61.43pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Level 3</div> </td> <td style="width: 5.23pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 65.53pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Impairment Losses </div> </td> </tr> <tr> <td style="width: 192pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Property and equipment, net</div> </td> <td style="width: 5.23pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 53.59pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 19.3pt; text-align: left;">$—</div> </td> <td style="width: 5.23pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 53.59pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 19.3pt; text-align: left;">$—</div> </td> <td style="width: 5.23pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 61.43pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 14.47pt; text-align: left;">$<span style="padding-left: 5pt;">3,155</span></div> </td> <td style="width: 5.23pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 65.53pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 19.01pt; text-align: left;">$3,373 </div> </td> </tr> <tr> <td style="width: 192pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Right of use assets</div> </td> <td style="width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 53.59pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 19.3pt; text-align: left;"><span style="padding-left: 5pt;">—</span></div> </td> <td style="width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 53.59pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 19.3pt; text-align: left;"><span style="padding-left: 5pt;">—</span></div> </td> <td style="width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 61.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 14.47pt; text-align: left;"><span style="padding-left: 10pt;">9,489</span></div> </td> <td style="width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 65.53pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 19.01pt; text-align: left;"><span style="padding-left: 5pt;">2,633 </span></div> </td> </tr> <tr> <td style="width: 192pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Other assets</div> </td> <td style="width: 5.23pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 53.59pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 19.3pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">—</span></div> </td> <td style="width: 5.23pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 53.59pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 19.3pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">—</span></div> </td> <td style="width: 5.23pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 61.43pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 14.47pt; text-align: left;"><span style="padding-left: 22.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">—</span></div> </td> <td style="width: 5.23pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 65.53pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 19.01pt; text-align: left;"><span style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">139 </span></div> </td> </tr> <tr> <td style="width: 192pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total</div> </td> <td style="width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 53.59pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 19.3pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$—</span></div> </td> <td style="width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 53.59pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 19.3pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$—</span></div> </td> <td style="width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 61.43pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 14.47pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$12,644</span></div> </td> <td style="width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 65.53pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 19.01pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$6,145</span></div> </td> </tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 192pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 53.59pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 53.59pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 61.43pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 65.53pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> </table> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;"> <br/></div> <table cellpadding="0" cellspacing="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 192pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="7" style="height: 6pt; width: 189.54pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 65.53pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 192pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div> </td> <td style="width: 5.23pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="7" style="width: 189.54pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Fair Value Measurements as of December 31, 2024 of </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">assets remeasured during 2024</div> </td> <td style="width: 5.23pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 65.53pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Year ended </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December 31, 2024 </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 192pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">(in thousands)</div> </td> <td style="width: 5.23pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 55.26pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Level 1</div> </td> <td style="width: 5.23pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 55.26pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Level 2</div> </td> <td style="width: 5.23pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 58.1pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Level 3</div> </td> <td style="width: 5.23pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 65.53pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Impairment Losses </div> </td> </tr> <tr> <td style="width: 192pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Property and equipment, net</div> </td> <td style="width: 5.23pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 55.26pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20.13pt; text-align: left;">$—</div> </td> <td style="width: 5.23pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 55.26pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20.13pt; text-align: left;">$—</div> </td> <td style="width: 5.23pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 58.1pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 15.29pt; text-align: left;">$1,668</div> </td> <td style="width: 5.23pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 65.53pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 19.01pt; text-align: left;">$2,279 </div> </td> </tr> <tr> <td style="width: 192pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Right of use assets</div> </td> <td style="width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 55.26pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20.13pt; text-align: left;"><span style="padding-left: 5pt;">—</span></div> </td> <td style="width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 55.26pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20.13pt; text-align: left;"><span style="padding-left: 5pt;">—</span></div> </td> <td style="width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 58.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 15.29pt; text-align: left;"><span style="padding-left: 5pt;">1,642</span></div> </td> <td style="width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 65.53pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 19.01pt; text-align: left;"><span style="padding-left: 5pt;">2,516 </span></div> </td> </tr> <tr> <td style="width: 192pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Other assets</div> </td> <td style="width: 5.23pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 55.26pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20.13pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">—</span></div> </td> <td style="width: 5.23pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 55.26pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20.13pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">—</span></div> </td> <td style="width: 5.23pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 58.1pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 15.29pt; text-align: left;"><span style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">200</span></div> </td> <td style="width: 5.23pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 65.53pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 19.01pt; text-align: left;"><span style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">438 </span></div> </td> </tr> <tr> <td style="width: 192pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total</div> </td> <td style="width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 55.26pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20.13pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$—</span></div> </td> <td style="width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 55.26pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20.13pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$—</span></div> </td> <td style="width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 58.1pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 15.29pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$3,510</span></div> </td> <td style="width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 65.53pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 19.01pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$5,233</span></div> </td> </tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 192pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 55.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 55.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 58.1pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 65.53pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 312pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="7" style="height: 6pt; width: 147.47pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 312pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div> </td> <td style="width: 4.26pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="7" style="width: 147.47pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Fair value measurement at </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">reporting date using </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 312pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">(in thousands)</div> </td> <td style="width: 4.26pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 47.77pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Quoted prices </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">in active </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">markets for </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">identical </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">assets </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(Level 1)</div> </td> <td style="width: 4.26pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.89pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Significant </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">other </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">observable </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Inputs </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(Level 2)</div> </td> <td style="width: 4.26pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 45.77pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Significant </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">unobservable </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Inputs </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(Level 3) </div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">December 31, 2025: </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 47.77pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.89pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 45.77pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 10pt; text-align: left;">Assets </div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 47.77pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.89pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 45.77pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20pt; text-align: left;">Cash equivalents: </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 47.77pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.89pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 45.77pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 30pt; text-align: left;">Money market funds</div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 47.77pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.64pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$43,803</span></div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.89pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.2pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$</span><span style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">—</span></div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 45.77pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 15.38pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$— </span></div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20pt; text-align: left;">Total cash equivalents</div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 47.77pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.64pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">43,803</span></div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.89pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.2pt; text-align: left;"><span style="padding-left: 22.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">—</span></div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 45.77pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 15.38pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">— </span></div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20pt; text-align: left;">Total financial assets</div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 47.77pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.64pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$43,803</span></div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.89pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.2pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 17.5pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">—</span></div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 45.77pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 15.38pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$— </span></div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">December 31, 2024: </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 47.77pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.89pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 45.77pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 10pt; text-align: left;">Assets </div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 47.77pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.89pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 45.77pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20pt; text-align: left;">Cash equivalents: </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 47.77pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.89pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 45.77pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 30pt; text-align: left;">Money market funds</div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 47.77pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.64pt; text-align: left;">$29,058</div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.89pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.2pt; text-align: left;">$<span style="padding-left: 17.5pt;">—</span></div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 45.77pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 15.38pt; text-align: left;">$— </div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 30pt; text-align: left;">Commercial paper</div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 47.77pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.64pt; text-align: left;"><span style="padding-left: 22.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">—</span></div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.89pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.2pt; text-align: left;"><span style="padding-left: 10pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">4,988</span></div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 45.77pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 15.38pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">— </span></div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20pt; text-align: left;">Total cash equivalents</div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 47.77pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.64pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">29,058</span></div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.89pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.2pt; text-align: left;"><span style="padding-left: 10pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">4,988</span></div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 45.77pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 15.38pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">— </span></div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20pt; text-align: left;">Marketable securities: </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 47.77pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.89pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 45.77pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 30pt; text-align: left;">Certificates of deposit</div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 47.77pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.64pt; text-align: left;"><span style="padding-left: 22.5pt;">—</span></div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.89pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.2pt; text-align: left;"><span style="padding-left: 10pt;">5,971</span></div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 45.77pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 15.38pt; text-align: left;"><span style="padding-left: 5pt;">— </span></div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 30pt; text-align: left;">Commercial paper</div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 47.77pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.64pt; text-align: left;"><span style="padding-left: 22.5pt;">—</span></div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.89pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.2pt; text-align: left;"><span style="padding-left: 5pt;">25,439</span></div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 45.77pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 15.38pt; text-align: left;"><span style="padding-left: 5pt;">— </span></div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 30pt; text-align: left;">Corporate debt securities</div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 47.77pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.64pt; text-align: left;"><span style="padding-left: 22.5pt;">—</span></div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.89pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.2pt; text-align: left;"><span style="padding-left: 10pt;">1,865</span></div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 45.77pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 15.38pt; text-align: left;"><span style="padding-left: 5pt;">— </span></div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 30pt; text-align: left;">U.S. government securities</div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 47.77pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.64pt; text-align: left;"><span style="padding-left: 22.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">—</span></div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.89pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.2pt; text-align: left;"><span style="padding-left: 10pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">5,908</span></div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 45.77pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 15.38pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">— </span></div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20pt; text-align: left;">Total marketable securities</div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 47.77pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.64pt; text-align: left;"><span style="padding-left: 22.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">—</span></div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.89pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.2pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">39,183</span></div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 45.77pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 15.38pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">— </span></div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20pt; text-align: left;">Total financial assets</div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 47.77pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.64pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$29,058</span></div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.89pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.2pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$44,171</span></div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 45.77pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 15.38pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$—</span></div> </td> </tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 312pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 47.77pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 36.89pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 4.26pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 45.77pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> </tr> </table> 43803000 43803000 43803000 29058000 4988000 29058000 4988000 5971000 25439000 1865000 5908000 39183000 29058000 44171000 <table cellpadding="0" cellspacing="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 192pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="7" style="height: 6pt; width: 189.53pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 65.53pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 192pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div> </td> <td style="width: 5.23pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="7" style="width: 189.53pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Fair Value Measurements as of December 31, 2025 of </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">assets remeasured during 2025</div> </td> <td style="width: 5.23pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 65.53pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Year ended </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December 31, 2025 </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 192pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">(in thousands)</div> </td> <td style="width: 5.23pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 53.59pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Level 1</div> </td> <td style="width: 5.23pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 53.59pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Level 2</div> </td> <td style="width: 5.23pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 61.43pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Level 3</div> </td> <td style="width: 5.23pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 65.53pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Impairment Losses </div> </td> </tr> <tr> <td style="width: 192pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Property and equipment, net</div> </td> <td style="width: 5.23pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 53.59pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 19.3pt; text-align: left;">$—</div> </td> <td style="width: 5.23pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 53.59pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 19.3pt; text-align: left;">$—</div> </td> <td style="width: 5.23pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 61.43pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 14.47pt; text-align: left;">$<span style="padding-left: 5pt;">3,155</span></div> </td> <td style="width: 5.23pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 65.53pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 19.01pt; text-align: left;">$3,373 </div> </td> </tr> <tr> <td style="width: 192pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Right of use assets</div> </td> <td style="width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 53.59pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 19.3pt; text-align: left;"><span style="padding-left: 5pt;">—</span></div> </td> <td style="width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 53.59pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 19.3pt; text-align: left;"><span style="padding-left: 5pt;">—</span></div> </td> <td style="width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 61.43pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 14.47pt; text-align: left;"><span style="padding-left: 10pt;">9,489</span></div> </td> <td style="width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 65.53pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 19.01pt; text-align: left;"><span style="padding-left: 5pt;">2,633 </span></div> </td> </tr> <tr> <td style="width: 192pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Other assets</div> </td> <td style="width: 5.23pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 53.59pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 19.3pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">—</span></div> </td> <td style="width: 5.23pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 53.59pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 19.3pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">—</span></div> </td> <td style="width: 5.23pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 61.43pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 14.47pt; text-align: left;"><span style="padding-left: 22.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">—</span></div> </td> <td style="width: 5.23pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 65.53pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 19.01pt; text-align: left;"><span style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">139 </span></div> </td> </tr> <tr> <td style="width: 192pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total</div> </td> <td style="width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 53.59pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 19.3pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$—</span></div> </td> <td style="width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 53.59pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 19.3pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$—</span></div> </td> <td style="width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 61.43pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 14.47pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$12,644</span></div> </td> <td style="width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 65.53pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 19.01pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$6,145</span></div> </td> </tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 192pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 53.59pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 53.59pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 61.43pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 65.53pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 192pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="7" style="height: 6pt; width: 189.54pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 65.53pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 192pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div> </td> <td style="width: 5.23pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="7" style="width: 189.54pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Fair Value Measurements as of December 31, 2024 of </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">assets remeasured during 2024</div> </td> <td style="width: 5.23pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 65.53pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Year ended </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December 31, 2024 </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 192pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">(in thousands)</div> </td> <td style="width: 5.23pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 55.26pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Level 1</div> </td> <td style="width: 5.23pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 55.26pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Level 2</div> </td> <td style="width: 5.23pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 58.1pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Level 3</div> </td> <td style="width: 5.23pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 65.53pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Impairment Losses </div> </td> </tr> <tr> <td style="width: 192pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Property and equipment, net</div> </td> <td style="width: 5.23pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 55.26pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20.13pt; text-align: left;">$—</div> </td> <td style="width: 5.23pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 55.26pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20.13pt; text-align: left;">$—</div> </td> <td style="width: 5.23pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 58.1pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 15.29pt; text-align: left;">$1,668</div> </td> <td style="width: 5.23pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 65.53pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 19.01pt; text-align: left;">$2,279 </div> </td> </tr> <tr> <td style="width: 192pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Right of use assets</div> </td> <td style="width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 55.26pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20.13pt; text-align: left;"><span style="padding-left: 5pt;">—</span></div> </td> <td style="width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 55.26pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20.13pt; text-align: left;"><span style="padding-left: 5pt;">—</span></div> </td> <td style="width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 58.1pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 15.29pt; text-align: left;"><span style="padding-left: 5pt;">1,642</span></div> </td> <td style="width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 65.53pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 19.01pt; text-align: left;"><span style="padding-left: 5pt;">2,516 </span></div> </td> </tr> <tr> <td style="width: 192pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Other assets</div> </td> <td style="width: 5.23pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 55.26pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20.13pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">—</span></div> </td> <td style="width: 5.23pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 55.26pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20.13pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">—</span></div> </td> <td style="width: 5.23pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 58.1pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 15.29pt; text-align: left;"><span style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">200</span></div> </td> <td style="width: 5.23pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 65.53pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 19.01pt; text-align: left;"><span style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">438 </span></div> </td> </tr> <tr> <td style="width: 192pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total</div> </td> <td style="width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 55.26pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20.13pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$—</span></div> </td> <td style="width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 55.26pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20.13pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$—</span></div> </td> <td style="width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 58.1pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 15.29pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$3,510</span></div> </td> <td style="width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 65.53pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 19.01pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$5,233</span></div> </td> </tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 192pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 55.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 55.26pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 58.1pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 5.23pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 65.53pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> </table> 3155000 3373000 9489000 2633000 139000 12644000 6145000 1668000 2279000 1642000 2516000 200000 438000 3510000 5233000 <div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 18.5pt; margin-left: 0pt; text-align: left;">6. Property and Equipment, Net </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7.5pt; margin-left: 0pt; text-align: left;">Property and equipment, net, consists of the following: </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> <br/></div> <table cellpadding="0" cellspacing="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 324pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 3.75pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 3.75pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 64.49pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 3.75pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 3.75pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 64.49pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 324pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">(in thousands)</div> </td> <td style="width: 3.75pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.75pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December 31, 2025</div> </td> <td style="width: 3.75pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.75pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December 31, 2024 </div> </td> </tr> <tr> <td style="width: 324pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Laboratory equipment</div> </td> <td style="width: 3.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.84pt; text-align: left;">$<span style="padding-left: 15.83pt;">—</span></div> </td> <td style="width: 3.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16pt; text-align: left;">$10,020 </div> </td> </tr> <tr> <td style="width: 324pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Office equipment</div> </td> <td style="width: 3.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.84pt; text-align: left;"><span style="padding-left: 15.83pt;">107</span></div> </td> <td style="width: 3.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16pt; text-align: left;"><span style="padding-left: 17.87pt;">119</span></div> </td> </tr> <tr> <td style="width: 324pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Computer hardware and software</div> </td> <td style="width: 3.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.84pt; text-align: left;"><span style="padding-left: 15.83pt;">988</span></div> </td> <td style="width: 3.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16pt; text-align: left;"><span style="padding-left: 10.74pt;">1,111</span></div> </td> </tr> <tr> <td style="width: 324pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Furniture and fixtures</div> </td> <td style="width: 3.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.84pt; text-align: left;"><span style="padding-left: 15.83pt;">419</span></div> </td> <td style="width: 3.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16pt; text-align: left;"><span style="padding-left: 17.5pt;">419</span></div> </td> </tr> <tr> <td style="width: 324pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Leasehold improvements</div> </td> <td style="width: 3.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.84pt; text-align: left;"><span style="padding-left: 8.33pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">6,510</span></div> </td> <td style="width: 3.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16pt; text-align: left;"><span style="padding-left: 10pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">7,386</span></div> </td> </tr> <tr> <td style="width: 324pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total property and equipment</div> </td> <td style="width: 3.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.84pt; text-align: left;"><span style="padding-left: 8.33pt;">8,024</span></div> </td> <td style="width: 3.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16pt; text-align: left;"><span style="padding-left: 5pt;">19,055</span></div> </td> </tr> <tr> <td style="width: 324pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Accumulated depreciation and amortization</div> </td> <td style="width: 3.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.84pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(3,917)</span></div> </td> <td style="width: 3.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16pt; text-align: left;"><span style="padding-left: 6.67pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(9,724)</span></div> </td> </tr> <tr> <td style="width: 324pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 3.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.84pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 3.33pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">4,107</span></div> </td> <td style="width: 3.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 5pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">9,331</span></div> </td> </tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 324pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 3.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 3.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 64.49pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 3.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 3.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 64.49pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> </table> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In connection with the Company’s January 2025 announcement to reduce its overall workforce by 55% and cease its lab operations in Hopewell, New Jersey, management implemented plans to sell substantially all the laboratory equipment and certain other assets and estimated the fair value of the assets based on the estimated future cash flows from the sale of such assets. Subsequent to recording the impairment of $2.6 million, the Company sold substantially all the laboratory equipment and certain other assets for $1.2 million. As a result, the Company did not record any depreciation on the impaired and disposed laboratory equipment during the year ended December 31, 2025 as the equipment was considered held-for-sale in January 2025. Neither laboratory equipment nor accumulated depreciation related to such equipment are recorded on the balance sheet as of December 31, 2025. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Depreciation and amortization expense was $0.7 million and $3.1 million for the years ended December 31, 2025 and 2024, respectively. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> <br/></div> <table cellpadding="0" cellspacing="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 324pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 3.75pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 3.75pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 64.49pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 3.75pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 3.75pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 64.49pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 324pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">(in thousands)</div> </td> <td style="width: 3.75pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.75pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December 31, 2025</div> </td> <td style="width: 3.75pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.75pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December 31, 2024 </div> </td> </tr> <tr> <td style="width: 324pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Laboratory equipment</div> </td> <td style="width: 3.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.84pt; text-align: left;">$<span style="padding-left: 15.83pt;">—</span></div> </td> <td style="width: 3.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16pt; text-align: left;">$10,020 </div> </td> </tr> <tr> <td style="width: 324pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Office equipment</div> </td> <td style="width: 3.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.84pt; text-align: left;"><span style="padding-left: 15.83pt;">107</span></div> </td> <td style="width: 3.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16pt; text-align: left;"><span style="padding-left: 17.87pt;">119</span></div> </td> </tr> <tr> <td style="width: 324pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Computer hardware and software</div> </td> <td style="width: 3.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.84pt; text-align: left;"><span style="padding-left: 15.83pt;">988</span></div> </td> <td style="width: 3.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16pt; text-align: left;"><span style="padding-left: 10.74pt;">1,111</span></div> </td> </tr> <tr> <td style="width: 324pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Furniture and fixtures</div> </td> <td style="width: 3.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.84pt; text-align: left;"><span style="padding-left: 15.83pt;">419</span></div> </td> <td style="width: 3.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16pt; text-align: left;"><span style="padding-left: 17.5pt;">419</span></div> </td> </tr> <tr> <td style="width: 324pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Leasehold improvements</div> </td> <td style="width: 3.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.84pt; text-align: left;"><span style="padding-left: 8.33pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">6,510</span></div> </td> <td style="width: 3.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16pt; text-align: left;"><span style="padding-left: 10pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">7,386</span></div> </td> </tr> <tr> <td style="width: 324pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total property and equipment</div> </td> <td style="width: 3.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.84pt; text-align: left;"><span style="padding-left: 8.33pt;">8,024</span></div> </td> <td style="width: 3.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16pt; text-align: left;"><span style="padding-left: 5pt;">19,055</span></div> </td> </tr> <tr> <td style="width: 324pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Accumulated depreciation and amortization</div> </td> <td style="width: 3.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.84pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(3,917)</span></div> </td> <td style="width: 3.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16pt; text-align: left;"><span style="padding-left: 6.67pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(9,724)</span></div> </td> </tr> <tr> <td style="width: 324pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 3.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.84pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 3.33pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">4,107</span></div> </td> <td style="width: 3.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 5pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">9,331</span></div> </td> </tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 324pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 3.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 3.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 64.49pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 3.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 3.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 64.49pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> </table> 10020000 107000 119000 988000 1111000 419000 419000 6510000 7386000 8024000 19055000 3917000 9724000 4107000 9331000 0.55 2600000 1200000 0 700000 3100000 <div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 8pt; margin-left: 0pt; text-align: left;">7. Accrued Expenses and Other Current Liabilities </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7pt; margin-left: 0pt; text-align: left;">Accrued expenses and other current liabilities consisted of the following: </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> <br/></div> <table cellpadding="0" cellspacing="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 324pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 3.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 3.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 64.49pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 3.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 3.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 64.49pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 324pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">(in thousands)</div> </td> <td style="width: 3.75pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.75pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December 31, 2025</div> </td> <td style="width: 3.75pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.75pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December 31, 2024 </div> </td> </tr> <tr> <td style="width: 324pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Professional fees</div> </td> <td style="width: 3.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.5pt; text-align: left;">$<span style="padding-left: 7.5pt;">347</span></div> </td> <td style="width: 3.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.5pt; text-align: left;">$<span style="padding-left: 7.5pt;">406 </span></div> </td> </tr> <tr> <td style="width: 324pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Compensation and related benefits</div> </td> <td style="width: 3.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.5pt; text-align: left;"><span style="padding-left: 5pt;">2,740</span></div> </td> <td style="width: 3.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.5pt; text-align: left;"><span style="padding-left: 5pt;">4,405</span></div> </td> </tr> <tr> <td style="width: 324pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Research and development</div> </td> <td style="width: 3.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.5pt; text-align: left;"><span style="padding-left: 12.5pt;">642</span></div> </td> <td style="width: 3.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.5pt; text-align: left;"><span style="padding-left: 5pt;">1,896</span></div> </td> </tr> <tr> <td style="width: 324pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Divestiture fee due to Catalent</div> </td> <td style="width: 3.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.5pt; text-align: left;"><span style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">924</span></div> </td> <td style="width: 3.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.5pt; text-align: left;"><span style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">— </span></div> </td> </tr> <tr> <td style="width: 324pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 3.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.5pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$4,653</span></div> </td> <td style="width: 3.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.5pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$6,707</span></div> </td> </tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 324pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 3.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 3.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 64.49pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 3.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 3.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 64.49pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 324pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 3.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 3.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 64.49pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 3.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 3.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 64.49pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 324pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">(in thousands)</div> </td> <td style="width: 3.75pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.75pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December 31, 2025</div> </td> <td style="width: 3.75pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.75pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December 31, 2024 </div> </td> </tr> <tr> <td style="width: 324pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Professional fees</div> </td> <td style="width: 3.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.5pt; text-align: left;">$<span style="padding-left: 7.5pt;">347</span></div> </td> <td style="width: 3.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.5pt; text-align: left;">$<span style="padding-left: 7.5pt;">406 </span></div> </td> </tr> <tr> <td style="width: 324pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Compensation and related benefits</div> </td> <td style="width: 3.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.5pt; text-align: left;"><span style="padding-left: 5pt;">2,740</span></div> </td> <td style="width: 3.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.5pt; text-align: left;"><span style="padding-left: 5pt;">4,405</span></div> </td> </tr> <tr> <td style="width: 324pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Research and development</div> </td> <td style="width: 3.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.5pt; text-align: left;"><span style="padding-left: 12.5pt;">642</span></div> </td> <td style="width: 3.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.5pt; text-align: left;"><span style="padding-left: 5pt;">1,896</span></div> </td> </tr> <tr> <td style="width: 324pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Divestiture fee due to Catalent</div> </td> <td style="width: 3.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.5pt; text-align: left;"><span style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">924</span></div> </td> <td style="width: 3.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.5pt; text-align: left;"><span style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">— </span></div> </td> </tr> <tr> <td style="width: 324pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 3.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.5pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$4,653</span></div> </td> <td style="width: 3.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 3.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.5pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$6,707</span></div> </td> </tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 324pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 3.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 3.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 64.49pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 3.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 3.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 64.49pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> </tr> </table> 347000 406000 2740000 4405000 642000 1896000 924000 4653000 6707000 <div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 14pt; margin-left: 0pt; text-align: left;">8. Gemma License Agreement </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">On July 31, 2024, the Company entered into a series of sublicense agreements with Gemma in connection with the outlicense of PBGM01 for the treatment of GM1 gangliosidosis, or GM1, PBKR03 for the treatment of Krabbe disease, or Krabbe, and PBML04 for the treatment of metachromatic leukodystrophy, or MLD, collectively the Outlicensed Programs, and such agreements, the Gemma Sublicenses. On May 7, 2025, the Company agreed to amend each of the Gemma Sublicenses to revise certain financial terms related to the Outlicensed Programs, or the Amended Gemma Sublicenses. Pursuant to the Amended Gemma Sublicenses, the Company is entitled to receive (i) an aggregate total of $15.0 million in initial payments for licenses and clinical product supply, of which $7.5 million was previously received, $2.5 million of which was due in May 2025, and $5.0 million of which is due in March 2026; (ii) an additional $5.0 million contingent on Gemma completing certain business milestones; (iii) up to an additional $114.0 million in development and commercial milestone payments; and (iv) single digit royalties as a percentage of annual worldwide net sales, in exchange for sublicenses to relevant intellectual property, transfer of regulatory dossiers and transfer of clinical trial materials and product supply related to the Outlicensed Programs. Gemma will be responsible for all payments due to the Trustees of the University of Pennsylvania’s, or Penn, under the Company’s research, collaboration and licensing agreement with Penn, or the Penn License Agreement, related to the Outlicensed Programs. On July 31, 2024, the Company also entered into a transition services agreement with Gemma, or the Transition Services Agreement, as amended by the First Amendment to the Transition Services Agreement, dated January 31, 2025, pursuant to which, the Company provided transitional services at cost to Gemma through May 31, 2025, and is entitled to reimbursement for transitional services performed retroactively from March 1, 2024, related to the transfer of the Outlicensed Programs. As of December 31, 2025, the Company has collected $7.5 million in initial payments, $4.8 million in transition services payments, and applied $1.5 million in amounts owed to Gemma for the Huntington’s disease program against amounts due to the Company for transition services under these agreements. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">As Gemma has a limited history of operations, the Company will not recognize revenue under ASC 606 until the Company either (i) has received payment and there are no remaining obligations to transfer goods and services under the Amended Gemma Sublicenses and Transition Services Agreement (as payments received by Gemma are nonrefundable), or (ii) concludes that substantially all of the transaction price is collectible. As of December 31, 2025, the Company has received initial payments of $7.5 million associated with the aggregate $15.0 million of initial payments to be made under the Amended Gemma Sublicenses for licenses and clinical product supply and $4.8 million associated with the Transition Services Agreement and applied $1.5 million in amounts owed to Gemma for the Huntington’s disease program against amounts due to the Company for transition services under these agreements. The Company recorded these amounts ($13.8 million) as non-refundable sublicense and transition services payments on the balance sheet as of December 31, 2025, as the criteria set forth above have not yet been met. </div> 15000000 7500000 2500000 5000000 5000000 114000000 7500000 4800000 1500000 7500000 15000000 4800000 1500000 13800000 <div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 16.5pt; margin-left: 0pt; text-align: left;">9. Severance </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In January 2025, the Company announced a workforce reduction to reduce operating expenses and to extend its cash runway. In connection with the announcement, the Company reduced headcount by approximately 55%. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In accordance with ASC 420, <span style="font-style: italic;">Exit and Disposal Activities</span>, the Company recorded severance and termination-related costs of $0.4 million in general and administrative expenses and $1.3 million in research and development expenses for the year ended December 31, 2025. During the year ended December 31, 2024, the Company recorded no severance and termination-related costs. As of December 31, 2025, there were no unpaid severance and termination-related costs. </div> 0.55 400000 1300000 0 0 <div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 8pt; margin-left: 0pt; text-align: left;">10. Leases </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 7pt; margin-left: 0pt; text-align: left;">2005 Market Street Lease Agreement </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Company is party to a lease agreement for office space, or the 2005 Market Street Lease Agreement, in Philadelphia, Pennsylvania. Under the 2005 Market Street Lease Agreement, the Company leased approximately 37,000 square feet. The 2005 Market Street Lease Agreement commenced in February 2021 and is expected to expire in December 2031. The Company has an option to extend the term of the 2005 Market Street Lease Agreement by two additional terms of five years each. The Company has an option to early terminate the 2005 Market Street Lease Agreement as of April 2029, given notice is provided to the landlord no less than fifteen months prior to April 2029. The optional extension and termination terms were not recognized as part of the Company’s measurement of the ROU asset and operating lease liability as of December 31, 2025. During 2023 the Company subleased all of the space at 2005 Market Street as further described in Sublease Agreement A and Sublease Agreement B below. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Sublease Agreement A </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">On August 7, 2023, the Company entered into a sublease agreement with a counterparty, or Sublessee A, to sublease approximately 8,000 square feet of the 2005 Market Street Lease Agreement, or Sublease Agreement A. This sublease term began on November 1, 2023, and continues through March 31, 2029. In the event the Company does not elect its early termination option under the 2005 Market Street Lease Agreement, Sublessee A has an option to extend the sublease agreement through November 30, 2031. The base sublease rent is $0.1 million per year and increases by 2.75% annually through the expiration of the agreement. Additionally, Sublessee A is required to pay the portion of the common area maintenance expenses, operating expenses, and use and occupancy taxes which the Company is required to pay under the 2005 Market Street Lease Agreement. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Pursuant to ASC Topic 842, <span style="font-style: italic;">Leases</span>, or ASC 842, the Company concluded the sublease is a separate lease, as the Company was not relieved of the primary obligation under the 2005 Market Street Lease Agreement. The Company continues to account for the 2005 Market Street Lease Agreement as a lessee and in the same manner as prior to the execution of Sublease Agreement A. The Company accounted for Sublease Agreement A as the lessor, and concluded the lease qualified as an operating lease, as it did not meet the criteria of a sales-type or direct financing lease. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Sublease Agreement B </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">On September 29, 2023, the Company entered into a sublease agreement with a counterparty, or Sublessee B, to sublease approximately 29,000 square feet of the 2005 Market Street Lease Agreement, or Sublease Agreement B. This sublease term began on March 1, 2024, and continues through August 2026. Sublessee B has an option to extend the term of the sublease agreement through March 31, 2029. The base sublease rent is $0.9 million per year for the entire term of the sublease. Additionally, Sublessee B is required to pay applicable use and occupancy taxes but is not obligated to make payments for operating expenses and common area maintenance expenses which the Company is required to pay under the 2005 Market Street Lease Agreement. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Pursuant to ASC 842, the Company concluded the sublease is a separate lease, as the Company was not relieved of the primary obligation under the 2005 Market Street Lease Agreement. The Company continues to account for the 2005 Market Street Lease Agreement as a lessee and in the same manner as prior to the execution of the Sublease Agreement B. The Company accounted for Sublease Agreement B as the lessor, and concluded the lease qualified as an operating lease, as it did not meet the criteria of a sales-type or direct financing lease. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">1835 Market Street Sublease Agreement </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">On February 20, 2024, the Company entered into a sublease agreement with a counterparty, or the 1835 Market Street Sublease Agreement. Under the 1835 Market Street Sublease Agreement, the Company subleased approximately 16,000 square feet of office space in Philadelphia, Pennsylvania. The sublease term began on March 26, 2024 and expired on September 30, 2025. The Company had the option but did not elect to extend the term of the sublease agreement through February 28, 2029. The base sublease rent was $0.3 million per year for the original 18-month term of the sublease. Additionally, the Company was required to pay utility costs associated with the subleased premises. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Laboratory Lease Agreement </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Company is also party to a lease agreement for laboratory space, or the Laboratory Lease Agreement, in Hopewell, New Jersey. The Laboratory Lease Agreement commenced in March 2021 and is expected to expire in March 2036. The </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: justify;">Company has an option to early terminate the Laboratory Lease Agreement as of March 2032 given notice is provided to the landlord no less than twelve months prior to March 2032. The Company has an option to extend the term of the Laboratory Lease Agreement by up to two five-year terms. These options were not recognized as part of the Company’s measurement of the ROU asset and operating lease liability as of December 31, 2025. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In January 2025, the Company implemented a restructuring plan which included ceasing lab operations. As a result, the Company is no longer using any of the space covered by the Laboratory Lease Agreement and is actively pursuing opportunities to sublease all remaining space in the Laboratory Lease Agreement as well as discussing with the landlord potential alternatives. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Hopewell Sublease Agreement </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">On September 4, 2024, the Company entered into a sublease agreement with a counterparty, or Sublessee C, to sublease approximately 3,200 square feet, or 5% of its approximately 62,000 square feet of leased laboratory space under the Laboratory Lease Agreement, or Hopewell Sublease Agreement. This sublease term began on September 11, 2024 and expires on December 31, 2029. Sublessee C has the option to extend the term of the sublease through December 2032. The base sublease rent is $0.1 million per year and increases by 2.5% annually through the expiration of the Hopewell Sublease Agreement. Additionally, Sublessee C is required to pay the portion of the common area maintenance expenses, operating expenses, and use and occupancy taxes that the Company is required to pay under the Laboratory Lease Agreement. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Pursuant to ASC 842, the Company concluded the sublease is a separate lease, as the Company was not relieved of the primary obligation under the Laboratory Lease Agreement. The Company continues to account for the Laboratory Lease Agreement as a lessee and in the same manner as prior to the execution of the Hopewell Sublease Agreement. The Company accounted for the Hopewell Sublease Agreement as the lessor, and concluded the lease qualified as an operating lease, as it did not meet the criteria of a sales-type or direct financing lease. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In 2024, the Company determined triggering events were present and reassessed the asset groups related to its laboratory space under the Laboratory Lease Agreement, which resulted in changes to the Company’s identified asset groups. The Company determined whether an impairment indicator was present for each of the new asset groups. Where an impairment indicator was present, the Company compared the estimated undiscounted cash flows to the carrying values, which includes ROU assets, leasehold improvements, and other property and equipment allocable to the laboratory space for those asset groups. The Company concluded the carrying values of certain asset groups were not recoverable as they exceeded the estimated undiscounted cash flows. The Company calculated the amount of impairment on those asset groups using a discounted cash flow model to calculate the fair value of the asset group which incorporated the net identifiable cash flows for the term of the Hopewell Sublease Agreement, including an estimate for cash flows in the residual period, and an estimated borrowing rate of a market participant subtenant. As a result, certain asset groups were impaired and the Company recognized impairment expense of $5.2 million, including $2.5 million for the ROU assets, $2.3 million for the property and equipment, net, and $0.4 million for certain other assets during the year ended December 31, 2024. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In connection with the January 2025 announcement to reduce its overall workforce by 55% and cease its lab operations in Hopewell, New Jersey, the Company determined triggering events were present and reassessed its asset groups related to its laboratory space under the Laboratory Lease Agreement. Laboratory equipment was separated from the ROU assets and leasehold improvements allocable to the laboratory space as the equipment was no longer being used in operations and the Company had implemented a plan to sell those assets. For the ROU assets and allocable leasehold improvements, the Company compared the estimated undiscounted cash flows from subleasing to the carrying value and determined there was no impairment. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In December 2025, the Company determined triggering events were present based on rental market activity. The Company determined whether an impairment indicator was present for each of the asset groups. Where an impairment indicator was present, the Company compared the estimated undiscounted cash flows to the carrying values, which includes ROU assets and leasehold improvements allocable to the laboratory space for those asset groups. The Company concluded the carrying value of one asset group was not recoverable as it exceeded the estimated undiscounted cash flows. With support from a valuation specialist, the Company estimated the fair value of that asset group by creating a discounted cash flow model which incorporated the net identifiable estimated cash flows for the remaining term of the Laboratory Lease Agreement based upon sublease market activity and an estimated market </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: justify;">participant subtenant borrowing rate and compared that to the carrying value of the asset group. As a result, the Company recognized impairment expense of $3.5 million, including $2.6 million for the ROU assets and $0.9 million for the leasehold improvements during the year ended December 31, 2025. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The following table summarizes future minimum lease payments for the Company’s lessee operating leases, which comprises of the 2005 Market Street Lease Agreement and the Laboratory Lease Agreement. The below table does not include expected cash inflows related to Sublease Agreement A, Sublease Agreement B, and the Hopewell Sublease Agreement as the Company was not relieved of its primary obligation under the 2005 Market Street Lease Agreement and Laboratory Lease Agreement: </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> <br/></div> <table cellpadding="0" cellspacing="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 408pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 12.09pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 12.09pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 35.83pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 408pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">(in thousands)</div> </td> <td style="width: 12.09pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.09pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 35.83pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div> </td> </tr> <tr> <td style="width: 408pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">2026</div> </td> <td style="width: 12.09pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.09pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 35.83pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;">$<span style="padding-left: 8.33pt;">3,757 </span></div> </td> </tr> <tr> <td style="width: 408pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">2027</div> </td> <td style="width: 12.09pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.09pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 13.33pt;">3,863</span></div> </td> </tr> <tr> <td style="width: 408pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">2028</div> </td> <td style="width: 12.09pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.09pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 13.33pt;">3,973</span></div> </td> </tr> <tr> <td style="width: 408pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">2029</div> </td> <td style="width: 12.09pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.09pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 13.33pt;">4,085</span></div> </td> </tr> <tr> <td style="width: 408pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">2030</div> </td> <td style="width: 12.09pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.09pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 13.33pt;">4,200</span></div> </td> </tr> <tr> <td style="width: 408pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Thereafter</div> </td> <td style="width: 12.09pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.09pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 8.33pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">17,421</span></div> </td> </tr> <tr> <td style="width: 408pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total undiscounted lease payments</div> </td> <td style="width: 12.09pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.09pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 35.83pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 8.33pt;">37,299</span></div> </td> </tr> <tr> <td style="width: 408pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Less: imputed interest</div> </td> <td style="width: 12.09pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.09pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(13,289)</span></div> </td> </tr> <tr> <td style="width: 408pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total lease liabilities</div> </td> <td style="width: 12.09pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.09pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 35.83pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 3.33pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">24,010</span></div> </td> </tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 408pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 12.09pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 12.09pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 35.83pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> </tr> </table> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The following table summarizes lease expense by lease type that was recognized during the years ended December 31, 2025 and 2024: </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> <br/></div> <table cellpadding="0" cellspacing="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 312pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 6.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 6.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="height: 6pt; width: 142.48pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 312pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div> </td> <td style="width: 6.75pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.75pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="width: 142.48pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Year Ended </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 312pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">(in thousands)</div> </td> <td style="width: 6.75pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.75pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December 31, 2025</div> </td> <td style="width: 6.75pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.75pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December 31, 2024 </div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Operating lease cost</div> </td> <td style="width: 6.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.5pt; text-align: left;">$3,419</div> </td> <td style="width: 6.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.5pt; text-align: left;">$3,505 </div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Variable lease cost</div> </td> <td style="width: 6.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.5pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">2,103</span></div> </td> <td style="width: 6.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.5pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">2,127</span></div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 6.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.5pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$5,522</span></div> </td> <td style="width: 6.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.5pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$5,632</span></div> </td> </tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 312pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 64.49pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 64.49pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> </tr> </table> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The following table shows the weighted average discount rate and weighted average remaining lease term of the operating leases: </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> <br/></div> <table cellpadding="0" cellspacing="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 312pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 6.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 6.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="height: 6pt; width: 142.48pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 312pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div> </td> <td style="width: 6.75pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.75pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="width: 142.48pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Year Ended </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 312pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div> </td> <td style="width: 6.75pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.75pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December 31, 2025</div> </td> <td style="width: 6.75pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.75pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December 31, 2024 </div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Weighted-average discount rate</div> </td> <td style="width: 6.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 26pt; text-align: left;">9.7% </div> </td> <td style="width: 6.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 23.5pt; text-align: left;"><span style="padding-left: 5pt;">9.7% </span></div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 1.01pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Weighted-average remaining lease term (years)</div> </td> <td style="width: 6.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 26pt; text-align: left;">9.3 </div> </td> <td style="width: 6.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 23.5pt; text-align: left;">10.2 </div> </td> </tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 312pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 64.49pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 64.49pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> </table> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The cash paid for amounts included in the measurement of the Company’s operating lease liabilities for the years ended December 31, 2025 and 2024 were $3.9 million and $3.8 million, respectively, recorded in operating cash flows. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The following table summarizes sublease income that was recognized in other income (expense), net during the years ended December 31, 2025 and 2024: </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> <br/></div> <table cellpadding="0" cellspacing="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 312pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 6.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 6.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="height: 6pt; width: 142.48pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 312pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div> </td> <td style="width: 6.75pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.75pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="width: 142.48pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Year Ended </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 312pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">(in thousands)</div> </td> <td style="width: 6.75pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.75pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December 31, 2025</div> </td> <td style="width: 6.75pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.75pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December 31, 2024 </div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 2.01pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Sublease rental income</div> </td> <td style="width: 6.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.5pt; text-align: left;">$1,467</div> </td> <td style="width: 6.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 22.25pt; text-align: left;">$987</div> </td> </tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 312pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 64.49pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 64.49pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> </tr> </table> 37000 true 2 P5Y true P15M 8000 true 100000 0.0275 29000 true 900000 16000 true 300000 P18M true P12M 2 P5Y 3200 0.05 62000 100000 0.025 5200000 2500000 2300000 400000 0.55 3500000 2600000 900000 <table cellpadding="0" cellspacing="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 408pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 12.09pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 12.09pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 35.83pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 408pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">(in thousands)</div> </td> <td style="width: 12.09pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.09pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 35.83pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div> </td> </tr> <tr> <td style="width: 408pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">2026</div> </td> <td style="width: 12.09pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.09pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 35.83pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;">$<span style="padding-left: 8.33pt;">3,757 </span></div> </td> </tr> <tr> <td style="width: 408pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">2027</div> </td> <td style="width: 12.09pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.09pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 13.33pt;">3,863</span></div> </td> </tr> <tr> <td style="width: 408pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">2028</div> </td> <td style="width: 12.09pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.09pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 13.33pt;">3,973</span></div> </td> </tr> <tr> <td style="width: 408pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">2029</div> </td> <td style="width: 12.09pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.09pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 13.33pt;">4,085</span></div> </td> </tr> <tr> <td style="width: 408pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">2030</div> </td> <td style="width: 12.09pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.09pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 13.33pt;">4,200</span></div> </td> </tr> <tr> <td style="width: 408pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Thereafter</div> </td> <td style="width: 12.09pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.09pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 8.33pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">17,421</span></div> </td> </tr> <tr> <td style="width: 408pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total undiscounted lease payments</div> </td> <td style="width: 12.09pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.09pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 35.83pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 8.33pt;">37,299</span></div> </td> </tr> <tr> <td style="width: 408pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Less: imputed interest</div> </td> <td style="width: 12.09pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.09pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(13,289)</span></div> </td> </tr> <tr> <td style="width: 408pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total lease liabilities</div> </td> <td style="width: 12.09pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.09pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 35.83pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 3.33pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">24,010</span></div> </td> </tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 408pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 12.09pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 12.09pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 35.83pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> </tr> </table> 3757000 3863000 3973000 4085000 4200000 17421000 37299000 13289000 24010000 <table cellpadding="0" cellspacing="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 312pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 6.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 6.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="height: 6pt; width: 142.48pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 312pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div> </td> <td style="width: 6.75pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.75pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="width: 142.48pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Year Ended </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 312pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">(in thousands)</div> </td> <td style="width: 6.75pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.75pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December 31, 2025</div> </td> <td style="width: 6.75pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.75pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December 31, 2024 </div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Operating lease cost</div> </td> <td style="width: 6.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.5pt; text-align: left;">$3,419</div> </td> <td style="width: 6.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.5pt; text-align: left;">$3,505 </div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Variable lease cost</div> </td> <td style="width: 6.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.5pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">2,103</span></div> </td> <td style="width: 6.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.5pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">2,127</span></div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 6.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.5pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$5,522</span></div> </td> <td style="width: 6.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.5pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$5,632</span></div> </td> </tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 312pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 64.49pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 64.49pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 312pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 6.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 6.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="height: 6pt; width: 142.48pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 312pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div> </td> <td style="width: 6.75pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.75pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="width: 142.48pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Year Ended </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 312pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div> </td> <td style="width: 6.75pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.75pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December 31, 2025</div> </td> <td style="width: 6.75pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.75pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December 31, 2024 </div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Weighted-average discount rate</div> </td> <td style="width: 6.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 26pt; text-align: left;">9.7% </div> </td> <td style="width: 6.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 23.5pt; text-align: left;"><span style="padding-left: 5pt;">9.7% </span></div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 1.01pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Weighted-average remaining lease term (years)</div> </td> <td style="width: 6.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 26pt; text-align: left;">9.3 </div> </td> <td style="width: 6.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 23.5pt; text-align: left;">10.2 </div> </td> </tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 312pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 64.49pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 64.49pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 312pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 6.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 6.75pt;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="height: 6pt; width: 142.48pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 312pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div> </td> <td style="width: 6.75pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.75pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="width: 142.48pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Year Ended </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 312pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">(in thousands)</div> </td> <td style="width: 6.75pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.75pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December 31, 2025</div> </td> <td style="width: 6.75pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.75pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December 31, 2024 </div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 2.01pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Sublease rental income</div> </td> <td style="width: 6.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.5pt; text-align: left;">$1,467</div> </td> <td style="width: 6.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 22.25pt; text-align: left;">$987</div> </td> </tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 312pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 64.49pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.75pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 64.49pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> </tr> </table> 3419000 3505000 2103000 2127000 5522000 5632000 0.097 0.097 P9Y3M18D P10Y2M12D 3900000 3800000 1467000 987000 <div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">11. Commitments and Contingencies </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 7pt; margin-left: 0pt; text-align: left;">Amended and Restated Research, Collaboration and License Arrangement with Penn </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In connection with the transfer of the Outlicensed Programs (GM1, Krabbe, and MLD), the Company restructured its research, collaboration and license agreement with Penn, as amended, previously the Penn Agreement and now referred to as the Penn License Agreement. Pursuant to the Penn License Agreement, as of July 31, 2024, the Company </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: justify;">(i) terminated the funding of discovery research programs; (ii) terminated the research and exploratory research programs; (iii) terminated the remaining eight options it had for future central nervous system, or CNS, indications; (iv) terminated the transaction fee payable to Penn in the event of certain corporate transactions; and (v) retained its current exclusive and non-exclusive licenses to its programs in FTD, GM1, Krabbe, and MLD and certain platform technologies resulting from the discovery programs that it funded. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">For the Company’s licensed programs in FTD, GM1, Krabbe, and MLD, the Penn License Agreement requires that it make payments of up to $16.5 million per product candidate. Each payment will be due upon the achievement of specific development milestone events by such licensed product for a first indication, reduced development milestone payments for the second and third indications, and no development milestone payments for subsequent indications. In addition, on a product-by-product basis, the Company is obligated to make up to $55.0 million in sales milestone payments on each licensed product based on annual worldwide net sales of the licensed product in excess of defined thresholds. Pursuant to the Amended Gemma Sublicenses, Gemma is responsible for the payments to Penn related to the Outlicensed Programs. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Upon successful commercialization of a product using the licensed technology, the Company is obligated to pay to Penn, on a licensed product-by-licensed product and country-by-country basis, tiered royalties (subject to customary reductions) in the mid-single digits percentage on annual worldwide net sales of such licensed product. In addition, other than the Amended Gemma Sublicenses, the Company is obligated to pay to Penn a percentage of sublicensing income, ranging from the mid-single digits to low double digits, for sublicenses under the Penn License Agreement. The agreement will expire on a licensed product-by-licensed product and country-by-country basis upon the later of (i) the expiration of the last valid claim of the licensed patent rights that covers the exploitation of such licensed product in such country, and (ii) the expiration of the royalty period. Pursuant to the Amended Gemma Sublicenses, Gemma is responsible for the payments to Penn related to the Outlicensed Programs. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">Gemma - Research, Collaboration and License Agreement </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In connection with the transfer of the Outlicensed Programs, on July 31, 2024, the Company entered into a research, collaboration and license agreement with Gemma, or the Gemma Collaboration Agreement. Pursuant to the Gemma Collaboration Agreement, (i) Gemma will conduct certain preclinical and Investigational New Drug-enabling work for the Company’s active research program in Huntington’s disease and a currently paused research program in Temporal Lobe Epilepsy, or TLE, which were previously being conducted by Penn under the Penn Agreement and (ii) Gemma will grant the Company options to conduct mutually-agreed research programs in four new CNS indications. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Gemma Collaboration Agreement requires the Company to make payments of up to (i) $16.5 million per product candidate in the aggregate for Huntington’s disease and any future CNS indications available to the Company under its four options and (ii) $39.0 million per product candidate in the aggregate arising from the research program for TLE. Each payment will be due upon the achievement of specific development milestone events by such licensed product for a first indication, reduced development milestone payments for the second and third indications and no development milestone payments for subsequent indications. In addition, on a product-by-product basis, the Company is obligated to make up to $55.0 million in sales milestone payments on each licensed product based on annual worldwide net sales of the licensed product in excess of defined thresholds. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Upon successful commercialization of a product using the licensed technology, the Company is obligated to pay to Gemma, on a licensed product-by-licensed product and country-by-country basis, tiered royalties (subject to customary reductions) in the mid-single digits percentage on annual worldwide net sales of such licensed product. In addition, the Company is obligated to pay to Gemma a percentage of sublicensing income, ranging from the mid-single digits to low double digits, for sublicenses under the Gemma Collaboration Agreement. The agreement will expire on a licensed product-by-licensed product and country-by-country basis upon the later of (i) the expiration of the last valid claim of the licensed patent rights that covers the exploitation of such licensed product in such country, and (ii) the expiration of the royalty period. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">If the Company was to exercise any of the four options under the Gemma Collaboration Agreement, it would owe Gemma a non-refundable aggregate fee of $1.0 million per product indication, with $0.5 million due upfront and another $0.5 million fee owed upon a further developmental milestone. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: justify;">The Company has also entered into the Amended Gemma Sublicenses and Transition Services Agreement as described in Note 8. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Amended Gemma Sublicenses, the Transition Services Agreement, and the Gemma Collaboration Agreement are collectively referred to as the Outlicense Transaction Agreements. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">Catalent Agreements </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Company has entered into a collaboration agreement, and a development services and clinical supply agreement, or the Amended Catalent Agreements, with Catalent Maryland, a unit of Catalent, Inc. acquired by Novo Holdings A/S, or Catalent, to secure clinical scale manufacturing capacity for batches of active pharmaceutical ingredients for the Company’s gene therapy product candidates. Under the terms of the Amended Catalent Agreements, Catalent agreed to manufacture batches of drug product for the Company’s gene therapy product candidates. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Amended Catalent Agreements remain in effect until November 6, 2030, and establish a limited exclusive relationship between the Company and Catalent for the manufacture of bulk drug substance and drug product for the Company’s adeno-associated virus delivery therapeutic product candidates for the treatment of FTD and GM1. The limited exclusive relationship under the Amended Catalent Agreements converts to a non-exclusive relationship (i) in the event Catalent fails to meet certain performance standards and (ii) following certain conditional events related to the divestiture by the Company of either FTD or GM1, in which case, if such events occur, the Company would pay Catalent certain fees. In the event of certain transactions, the Company may terminate the Amended Catalent Agreements for convenience with respect to such products, in which case, the Company would pay Catalent a certain termination fee. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The outlicense and completed transition of GM1 to Gemma under the Outlicense Transaction Agreements, is deemed by Catalent to be a divestiture under the Amended Catalent Agreements. As such, the Company is required to make payment of $0.9 million to Catalent which has been accrued as of and during the year ended December 31, 2025. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">Litigation </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In the normal course of business, the Company from time to time is named as a party to legal claims and actions. The Company records a loss contingency reserve for a legal proceeding when the potential loss is considered probable and can be reasonably estimated. The Company has not recorded any amounts for loss contingencies as of December 31, 2025. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Company is the defendant in litigation with a former employee, who filed a lawsuit in the Court of Common Pleas of Philadelphia County asserting claims for breach of contract and violation of the Pennsylvania Wage Payment and Collection Law. The plaintiff, who was terminated from their employment in 2019, contended that the Company entered into a binding settlement agreement in February 2020 under which he was to receive shares of company stock and additional compensation. Specifically, he contended that before the announcement of the Company’s initial public offering in February 2020, he was promised 150,000 shares of stock as part of the settlement, and that those shares were not subject to the reverse stock split that was implemented for all shareholders. The Company responded that the shares offered in settlement negotiations in 2020 were to be subject to the reverse split, and that had the settlement been finalized, the plaintiff would have been entitled to 33,836 shares (1,692 shares adjusted for the Reverse Stock Split effected in 2025). A trial in this case was held in October 2024. The jury found that an agreement was reached, but it agreed with the Company that any shares to be awarded to the plaintiff were subject to the reverse split. The jury awarded damages in an amount that was roughly equal to what the Company contended had been offered to the plaintiff before the initial public offering. Both sides then challenged the verdict, and on December 12, 2024, the judge who presided over the trial delivered a judgment in the Company’s favor, finding that no binding agreement was reached and that the plaintiff was not entitled to recover any damages. On December 23, 2024, the plaintiff filed an appeal with the Superior Court of Pennsylvania. On September 25, 2025, the appellate court affirmed the entry of judgment in favor of the Company and on October 7, 2025, the plaintiff filed an Application for Reargument to the Superior Court <span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">of Pennsylvania. In December 2025, the Superior Court of Pennsylvania denied the Application for Reargument. In December 2025,</span> the plaintiff petitioned for review of their appeal to the Pennsylvania Supreme Court which is currently pending. The Company intends to continue to defend against this claim. </div> <div class="BRDSX_h3" style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 15pt; margin-left: 0pt; text-align: justify;"> <span style="background-color: rgb(255, 255, 255); font-weight: normal; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Other than the above, we are not presently a party to any legal proceedings that, in the opinion of management, would, if decided against us, have a material adverse effect on our business. Regardless of outcome, litigation can have an adverse impact on us due to defense and settlement costs, diversion of management resources, negative publicity and reputational harm, and other factors. </span></div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 15pt; margin-left: 0pt; text-align: left;">Employment Agreements </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Company has employment agreements with certain key personnel providing for up to 18 months of salary continuation, up to 150% of target annual bonus amounts, and acceleration of vesting in stock-based compensation awards in certain circumstances. </div> 16500000 55000000 16500000 39000000 55000000 1000000 500000 500000 900000 0 150000 33836 1692 1.50 <div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 15.5pt; margin-left: 0pt; text-align: left;">12. Common Stock </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">On March 5, 2021, the Company entered into a Sales Agreement, or the Sales Agreement, with Cowen and Company, LLC, or Cowen, relating to the applicable terms of at-the-market equity offerings, or the ATM Facility, pursuant to which the Company may, but is not obligated to, offer and sell, from time to time, shares of its common stock with an aggregate offering price up to $125.0 million through Cowen, as sales agent in the ATM Facility. The Company issued 300,000 shares of common stock under the ATM Facility, resulting in net proceeds of $8.7 million, after deducting offering costs of $0.3 million in March 2024. The Company is currently limited in its capacity to offer and sell shares of its common stock under the Sales Agreement pursuant to the prospectus supplement to its shelf registration statement on Form S-3, filed on March 5, 2025. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">On July 14, 2025, the Company effected the Reverse Stock Split. The Reverse Stock Split did not reduce the number of authorized shares of the common stock and did not change the par value of the common stock. In addition, proportionate adjustments were made to the number of shares of common stock available for issuance under the Company’s equity inducement and incentive plans; the number of shares underlying, and the exercise prices of outstanding equity awards under such plans. All share information in these financial statements has been adjusted for this Reverse Stock Split. </div> 125000000 300000 8700000 300000 <div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 15.5pt; margin-left: 0pt; text-align: left;">13. Share-Based Compensation </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 7pt; margin-left: 0pt; text-align: left;">Equity Incentive Plan </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Company has three equity incentive plans: the 2018 Equity Incentive Plan, as amended, or the 2018 Plan, the 2020 Equity Incentive Plan, or the Incentive Plan, and the 2021 Equity Inducement Plan, or the Inducement Plan. New awards can only be granted under the Incentive Plan and the Inducement Plan. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The total number of shares authorized under the Incentive Plan as of December 31, 2025 was 947,598. Additionally, 204,732 shares previously issued under the 2018 Plan which were forfeited are available for issuance under the Incentive Plan. As of December 31, 2025, 433,624 shares were available for future grants under the Incentive Plan. The number of shares of the Company’s common stock that may be issued pursuant to rights granted under the Incentive Plan shall automatically increase on January 1st of each year, commencing on January 1, 2021 and continuing for ten years, in an amount equal to five percent of the total number of shares of the Company’s common stock outstanding on December 31st of the preceding calendar year, subject to the discretion of the board of directors to determine a lesser number of shares shall be added for such year. As a result, the number of shares reserved for issuance under the Incentive Plan increased by 159,141 and 155,155 shares in January 2026 and 2025, respectively. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Incentive Plan provides for the granting of common stock, incentive stock options, nonqualified stock options, restricted stock awards, and/or stock appreciation rights to employees, directors, and other persons, as determined by the Company’s board of directors. The Company’s stock options awarded to date under the Incentive Plan vest based on a requisite service period, generally over four-year periods, and have a term of ten years. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Inducement Plan was approved by the Company’s board of directors in July 2021. The total number of shares authorized under the Inducement Plan as of December 31, 2025 was 125,000. Of this amount, 87,166 shares were </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;"> available for future grants as of December 31, 2025. The Inducement Plan provides for the granting of nonqualified stock options and restricted stock awards to employees hired by the Company, as determined by the Company’s board of directors. The Company’s stock options awarded to date under the Inducement Plan vest based on requisite service period and have a term of ten years. The Company’s restricted stock units awarded to date under the Inducement Plan vest based on requisite service period and have a term based on each award agreement. </div> <table cellpadding="0" cellspacing="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 336pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="height: 6pt; width: 107.28pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 336pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="width: 107.28pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Year Ended December 31, </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 336pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">(in thousands)</div> </td> <td style="width: 12.36pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025</div> </td> <td style="width: 12.36pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2024 </div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Research and development</div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.89pt; text-align: left;">$<span style="padding-left: 7.5pt;">842</span></div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.89pt; text-align: left;">$2,529 </div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">General and administrative</div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.89pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">2,159</span></div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.89pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">3,291</span></div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.89pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$3,001</span></div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.89pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$5,820</span></div> </td> </tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 336pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 41.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 41.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> </tr> </table> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.5pt; margin-left: 0pt; text-align: left;">The following table summarizes stock option activity for the year ended December 31, 2025: </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> <br/></div> <table cellpadding="0" cellspacing="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 300pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 7.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 7.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 36.95pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 7.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 7.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 46.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 7.13pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 7.13pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 41.96pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 300pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div> </td> <td style="width: 7.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.14pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.95pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Number of<br/> </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">shares</div> </td> <td style="width: 7.14pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.14pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 46.28pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Weighted<br/> </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">average<br/> </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">exercise price<br/> </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">per share</div> </td> <td style="width: 7.13pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.13pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.96pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Weighted<br/> </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">average<br/> </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">remaining<br/> </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">contractual<br/> </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">term (years) </div> </td> </tr> <tr> <td style="width: 300pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Outstanding at January 1, 2025</div> </td> <td style="width: 7.14pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.14pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.95pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.56pt; text-align: left;"><span style="padding-left: 3.33pt;">577,581</span></div> </td> <td style="width: 7.14pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.14pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 46.28pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.89pt; text-align: left;">$<span style="padding-left: 5pt;">77.56</span></div> </td> <td style="width: 7.13pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.13pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.96pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 14.74pt; text-align: left;">7.5</div> </td> </tr> <tr> <td style="width: 300pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Granted</div> </td> <td style="width: 7.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.95pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.56pt; text-align: left;"><span style="padding-left: 3.33pt;">248,208</span></div> </td> <td style="width: 7.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 46.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.89pt; text-align: left;"><span style="padding-left: 15pt;">7.78</span></div> </td> <td style="width: 7.13pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.13pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.96pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> </tr> <tr> <td style="width: 300pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Exercised</div> </td> <td style="width: 7.14pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.14pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.95pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.56pt; text-align: left;"><span style="padding-left: 25.83pt;">—</span></div> </td> <td style="width: 7.14pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.14pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 46.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.89pt; text-align: left;"><span style="padding-left: 10pt;">—</span></div> </td> <td style="width: 7.13pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.13pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.96pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> </tr> <tr> <td style="width: 300pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Forfeited</div> </td> <td style="width: 7.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.95pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.56pt; text-align: left;">(125,526)</div> </td> <td style="width: 7.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 46.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.89pt; text-align: left;"><span style="padding-left: 10pt;">82.56</span></div> </td> <td style="width: 7.13pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.13pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.96pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> </tr> <tr> <td style="width: 300pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Expired</div> </td> <td style="width: 7.14pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.14pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.95pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.56pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(41,290)</span></div> </td> <td style="width: 7.14pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.14pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 46.28pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.89pt; text-align: left;"><span style="padding-left: 5pt;">175.24</span></div> </td> <td style="width: 7.13pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.13pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.96pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> </tr> <tr> <td style="width: 300pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Outstanding at December 31, 2025</div> </td> <td style="width: 7.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.95pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.56pt; text-align: left;"><span style="padding-left: 3.33pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">658,973<br/> </span></div> </td> <td style="width: 7.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 46.28pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.89pt; text-align: left;">$<span style="padding-left: 5pt;">44.20</span></div> </td> <td style="width: 7.13pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.13pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.96pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 14.74pt; text-align: left;">7.1</div> </td> </tr> <tr> <td style="width: 300pt; padding-top: 3.26pt; padding-bottom: 3.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Vested and exercisable at December 31, 2025</div> </td> <td style="width: 7.14pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.14pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.95pt; padding-top: 3.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.56pt; text-align: left;"><span style="padding-left: 3.33pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">357,766<br/> </span></div> </td> <td style="width: 7.14pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.14pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 46.28pt; padding-top: 3.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.89pt; text-align: left;">$<span style="padding-left: 5pt;">78.82</span></div> </td> <td style="width: 7.13pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.13pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.96pt; padding-top: 3.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 14.74pt; text-align: left;">5.6</div> </td> </tr> <tr> <td style="width: 300pt; padding-top: 3.26pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Vested or expected to vest at December 31, 2025</div> </td> <td style="width: 7.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.95pt; padding-top: 3.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.56pt; text-align: left;"><span style="padding-left: 3.33pt;">658,973</span></div> </td> <td style="width: 7.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 46.28pt; padding-top: 3.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.89pt; text-align: left;">$<span style="padding-left: 5pt;">44.20</span></div> </td> <td style="width: 7.13pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.13pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.96pt; padding-top: 3.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 14.74pt; text-align: left;">7.1</div> </td> </tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 300pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 7.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 7.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 36.95pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 7.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 7.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 46.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 7.13pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 7.13pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 41.96pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> </table> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The weighted-average grant date fair value of options granted was $6.07 and $20.20 for the years ended December 31, 2025 and 2024, respectively. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The aggregate intrinsic value of options outstanding was $0.9 million at December 31, 2025 and was de minimis at December 31, 2024. The aggregate intrinsic value of options exercisable was $0.2 million at December 31, 2025 and was de minimis at December 31, 2024. There were no options exercised during the year ended December 31, 2025 and the aggregate intrinsic value of options exercised during the year ended December 31, 2024 was de minimis. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">As of December 31, 2025, the total unrecognized compensation expense related to unvested stock option awards was $3.0 million, which the Company expects to recognize over a weighted-average period of 2.2 years. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The fair value of each option was estimated on the date of grant using the weighted average assumptions in the table below: </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> <br/></div> <table cellpadding="0" cellspacing="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 360pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 6.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 6.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="height: 6pt; width: 95.28pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 360pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div> </td> <td style="width: 6.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.36pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="width: 95.28pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Year Ended December 31, </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 360pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div> </td> <td style="width: 6.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.36pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025</div> </td> <td style="width: 6.36pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.36pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2024 </div> </td> </tr> <tr> <td style="width: 360pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Expected volatility</div> </td> <td style="width: 6.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">93.7%</div> </td> <td style="width: 6.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">88.4%</div> </td> </tr> <tr> <td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Risk-free interest rate</div> </td> <td style="width: 6.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">4.1%</div> </td> <td style="width: 6.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">4.2%</div> </td> </tr> <tr> <td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Expected term</div> </td> <td style="width: 6.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">5.9 years</div> </td> <td style="width: 6.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">6.0 years </div> </td> </tr> <tr> <td style="width: 360pt; padding-top: 1.01pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Expected dividend yield</div> </td> <td style="width: 6.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">—</div> </td> <td style="width: 6.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">—</div> </td> </tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 360pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 41.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 41.28pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> </table> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 8pt; margin-left: 0pt; text-align: left;">Restricted Stock Units </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Company issues restricted stock units, or RSUs, to employees that vest over periods of time as determined by the board of directors. Any unvested shares are forfeited upon termination of services. The fair value of the RSUs is equal to the fair market value of the Company’s common stock on the date of grant. Compensation expense is recognized on a straight-line basis over the vesting period of the RSUs. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;">The following table summarizes activity related to RSU awards during the year ended December 31, 2025: </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> <br/></div> <table cellpadding="0" cellspacing="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 312pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 6.4pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 6.4pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 60.58pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 6.39pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 6.39pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 69.84pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 312pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div> </td> <td style="width: 6.4pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.4pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 60.58pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Number of shares</div> </td> <td style="width: 6.39pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.39pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 69.84pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Weighted average </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">grant date fair value </div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Unvested balance at January 1, 2025</div> </td> <td style="width: 6.4pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.4pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 60.58pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 14.87pt; text-align: left;"><span style="padding-left: 8.33pt;">7,093</span></div> </td> <td style="width: 6.39pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.39pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 69.84pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 21.17pt; text-align: left;">$44.80 </div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Granted</div> </td> <td style="width: 6.4pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.4pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 60.58pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 14.87pt; text-align: left;"><span style="padding-left: 3.33pt;">60,000</span></div> </td> <td style="width: 6.39pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.39pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 69.84pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 21.17pt; text-align: left;"><span style="padding-left: 5.37pt;">11.70</span></div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Vested</div> </td> <td style="width: 6.4pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.4pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 60.58pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 14.87pt; text-align: left;">(16,825)</div> </td> <td style="width: 6.39pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.39pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 69.84pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 21.17pt; text-align: left;"><span style="padding-left: 5pt;">27.92</span></div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Forfeited</div> </td> <td style="width: 6.4pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.4pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 60.58pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 14.87pt; text-align: left;"><span style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(268)</span></div> </td> <td style="width: 6.39pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.39pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 69.84pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 21.17pt; text-align: left;"><span style="padding-left: 5pt;">90.40</span></div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Unvested balance at December 31, 2025</div> </td> <td style="width: 6.4pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.4pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 60.58pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 14.87pt; text-align: left;"><span style="padding-left: 3.33pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">50,000<br/> </span></div> </td> <td style="width: 6.39pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.39pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 69.84pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 21.17pt; text-align: left;">$10.52</div> </td> </tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 312pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.4pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.4pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 60.58pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.39pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.39pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 69.84pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> </tr> </table> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">As of December 31, 2025, the total unrecognized expense related to all RSUs was $0.3 million, which the Company expects to recognize over a weighted-average period of 1.0 years. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">Employee Stock Purchase Plan </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Company’s 2020 Employee Stock Purchase Plan, or the ESPP, became effective on February 28, 2020. The ESPP authorizes the issuance of up to 99,088 shares of the Company’s common stock. Of this amount, 59,103 were available for future grants as of December 31, 2025. The number of shares of the Company’s common stock that may be issued pursuant to rights granted under the ESPP shall automatically increase on January 1st of each year and continuing for ten years, in an amount equal to one percent of the total number of shares of the Company’s common stock outstanding on December 31st of the preceding calendar year, subject to the discretion of the board of directors to determine a lesser number of shares shall be added for such year. As a result, on January 1, 2026 and 2025, subject to the discretion of the board of directors, the shares authorized for issuance under the ESPP was not increased. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Under the ESPP, eligible employees can purchase the Company’s common stock through accumulated payroll deductions at such times as are established by the board of director’s Compensation Committee. Eligible employees may purchase the Company’s common stock at 85% of the lower of the fair market value of the Company’s common stock on the first day of the offering period or on the last day of the offering period. The offering periods under the ESPP have a duration of six months, with periods ending in May and November of each calendar year. Eligible employees may contribute up to 15% of their eligible compensation. Under the ESPP, a participant may not accrue rights to purchase more than $25,000 worth of the Company’s common stock for each calendar year in which such right is outstanding or purchase more than 200 shares of the Company’s common stock in any single offering period. Beginning in May 2026, the limit will increase from 200 shares to 2,000 shares in any single offering period, not to exceed $25,000 in any calendar year. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In accordance with the guidance in ASC Topic 718-50,<span style="font-style: italic;"> Compensation – Stock Compensation</span>, the ability to purchase shares of the Company’s common stock at 85% of the lower of the price on the first day of the offering period or the last day of the offering period (i.e. the purchase date) represents an option and<span style="font-weight: bold;">, </span>therefore, the ESPP is a compensatory plan under this guidance. Accordingly, share-based compensation expense is determined based on the option’s grant-date fair value as estimated by applying the Black Scholes option-pricing model and is recognized over the withholding period. No share-based compensation expense related to the ESPP was recorded during the years ended December 31, 2025 and 2024. </div> 3 947598 204732 433624 P10Y 0.05 159141 155155 P4Y P10Y 125000 87166 P10Y <div style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; text-align: justify;">The Company measures share-based awards at their grant-date fair value and records compensation expense on a straight-line basis over the vesting period of the awards. The Company recorded share-based compensation expense in the following expense categories in its accompanying statements of operations and comprehensive loss for the period presented:</div> <table cellpadding="0" cellspacing="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 336pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="height: 6pt; width: 107.28pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 336pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="width: 107.28pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Year Ended December 31, </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 336pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">(in thousands)</div> </td> <td style="width: 12.36pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025</div> </td> <td style="width: 12.36pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2024 </div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Research and development</div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.89pt; text-align: left;">$<span style="padding-left: 7.5pt;">842</span></div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.89pt; text-align: left;">$2,529 </div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">General and administrative</div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.89pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">2,159</span></div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.89pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">3,291</span></div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.89pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$3,001</span></div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.89pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$5,820</span></div> </td> </tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 336pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 41.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 41.28pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> </tr> </table> 842000 2529000 2159000 3291000 3001000 5820000 <table cellpadding="0" cellspacing="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 300pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 7.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 7.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 36.95pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 7.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 7.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 46.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 7.13pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 7.13pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 41.96pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 300pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div> </td> <td style="width: 7.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.14pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.95pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Number of<br/> </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">shares</div> </td> <td style="width: 7.14pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.14pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 46.28pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Weighted<br/> </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">average<br/> </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">exercise price<br/> </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">per share</div> </td> <td style="width: 7.13pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.13pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.96pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Weighted<br/> </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">average<br/> </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">remaining<br/> </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">contractual<br/> </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">term (years) </div> </td> </tr> <tr> <td style="width: 300pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Outstanding at January 1, 2025</div> </td> <td style="width: 7.14pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.14pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.95pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.56pt; text-align: left;"><span style="padding-left: 3.33pt;">577,581</span></div> </td> <td style="width: 7.14pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.14pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 46.28pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.89pt; text-align: left;">$<span style="padding-left: 5pt;">77.56</span></div> </td> <td style="width: 7.13pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.13pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.96pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 14.74pt; text-align: left;">7.5</div> </td> </tr> <tr> <td style="width: 300pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Granted</div> </td> <td style="width: 7.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.95pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.56pt; text-align: left;"><span style="padding-left: 3.33pt;">248,208</span></div> </td> <td style="width: 7.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 46.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.89pt; text-align: left;"><span style="padding-left: 15pt;">7.78</span></div> </td> <td style="width: 7.13pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.13pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.96pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> </tr> <tr> <td style="width: 300pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Exercised</div> </td> <td style="width: 7.14pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.14pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.95pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.56pt; text-align: left;"><span style="padding-left: 25.83pt;">—</span></div> </td> <td style="width: 7.14pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.14pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 46.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.89pt; text-align: left;"><span style="padding-left: 10pt;">—</span></div> </td> <td style="width: 7.13pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.13pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.96pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> </tr> <tr> <td style="width: 300pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Forfeited</div> </td> <td style="width: 7.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.95pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.56pt; text-align: left;">(125,526)</div> </td> <td style="width: 7.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 46.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.89pt; text-align: left;"><span style="padding-left: 10pt;">82.56</span></div> </td> <td style="width: 7.13pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.13pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.96pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> </tr> <tr> <td style="width: 300pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Expired</div> </td> <td style="width: 7.14pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.14pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.95pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.56pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(41,290)</span></div> </td> <td style="width: 7.14pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.14pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 46.28pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.89pt; text-align: left;"><span style="padding-left: 5pt;">175.24</span></div> </td> <td style="width: 7.13pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.13pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.96pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> </tr> <tr> <td style="width: 300pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Outstanding at December 31, 2025</div> </td> <td style="width: 7.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.95pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.56pt; text-align: left;"><span style="padding-left: 3.33pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">658,973<br/> </span></div> </td> <td style="width: 7.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 46.28pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.89pt; text-align: left;">$<span style="padding-left: 5pt;">44.20</span></div> </td> <td style="width: 7.13pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.13pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.96pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 14.74pt; text-align: left;">7.1</div> </td> </tr> <tr> <td style="width: 300pt; padding-top: 3.26pt; padding-bottom: 3.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Vested and exercisable at December 31, 2025</div> </td> <td style="width: 7.14pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.14pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.95pt; padding-top: 3.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.56pt; text-align: left;"><span style="padding-left: 3.33pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">357,766<br/> </span></div> </td> <td style="width: 7.14pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.14pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 46.28pt; padding-top: 3.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.89pt; text-align: left;">$<span style="padding-left: 5pt;">78.82</span></div> </td> <td style="width: 7.13pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.13pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.96pt; padding-top: 3.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 14.74pt; text-align: left;">5.6</div> </td> </tr> <tr> <td style="width: 300pt; padding-top: 3.26pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Vested or expected to vest at December 31, 2025</div> </td> <td style="width: 7.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.95pt; padding-top: 3.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.56pt; text-align: left;"><span style="padding-left: 3.33pt;">658,973</span></div> </td> <td style="width: 7.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 46.28pt; padding-top: 3.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.89pt; text-align: left;">$<span style="padding-left: 5pt;">44.20</span></div> </td> <td style="width: 7.13pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.13pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.96pt; padding-top: 3.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 14.74pt; text-align: left;">7.1</div> </td> </tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 300pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 7.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 7.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 36.95pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 7.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 7.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 46.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 7.13pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 7.13pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 41.96pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> </table> 577581 77.56 P7Y6M 248208 7.78 125526 82.56 41290 175.24 658973 44.2 P7Y1M6D 357766 78.82 P5Y7M6D 658973 44.2 P7Y1M6D 6.07 20.2 900000 200000 0 3000000 P2Y2M12D <table cellpadding="0" cellspacing="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 360pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 6.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 6.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="height: 6pt; width: 95.28pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 360pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div> </td> <td style="width: 6.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.36pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="width: 95.28pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Year Ended December 31, </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 360pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div> </td> <td style="width: 6.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.36pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025</div> </td> <td style="width: 6.36pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.36pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2024 </div> </td> </tr> <tr> <td style="width: 360pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Expected volatility</div> </td> <td style="width: 6.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">93.7%</div> </td> <td style="width: 6.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">88.4%</div> </td> </tr> <tr> <td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Risk-free interest rate</div> </td> <td style="width: 6.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">4.1%</div> </td> <td style="width: 6.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">4.2%</div> </td> </tr> <tr> <td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Expected term</div> </td> <td style="width: 6.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">5.9 years</div> </td> <td style="width: 6.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">6.0 years </div> </td> </tr> <tr> <td style="width: 360pt; padding-top: 1.01pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Expected dividend yield</div> </td> <td style="width: 6.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">—</div> </td> <td style="width: 6.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">—</div> </td> </tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 360pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 41.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 41.28pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> </table> 0.937 0.884 0.041 0.042 P5Y10M24D P6Y 0 0 <table cellpadding="0" cellspacing="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 312pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 6.4pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 6.4pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 60.58pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 6.39pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 6.39pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 69.84pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 312pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div> </td> <td style="width: 6.4pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.4pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 60.58pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Number of shares</div> </td> <td style="width: 6.39pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.39pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 69.84pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Weighted average </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">grant date fair value </div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Unvested balance at January 1, 2025</div> </td> <td style="width: 6.4pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.4pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 60.58pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 14.87pt; text-align: left;"><span style="padding-left: 8.33pt;">7,093</span></div> </td> <td style="width: 6.39pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.39pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 69.84pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 21.17pt; text-align: left;">$44.80 </div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Granted</div> </td> <td style="width: 6.4pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.4pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 60.58pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 14.87pt; text-align: left;"><span style="padding-left: 3.33pt;">60,000</span></div> </td> <td style="width: 6.39pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.39pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 69.84pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 21.17pt; text-align: left;"><span style="padding-left: 5.37pt;">11.70</span></div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Vested</div> </td> <td style="width: 6.4pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.4pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 60.58pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 14.87pt; text-align: left;">(16,825)</div> </td> <td style="width: 6.39pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.39pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 69.84pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 21.17pt; text-align: left;"><span style="padding-left: 5pt;">27.92</span></div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Forfeited</div> </td> <td style="width: 6.4pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.4pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 60.58pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 14.87pt; text-align: left;"><span style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(268)</span></div> </td> <td style="width: 6.39pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.39pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 69.84pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 21.17pt; text-align: left;"><span style="padding-left: 5pt;">90.40</span></div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Unvested balance at December 31, 2025</div> </td> <td style="width: 6.4pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.4pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 60.58pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 14.87pt; text-align: left;"><span style="padding-left: 3.33pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">50,000<br/> </span></div> </td> <td style="width: 6.39pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.39pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 69.84pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 21.17pt; text-align: left;">$10.52</div> </td> </tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 312pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.4pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.4pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 60.58pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.39pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.39pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 69.84pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> </tr> </table> 7093 44.8 60000 11.7 16825 27.92 268 90.4 50000 10.52 300000 P1Y 99088 59103 P10Y 0.01 0.85 0.15 25000 200 200 2000 25000 0.85 0 0 <div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 19.5pt; margin-left: 0pt; text-align: left;">14. Income Taxes </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and liabilities were as follows: </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> <br/></div> <table cellpadding="0" cellspacing="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 360pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="height: 6pt; width: 89pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 360pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div> </td> <td style="width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="width: 89pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December 31, </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 360pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">(in thousands)</div> </td> <td style="width: 9.5pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 37.5pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025</div> </td> <td style="width: 9.5pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 32.5pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2024 </div> </td> </tr> <tr> <td style="width: 360pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Deferred tax assets:<br/> </div> </td> <td style="width: 9.5pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 37.5pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 9.5pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 32.5pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> </tr> <tr> <td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Net operating loss carryforwards</div> </td> <td style="width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 37.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$105,425</div> </td> <td style="width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$94,923 </div> </td> </tr> <tr> <td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Research and development credits</div> </td> <td style="width: 9.5pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 37.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 10pt;">55,020</span></div> </td> <td style="width: 9.5pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 5pt;">50,842</span></div> </td> </tr> <tr> <td style="width: 360pt; padding-top: 1.01pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Collaboration and license agreement</div> </td> <td style="width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 37.5pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 15pt;">2,832</span></div> </td> <td style="width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 32.5pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 10pt;">3,422</span></div> </td> </tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 360pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 37.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 32.5pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" class="BRDSX_fintab" style="margin-top: 11.25pt; width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 360pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="height: 6pt; width: 89pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 360pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div> </td> <td style="width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="width: 89pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December 31, </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 360pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">(in thousands)</div> </td> <td style="width: 9.5pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 37.5pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025</div> </td> <td style="width: 9.5pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 32.5pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2024 </div> </td> </tr> <tr> <td style="width: 360pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Capitalized research and development</div> </td> <td style="width: 9.5pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 37.5pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -3.33pt; text-align: left;"><span style="padding-left: 13.33pt;">46,041</span></div> </td> <td style="width: 9.5pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 32.5pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -8.33pt; text-align: left;"><span style="padding-left: 13.33pt;">59,803</span></div> </td> </tr> <tr> <td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Share-based compensation</div> </td> <td style="width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 37.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -3.33pt; text-align: left;"><span style="padding-left: 18.33pt;">4,329</span></div> </td> <td style="width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -8.33pt; text-align: left;"><span style="padding-left: 18.33pt;">5,863</span></div> </td> </tr> <tr> <td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Accrued expenses and other</div> </td> <td style="width: 9.5pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 37.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -3.33pt; text-align: left;"><span style="padding-left: 18.33pt;">4,581</span></div> </td> <td style="width: 9.5pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -8.33pt; text-align: left;"><span style="padding-left: 18.33pt;">1,404</span></div> </td> </tr> <tr> <td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Operating lease liabilities</div> </td> <td style="width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 37.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -3.33pt; text-align: left;"><span style="padding-left: 18.33pt;">6,520</span></div> </td> <td style="width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -8.33pt; text-align: left;"><span style="padding-left: 18.33pt;">7,560</span></div> </td> </tr> <tr> <td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Depreciation and amortization</div> </td> <td style="width: 9.5pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 37.5pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -3.33pt; text-align: left;"><span style="padding-left: 18.33pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">1,048</span></div> </td> <td style="width: 9.5pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -8.33pt; text-align: left;"><span style="padding-left: 25.83pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">461</span></div> </td> </tr> <tr> <td style="width: 360pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20pt; text-align: left;">Total gross deferred tax assets before valuation allowance</div> </td> <td style="width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 37.5pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -3.33pt; text-align: left;"><span style="padding-left: 8.33pt;">225,796</span></div> </td> <td style="width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 32.5pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -8.33pt; text-align: justify;"><span style="padding-left: 8.33pt;">224,278</span></div> </td> </tr> <tr> <td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Valuation allowance</div> </td> <td style="width: 9.5pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 37.5pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -3.33pt; text-align: justify;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(222,752)</span></div> </td> <td style="width: 9.5pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -8.33pt; text-align: justify;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(219,833)</span></div> </td> </tr> <tr> <td style="width: 360pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20pt; text-align: left;">Net deferred tax assets</div> </td> <td style="width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 37.5pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -3.33pt; text-align: left;"><span style="padding-left: 18.33pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">3,044</span></div> </td> <td style="width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 32.5pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -8.33pt; text-align: left;"><span style="padding-left: 18.33pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">4,445</span></div> </td> </tr> <tr> <td style="width: 360pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Deferred tax liabilities:<br/> </div> </td> <td style="width: 9.5pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 37.5pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 9.5pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 32.5pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> </tr> <tr> <td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Right of use assets - operating leases</div> </td> <td style="width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 37.5pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -3.33pt; text-align: left;"><span style="padding-left: 15pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(3,044)</span></div> </td> <td style="width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -8.33pt; text-align: left;"><span style="padding-left: 15pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(4,445)</span></div> </td> </tr> <tr> <td style="width: 360pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20pt; text-align: left;">Total deferred tax liabilities</div> </td> <td style="width: 9.5pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 37.5pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -3.33pt; text-align: left;"><span style="padding-left: 15pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(3,044)</span></div> </td> <td style="width: 9.5pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 32.5pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -8.33pt; text-align: left;"><span style="padding-left: 15pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(4,445)</span></div> </td> </tr> <tr> <td style="width: 360pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20pt; text-align: left;">Net deferred taxes</div> </td> <td style="width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 37.5pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -3.33pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 25.83pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">—</span></div> </td> <td style="width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 32.5pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -8.33pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 25.83pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">—</span></div> </td> </tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 360pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 37.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 32.5pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> </table> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In assessing the need for a valuation allowance, management must determine that there will be sufficient taxable income to allow for the realization of deferred tax assets. Based upon the historical and anticipated future losses, management has determined the deferred tax assets do not meet the more-likely-than-not threshold for realizability. Accordingly, a full valuation allowance has been recorded against the Company’s net deferred tax assets as of December 31, 2025 and 2024. The valuation allowance increased by $2.9 million and $19.1 million during the years ended December 31, 2025 and 2024, respectively. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">During the year ended December 31, 2025, the Company adopted ASU No. 2023-09, <span style="font-style: italic;">Income Taxes (Topic 740): Improvements to Income Tax Disclosures</span> retrospectively. A reconciliation of the federal income tax rate to the Company’s effective tax rate is as follows: </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> <br/></div> <table cellpadding="0" cellspacing="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 288pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="10" style="height: 6pt; width: 165.09pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 288pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="10" style="width: 165.09pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Year ended December 31, </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 288pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="width: 73.44pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025</div> </td> <td style="width: 7.44pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="width: 76.77pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2024 </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 288pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">(in thousands)</div> </td> <td style="width: 7.44pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 32.5pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Amount</div> </td> <td style="width: 7.44pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 26.06pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Percent</div> </td> <td style="width: 7.44pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 35.83pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Amount</div> </td> <td style="width: 7.44pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 26.06pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Percent </div> </td> </tr> <tr> <td style="width: 288pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">US federal statutory tax rate</div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 32.5pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;">$<span style="padding-left: 1.67pt;">(9,560)</span></div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 26.06pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.61pt; text-align: left;"><span style="padding-left: 3.33pt;">21.0%<br/> </span></div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 35.83pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;">$(13,601)</div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 26.06pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.62pt; text-align: left;"><span style="padding-left: 3.33pt;">21.0%</span></div> </td> </tr> <tr> <td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Federal:<br/> </div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 26.06pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 26.06pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> </tr> <tr> <td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Tax credits:<br/> </div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 26.06pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 26.06pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> </tr> <tr> <td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20pt; text-align: left;">Research and development tax credits</div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 14.17pt;">(175)</span></div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 26.06pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.61pt; text-align: left;"><span style="padding-left: 8.33pt;">0.4</span></div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 17.5pt;">(626)</span></div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 26.06pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.62pt; text-align: left;"><span style="padding-left: 8.33pt;">1.0</span></div> </td> </tr> <tr> <td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20pt; text-align: left;">Orphan drug tax credits</div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 6.67pt;">(4,003)</span></div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 26.06pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.61pt; text-align: left;"><span style="padding-left: 8.33pt;">8.8</span></div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 10pt;">(4,896)</span></div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 26.06pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.62pt; text-align: left;"><span style="padding-left: 8.33pt;">7.6</span></div> </td> </tr> <tr> <td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Changes in valuation allowances</div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 5pt;">12,334</span></div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 26.06pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.61pt; text-align: left;">(27.2)</div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 8.33pt;">17,422</span></div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 26.06pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.62pt; text-align: left;">(27.0)</div> </td> </tr> <tr> <td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Nontaxable or nondeductible items:<br/> </div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 26.06pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 26.06pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> </tr> <tr> <td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20pt; text-align: left;">Share-based payment awards</div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 17.5pt;">241</span></div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 26.06pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.61pt; text-align: left;"><span style="padding-left: 5pt;">(0.5)</span></div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 20.83pt;">459</span></div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 26.06pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.62pt; text-align: left;"><span style="padding-left: 5pt;">(0.7)</span></div> </td> </tr> <tr> <td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20pt; text-align: left;">Expiration of share-based payment awards</div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 10pt;">1,159</span></div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 26.06pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.61pt; text-align: left;"><span style="padding-left: 5pt;">(2.5)</span></div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 13.33pt;">1,233</span></div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 26.06pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.62pt; text-align: left;"><span style="padding-left: 5pt;">(1.9)</span></div> </td> </tr> <tr> <td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20pt; text-align: left;">Other</div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 27.5pt;">4</span></div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 26.06pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.61pt; text-align: left;"><span style="padding-left: 8.33pt;">0.0</span></div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 30.83pt;">9</span></div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 26.06pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.62pt; text-align: left;"><span style="padding-left: 8.33pt;">0.0</span></div> </td> </tr> <tr> <td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">State and local income taxes, net of federal income tax effect¹</div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 22.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">—</span></div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 26.06pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.61pt; text-align: left;"><span style="padding-left: 10.83pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">—</span></div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 25.83pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">—</span></div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 26.06pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.62pt; text-align: left;"><span style="padding-left: 10.83pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">— </span></div> </td> </tr> <tr> <td style="width: 288pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Effective tax rate</div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 32.5pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 17.5pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">—</span></div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 26.06pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.61pt; text-align: left;"><span style="padding-left: 10.83pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">—</span><span style="padding-bottom: 0.5pt;">%</span></div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 35.83pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 20.83pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">—</span></div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 26.06pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.62pt; text-align: left;"><span style="padding-left: 10.83pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">—</span><span style="padding-bottom: 0.5pt;">%</span></div> </td> </tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 288pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 32.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 26.06pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 35.83pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 26.06pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> </table> <div class="BRDSX_rule-partial" style="height: 0pt; width: 72pt; border-bottom: 1pt solid #000000; margin-bottom: 1pt; margin-right: auto; margin-left: 0pt; margin-top: 13.25pt;"> <br/></div> <table border="0" cellpadding="0" cellspacing="0" style="margin-top: 3pt; margin-left: 0pt; border-spacing: 0;"> <tr> <td style="width: 20pt; text-align: left; vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-style: italic;">1<br/> </div> </td> <td style="vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-style: italic; text-align: justify;">In 2025 and 2024, state and local income taxes in Pennsylvania and Philadelphia comprise the majority of the state and local income taxes, net of federal income tax effect category.<span style="font-style: normal;"> </span></div> </td> </tr> </table> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">During the years ended December 31, 2025 and 2024, the Company made no income tax payments. Additionally, the Company generated no foreign pre-tax income or losses during these periods, as all operations were conducted within the United States. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: justify;">The following table summarizes carryforwards of federal, state and local net operating losses, or NOL, and research and development and orphan drug tax credits: </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> <br/></div> <table cellpadding="0" cellspacing="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 360pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 8.25pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 8.25pt;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="height: 6pt; width: 91.5pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 360pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div> </td> <td style="width: 8.25pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 8.25pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="width: 91.5pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December 31, </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 360pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">(in thousands)</div> </td> <td style="width: 8.25pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 8.25pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 37.5pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025</div> </td> <td style="width: 8.25pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 8.25pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 37.5pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2024 </div> </td> </tr> <tr> <td style="width: 360pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Federal</div> </td> <td style="width: 8.25pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 8.25pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 37.5pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$398,039</div> </td> <td style="width: 8.25pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 8.25pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 37.5pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$339,055 </div> </td> </tr> <tr> <td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">State</div> </td> <td style="width: 8.25pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 8.25pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 37.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 5pt;">398,035</span></div> </td> <td style="width: 8.25pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 8.25pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 37.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 5pt;">339,051</span></div> </td> </tr> <tr> <td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Local</div> </td> <td style="width: 8.25pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 8.25pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 37.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 5pt;">277,828</span></div> </td> <td style="width: 8.25pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 8.25pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 37.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 5pt;">218,844</span></div> </td> </tr> <tr> <td style="width: 360pt; padding-top: 1.01pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Research tax credits</div> </td> <td style="width: 8.25pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 8.25pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 37.5pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 10pt;">55,020</span></div> </td> <td style="width: 8.25pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 8.25pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 37.5pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 10pt;">50,842</span></div> </td> </tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 360pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 8.25pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 8.25pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 37.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 8.25pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 8.25pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 37.5pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> </table> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">For federal income tax purposes, $0.3 million of NOL carryforwards expire in 2037. The remaining federal NOL carryforwards were generated subsequent to January 1, 2018, and therefore, are able to be carried forward indefinitely. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;">For state income tax purposes, NOL carryforwards begin expiring in 2037, and expire through 2045. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">For local income tax purposes related to the city of Philadelphia, NOL carryforwards begin expiring in 2042, and expire through 2045. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">As of December 31, 2025, the Company also had $11.6 million of federal research and development and $43.4 million orphan drug tax credit carryforwards that will begin to expire in 2038 and 2040, respectively, unless previously utilized. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The NOL and tax credit carryforwards are subject to review and possible adjustment by the Internal Revenue Service and state tax authorities. NOL and tax credit carryforwards may become subject to an annual limitation in the event of certain cumulative changes in the ownership interest of significant stockholders over a three-year period in excess of 50 percent, as defined under Sections 382 and 383 of the Internal Revenue Code, respectively, as well as similar state provisions. This could limit the amount of tax attributes that can be utilized annually to offset future taxable income or tax liabilities. The amount of the annual limitation is determined based on the value of the Company immediately prior to the ownership change. Subsequent ownership changes may further affect the limitation in future years. The Company has not done an analysis to determine whether or not ownership changes have occurred since inception. Certain state NOL carryforwards may also be limited, including Pennsylvania, which limits NOL utilization as a percentage of apportioned taxable income. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;"><span style="-sec-ix-hidden:Fact_bf46da9b45834552bfbf43a7fff05a75">The Company will recognize interest and penalties related to uncertain tax positions as a component of interest income, net.</span> As of December 31, 2025, the Company had no accrued interest or penalties related to uncertain tax positions and no amounts have been recognized in the Company’s statement of operations. <span style="-sec-ix-hidden:Fact_76a8a6c10938470cb53d52e197480e2e">Tax years from 2022</span> and after remain subject to examination by the taxing jurisdictions. The NOL and tax credit carryforwards remain subject to review until utilized. </div> <table cellpadding="0" cellspacing="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 360pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="height: 6pt; width: 89pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 360pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div> </td> <td style="width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="width: 89pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December 31, </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 360pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">(in thousands)</div> </td> <td style="width: 9.5pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 37.5pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025</div> </td> <td style="width: 9.5pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 32.5pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2024 </div> </td> </tr> <tr> <td style="width: 360pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Deferred tax assets:<br/> </div> </td> <td style="width: 9.5pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 37.5pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 9.5pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 32.5pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> </tr> <tr> <td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Net operating loss carryforwards</div> </td> <td style="width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 37.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$105,425</div> </td> <td style="width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$94,923 </div> </td> </tr> <tr> <td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Research and development credits</div> </td> <td style="width: 9.5pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 37.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 10pt;">55,020</span></div> </td> <td style="width: 9.5pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 5pt;">50,842</span></div> </td> </tr> <tr> <td style="width: 360pt; padding-top: 1.01pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Collaboration and license agreement</div> </td> <td style="width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 37.5pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 15pt;">2,832</span></div> </td> <td style="width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 32.5pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 10pt;">3,422</span></div> </td> </tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 360pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 37.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 32.5pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" class="BRDSX_fintab" style="margin-top: 11.25pt; width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 360pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="height: 6pt; width: 89pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 360pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div> </td> <td style="width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="width: 89pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December 31, </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 360pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">(in thousands)</div> </td> <td style="width: 9.5pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 37.5pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025</div> </td> <td style="width: 9.5pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 32.5pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2024 </div> </td> </tr> <tr> <td style="width: 360pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Capitalized research and development</div> </td> <td style="width: 9.5pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 37.5pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -3.33pt; text-align: left;"><span style="padding-left: 13.33pt;">46,041</span></div> </td> <td style="width: 9.5pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 32.5pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -8.33pt; text-align: left;"><span style="padding-left: 13.33pt;">59,803</span></div> </td> </tr> <tr> <td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Share-based compensation</div> </td> <td style="width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 37.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -3.33pt; text-align: left;"><span style="padding-left: 18.33pt;">4,329</span></div> </td> <td style="width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -8.33pt; text-align: left;"><span style="padding-left: 18.33pt;">5,863</span></div> </td> </tr> <tr> <td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Accrued expenses and other</div> </td> <td style="width: 9.5pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 37.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -3.33pt; text-align: left;"><span style="padding-left: 18.33pt;">4,581</span></div> </td> <td style="width: 9.5pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -8.33pt; text-align: left;"><span style="padding-left: 18.33pt;">1,404</span></div> </td> </tr> <tr> <td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Operating lease liabilities</div> </td> <td style="width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 37.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -3.33pt; text-align: left;"><span style="padding-left: 18.33pt;">6,520</span></div> </td> <td style="width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -8.33pt; text-align: left;"><span style="padding-left: 18.33pt;">7,560</span></div> </td> </tr> <tr> <td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Depreciation and amortization</div> </td> <td style="width: 9.5pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 37.5pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -3.33pt; text-align: left;"><span style="padding-left: 18.33pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">1,048</span></div> </td> <td style="width: 9.5pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -8.33pt; text-align: left;"><span style="padding-left: 25.83pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">461</span></div> </td> </tr> <tr> <td style="width: 360pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20pt; text-align: left;">Total gross deferred tax assets before valuation allowance</div> </td> <td style="width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 37.5pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -3.33pt; text-align: left;"><span style="padding-left: 8.33pt;">225,796</span></div> </td> <td style="width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 32.5pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -8.33pt; text-align: justify;"><span style="padding-left: 8.33pt;">224,278</span></div> </td> </tr> <tr> <td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Valuation allowance</div> </td> <td style="width: 9.5pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 37.5pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -3.33pt; text-align: justify;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(222,752)</span></div> </td> <td style="width: 9.5pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -8.33pt; text-align: justify;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(219,833)</span></div> </td> </tr> <tr> <td style="width: 360pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20pt; text-align: left;">Net deferred tax assets</div> </td> <td style="width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 37.5pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -3.33pt; text-align: left;"><span style="padding-left: 18.33pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">3,044</span></div> </td> <td style="width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 32.5pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -8.33pt; text-align: left;"><span style="padding-left: 18.33pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">4,445</span></div> </td> </tr> <tr> <td style="width: 360pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Deferred tax liabilities:<br/> </div> </td> <td style="width: 9.5pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 37.5pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 9.5pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 32.5pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> </tr> <tr> <td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Right of use assets - operating leases</div> </td> <td style="width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 37.5pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -3.33pt; text-align: left;"><span style="padding-left: 15pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(3,044)</span></div> </td> <td style="width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -8.33pt; text-align: left;"><span style="padding-left: 15pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(4,445)</span></div> </td> </tr> <tr> <td style="width: 360pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20pt; text-align: left;">Total deferred tax liabilities</div> </td> <td style="width: 9.5pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 37.5pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -3.33pt; text-align: left;"><span style="padding-left: 15pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(3,044)</span></div> </td> <td style="width: 9.5pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 32.5pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -8.33pt; text-align: left;"><span style="padding-left: 15pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(4,445)</span></div> </td> </tr> <tr> <td style="width: 360pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20pt; text-align: left;">Net deferred taxes</div> </td> <td style="width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 37.5pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -3.33pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 25.83pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">—</span></div> </td> <td style="width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 32.5pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -8.33pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 25.83pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">—</span></div> </td> </tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 360pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 37.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 9.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 32.5pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> </table> 105425000 94923000 55020000 50842000 2832000 3422000 46041000 59803000 4329000 5863000 4581000 1404000 6520000 7560000 1048000 461000 225796000 224278000 222752000 219833000 3044000 4445000 3044000 4445000 3044000 4445000 0 0 2900000 19100000 <table cellpadding="0" cellspacing="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 288pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="10" style="height: 6pt; width: 165.09pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 288pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="10" style="width: 165.09pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Year ended December 31, </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 288pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="width: 73.44pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025</div> </td> <td style="width: 7.44pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="width: 76.77pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2024 </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 288pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">(in thousands)</div> </td> <td style="width: 7.44pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 32.5pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Amount</div> </td> <td style="width: 7.44pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 26.06pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Percent</div> </td> <td style="width: 7.44pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 35.83pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Amount</div> </td> <td style="width: 7.44pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 26.06pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Percent </div> </td> </tr> <tr> <td style="width: 288pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">US federal statutory tax rate</div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 32.5pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;">$<span style="padding-left: 1.67pt;">(9,560)</span></div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 26.06pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.61pt; text-align: left;"><span style="padding-left: 3.33pt;">21.0%<br/> </span></div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 35.83pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;">$(13,601)</div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 26.06pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.62pt; text-align: left;"><span style="padding-left: 3.33pt;">21.0%</span></div> </td> </tr> <tr> <td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Federal:<br/> </div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 26.06pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 26.06pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> </tr> <tr> <td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Tax credits:<br/> </div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 26.06pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 26.06pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> </tr> <tr> <td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20pt; text-align: left;">Research and development tax credits</div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 14.17pt;">(175)</span></div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 26.06pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.61pt; text-align: left;"><span style="padding-left: 8.33pt;">0.4</span></div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 17.5pt;">(626)</span></div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 26.06pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.62pt; text-align: left;"><span style="padding-left: 8.33pt;">1.0</span></div> </td> </tr> <tr> <td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20pt; text-align: left;">Orphan drug tax credits</div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 6.67pt;">(4,003)</span></div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 26.06pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.61pt; text-align: left;"><span style="padding-left: 8.33pt;">8.8</span></div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 10pt;">(4,896)</span></div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 26.06pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.62pt; text-align: left;"><span style="padding-left: 8.33pt;">7.6</span></div> </td> </tr> <tr> <td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Changes in valuation allowances</div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 5pt;">12,334</span></div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 26.06pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.61pt; text-align: left;">(27.2)</div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 8.33pt;">17,422</span></div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 26.06pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.62pt; text-align: left;">(27.0)</div> </td> </tr> <tr> <td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Nontaxable or nondeductible items:<br/> </div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 26.06pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 26.06pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> </tr> <tr> <td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20pt; text-align: left;">Share-based payment awards</div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 17.5pt;">241</span></div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 26.06pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.61pt; text-align: left;"><span style="padding-left: 5pt;">(0.5)</span></div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 20.83pt;">459</span></div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 26.06pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.62pt; text-align: left;"><span style="padding-left: 5pt;">(0.7)</span></div> </td> </tr> <tr> <td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20pt; text-align: left;">Expiration of share-based payment awards</div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 10pt;">1,159</span></div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 26.06pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.61pt; text-align: left;"><span style="padding-left: 5pt;">(2.5)</span></div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 13.33pt;">1,233</span></div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 26.06pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.62pt; text-align: left;"><span style="padding-left: 5pt;">(1.9)</span></div> </td> </tr> <tr> <td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20pt; text-align: left;">Other</div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 27.5pt;">4</span></div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 26.06pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.61pt; text-align: left;"><span style="padding-left: 8.33pt;">0.0</span></div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 30.83pt;">9</span></div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 26.06pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.62pt; text-align: left;"><span style="padding-left: 8.33pt;">0.0</span></div> </td> </tr> <tr> <td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">State and local income taxes, net of federal income tax effect¹</div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 22.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">—</span></div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 26.06pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.61pt; text-align: left;"><span style="padding-left: 10.83pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">—</span></div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 25.83pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">—</span></div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 26.06pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.62pt; text-align: left;"><span style="padding-left: 10.83pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">— </span></div> </td> </tr> <tr> <td style="width: 288pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Effective tax rate</div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 32.5pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 17.5pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">—</span></div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 26.06pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.61pt; text-align: left;"><span style="padding-left: 10.83pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">—</span><span style="padding-bottom: 0.5pt;">%</span></div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 35.83pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 20.83pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">—</span></div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 26.06pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.62pt; text-align: left;"><span style="padding-left: 10.83pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">—</span><span style="padding-bottom: 0.5pt;">%</span></div> </td> </tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 288pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 32.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 26.06pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 35.83pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 7.44pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 26.06pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="margin-top: 3pt; margin-left: 0pt; border-spacing: 0;"> <tr> <td style="width: 20pt; text-align: left; vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-style: italic;">1<br/> </div> </td> <td style="vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-style: italic; text-align: justify;">In 2025 and 2024, state and local income taxes in Pennsylvania and Philadelphia comprise the majority of the state and local income taxes, net of federal income tax effect category.<span style="font-style: normal;"> </span></div> </td> </tr> </table> -9560000 0.21 -13601000 0.21 175000 -0.004 626000 -0.01 4003000 -0.088 4896000 -0.076 12334000 -0.272 17422000 -0.27 241000 -0.005 459000 -0.007 1159000 -0.025 1233000 -0.019 4000 -0 9000 -0 0 0 0 0 0 0 0 0 <table cellpadding="0" cellspacing="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 360pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 8.25pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 8.25pt;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="height: 6pt; width: 91.5pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 360pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div> </td> <td style="width: 8.25pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 8.25pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="width: 91.5pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December 31, </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 360pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">(in thousands)</div> </td> <td style="width: 8.25pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 8.25pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 37.5pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025</div> </td> <td style="width: 8.25pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 8.25pt; border-bottom: none;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 37.5pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2024 </div> </td> </tr> <tr> <td style="width: 360pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Federal</div> </td> <td style="width: 8.25pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 8.25pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 37.5pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$398,039</div> </td> <td style="width: 8.25pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 8.25pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 37.5pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$339,055 </div> </td> </tr> <tr> <td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">State</div> </td> <td style="width: 8.25pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 8.25pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 37.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 5pt;">398,035</span></div> </td> <td style="width: 8.25pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 8.25pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 37.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 5pt;">339,051</span></div> </td> </tr> <tr> <td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Local</div> </td> <td style="width: 8.25pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 8.25pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 37.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 5pt;">277,828</span></div> </td> <td style="width: 8.25pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 8.25pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 37.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 5pt;">218,844</span></div> </td> </tr> <tr> <td style="width: 360pt; padding-top: 1.01pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Research tax credits</div> </td> <td style="width: 8.25pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 8.25pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 37.5pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 10pt;">55,020</span></div> </td> <td style="width: 8.25pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 8.25pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 37.5pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 10pt;">50,842</span></div> </td> </tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 360pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 8.25pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 8.25pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 37.5pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 8.25pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 8.25pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 37.5pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> </table> 398039000 339055000 398035000 339051000 277828000 218844000 55020000 50842000 300000 11600000 43400000 0 0 <div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20pt; margin-left: 0pt; text-align: left;">15. Segment Reporting </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Operating segments are defined as components of an enterprise which engages in business activities from which it may recognize revenues and incur expenses about which separate discrete information is available for evaluation by the chief operating decision maker, or CODM, in deciding how to allocate resources and in assessing performance. The Company operates in a <span style="-sec-ix-hidden:Fact_6fcb045ac6ef441986cb7c4046a9cae6">single</span> reportable segment, developing and advancing genetic medicines designed to target critical underlying pathology of neurodegenerative diseases. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The accounting policies of the single segment are the same as those described in the summary of significant accounting policies. The Company’s CODM is its chief executive officer. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The measure of segment assets is reported on the balance sheet as total assets. All assets are located within the United States. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;"> The CODM uses net loss as reported on the Company’s statement of operations to assess the Company’s performance. The CODM also uses cash forecasts in deciding where to invest or expand operations within the business. In these cash forecasts, research and development expenses and general and administrative expenses exclude certain non-cash items such as share-based compensation and depreciation and amortization expenses. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;">The following table summarizes significant segment expenses: </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> <br/></div> <table cellpadding="0" cellspacing="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 336pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="height: 6pt; width: 107.28pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 336pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div> </td> <td style="width: 12.36pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="width: 107.28pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Year Ended December 31, </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 336pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">(in thousands)</div> </td> <td style="width: 12.36pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025</div> </td> <td style="width: 12.36pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2024 </div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Research and development<br/> </div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Wages, benefits, and other payroll</div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;">$<span style="padding-left: 5pt;">7,462</span></div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;">$12,265 </div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Third-party costs</div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;"><span style="padding-left: 5pt;">14,532</span></div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;"><span style="padding-left: 5pt;">22,691</span></div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Share-based compensation</div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;"><span style="padding-left: 17.5pt;">842</span></div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;"><span style="padding-left: 10pt;">2,529</span></div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Depreciation and amortization</div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;"><span style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">440</span></div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;"><span style="padding-left: 10pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">2,694</span></div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total research and development expenses</div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">23,276</span></div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">40,179</span></div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">General and administrative<br/> </div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Wages, benefits, and other payroll</div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;"><span style="padding-left: 10pt;">7,784</span></div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;"><span style="padding-left: 10pt;">9,255</span></div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Third-party costs</div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;"><span style="padding-left: 10pt;">9,644</span></div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;"><span style="padding-left: 5pt;">12,055</span></div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Share-based compensation</div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;"><span style="padding-left: 10pt;">2,159</span></div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;"><span style="padding-left: 10pt;">3,291</span></div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Depreciation and amortization</div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;"><span style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">288</span></div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;"><span style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">387</span></div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total general and administrative expenses</div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">19,875</span></div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">24,988</span></div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Impairment of long-lived assets</div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;"><span style="padding-left: 10pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">6,145</span></div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;"><span style="padding-left: 10pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">5,233</span></div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Loss from operations</div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">49,296</span></div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">70,400</span></div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Other (income) expense, net</div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;"><span style="padding-left: 6.67pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(3,774)</span></div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;"><span style="padding-left: 6.67pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(5,633)</span></div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Net loss</div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$45,522</span></div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$64,767</span></div> </td> </tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 336pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 41.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 41.28pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> </table> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.5pt; margin-left: 0pt; text-align: left;">The components of Other (income) expense, net are further described in note 3 to the financial statements.</div> <table cellpadding="0" cellspacing="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 336pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="height: 6pt; width: 107.28pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 336pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div> </td> <td style="width: 12.36pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="width: 107.28pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Year Ended December 31, </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 336pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">(in thousands)</div> </td> <td style="width: 12.36pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025</div> </td> <td style="width: 12.36pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2024 </div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Research and development<br/> </div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Wages, benefits, and other payroll</div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;">$<span style="padding-left: 5pt;">7,462</span></div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;">$12,265 </div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Third-party costs</div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;"><span style="padding-left: 5pt;">14,532</span></div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;"><span style="padding-left: 5pt;">22,691</span></div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Share-based compensation</div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;"><span style="padding-left: 17.5pt;">842</span></div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;"><span style="padding-left: 10pt;">2,529</span></div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Depreciation and amortization</div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;"><span style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">440</span></div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;"><span style="padding-left: 10pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">2,694</span></div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total research and development expenses</div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">23,276</span></div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">40,179</span></div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">General and administrative<br/> </div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Wages, benefits, and other payroll</div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;"><span style="padding-left: 10pt;">7,784</span></div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;"><span style="padding-left: 10pt;">9,255</span></div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Third-party costs</div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;"><span style="padding-left: 10pt;">9,644</span></div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;"><span style="padding-left: 5pt;">12,055</span></div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Share-based compensation</div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;"><span style="padding-left: 10pt;">2,159</span></div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;"><span style="padding-left: 10pt;">3,291</span></div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Depreciation and amortization</div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;"><span style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">288</span></div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;"><span style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">387</span></div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total general and administrative expenses</div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">19,875</span></div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">24,988</span></div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Impairment of long-lived assets</div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;"><span style="padding-left: 10pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">6,145</span></div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;"><span style="padding-left: 10pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">5,233</span></div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Loss from operations</div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">49,296</span></div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">70,400</span></div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Other (income) expense, net</div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;"><span style="padding-left: 6.67pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(3,774)</span></div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;"><span style="padding-left: 6.67pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(5,633)</span></div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Net loss</div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$45,522</span></div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.28pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.39pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$64,767</span></div> </td> </tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 336pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 41.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 12.36pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 41.28pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> </table> 7462000 12265000 14532000 22691000 842000 2529000 440000 2694000 23276000 40179000 7784000 9255000 9644000 12055000 2159000 3291000 288000 387000 19875000 24988000 6145000 5233000 -49296000 -70400000 3774000 5633000 -45522000 -64767000 <div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">16. Subsequent Events </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7.5pt; margin-left: 0pt; text-align: left;">None. </div> 33336000 46303000 682000 629000 723000 830000 34741000 47762000 826000 4107000 651000 10168000 244000 244000 36462000 62281000 1310000 1113000 3895000 4653000 13750000 13750000 1149000 3567000 20104000 23083000 4606000 20443000 24710000 43526000 0.0001 0.0001 10000000 10000000 0 0 0 0 0.0001 0.0001 300000000 300000000 3207810 3207810 3182810 3182810 724068000 723512000 -712316000 -704757000 11752000 18755000 36462000 62281000 4093000 7737000 4787000 6085000 2637000 633000 -8247000 -16459000 688000 1054000 -7559000 -15405000 -2.36 -2.36 -4.87 -4.87 3205866 3205866 3163914 3163914 -7559000 -15405000 -8000 -7559000 -15413000 3182810 723512000 -704757000 18755000 25000 556000 556000 -7559000 -7559000 3207810 724068000 -712316000 11752000 3161503 720488000 8000 -659235000 61261000 4325 -8000 -8000 858000 858000 -15405000 -15405000 3165828 721346000 -674640000 46706000 -7559000 -15405000 129000 201000 556000 858000 129000 633000 2637000 53000 709000 -107000 -30000 506000 4973000 97000 197000 716000 -758000 -2713000 -12987000 -13847000 39046000 20000 585000 20000 39631000 -12967000 25784000 46303000 37573000 33336000 63357000 -8000 -585000 <div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 17.5pt; margin-left: 0pt; text-align: left;">1. Nature of Operations </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Passage Bio, Inc., or the Company, a Delaware corporation incorporated in July 2017, is a clinical stage genetic medicines company focused on improving the lives of patients with neurodegenerative diseases. The Company’s primary focus is the development and advancement of cutting-edge, one-time therapies designed to target critical underlying pathology in these conditions. The Company’s lead clinical product candidate is PBFT02 for the treatment of frontotemporal dementia, or FTD, caused by progranulin deficiency, or FTD-<span style="font-style: italic;">GRN</span>, which seeks to elevate progranulin levels to restore lysosomal function and slow disease progression. </div> <div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 18.5pt; margin-left: 0pt; text-align: left;">2. Risks, Liquidity, and Going Concern </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Company has incurred recurring losses and negative cash flows from operations since inception and had an accumulated deficit of $712.3 million as of March 31, 2026. The Company anticipates incurring additional losses until such time, if ever, that it can generate significant sales of its product candidates currently in development. Substantial additional capital will be needed by the Company to fund its operations and to develop its product candidates. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Company’s operations have consisted primarily of conducting preclinical studies, developing licensed technology, conducting clinical trials, and the development and manufacturing of clinical supply to support clinical trials. The Company faces risks associated with early-stage biotechnology companies whose product candidates are in development. Product candidates currently under development will require significant additional research and development efforts and establishing manufacturing capacity and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital for the Company to complete its research and development, achieve its regulatory objectives, defend its intellectual property rights, and recruit and retain skilled personnel, and key members of management. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize revenue from product sales. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">On March 5, 2021, the Company entered into a Sales Agreement, or the Sales Agreement, with Cowen and Company, LLC, or Cowen, relating to the applicable terms of at-the-market equity offerings, or the ATM Facility, pursuant to which the Company may, but is not obligated to, offer and sell, from time to time, shares of its common stock with an aggregate offering price up to $125.0 million through Cowen, as sales agent in the ATM Facility. The Company is currently limited in its capacity to offer and sell shares of its common stock under the Sales Agreement pursuant to the prospectus supplement to its shelf registration statement on Form S-3, filed on March 4, 2024. As of March 31, 2026, $15.8 million of capacity remains available to be sold under the ATM Facility. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">These financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or GAAP, assuming the Company will continue as a going concern. The going concern assumption contemplates the realization of assets and satisfaction of liabilities in the normal course of business. In accordance with the Financial Accounting Standards Board’s, or FASB, Accounting Standards Codification, or ASC, Subtopic 205-40, <span style="font-style: italic;">Presentation of Financial Statements - Going Concern</span>, the Company has evaluated whether there are certain conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. The Company incurred net losses of approximately $7.6 million and $15.4 million for the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, the Company had cash and cash equivalents totaling $33.3 million, which the Company does not expect to be sufficient to meet the Company’s capital requirements over the next 12 months. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">As a result, there is substantial doubt about the Company’s ability to continue as a going concern within one year after the date that these financial statements are issued. The financial statements do not include any adjustments to the carrying amounts and classification of assets, liabilities, and reported expenses that may be necessary if the Company were unable to continue as a going concern. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">On April 20, 2026, the Company announced that it has initiated a review of strategic alternatives to maximize shareholder value (see Note 13). These strategic alternatives may include, but are not limited to, merger or acquisition transactions, a reverse merger, a sale of assets of the Company, strategic partnerships, licensing opportunities, or other potential paths. The Company does not intend to provide updates on the strategic review until the board of directors approves a specific action or otherwise determines that disclosure is appropriate or required. The Company may not be able to obtain financing on acceptable terms, or at all, and the Company may not be able to enter into strategic alliances </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">or other arrangements on favorable terms, or at all. The terms of any financing may adversely affect the holdings or the rights of the Company’s stockholders. If the Company is unable to obtain funding, or prospects of funding are unfavorable, the Company could be required to further delay, reduce or eliminate research and development programs, product portfolio expansion or future commercialization efforts, which could adversely affect its business prospects. </div> -712300000 125000000 15800000 -7600000 -15400000 33300000 <div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 18.5pt; margin-left: 0pt; text-align: left;">3. Summary of Significant Accounting Policies </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Company’s complete summary of significant accounting policies can be found in “Note 3. Summary of Significant Accounting Policies” in the audited financial statements included in the Company’s Annual Report filed on Form 10-K for the year ended December 31, 2025. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 18.5pt; margin-left: 0pt; text-align: left;">Basis of Presentation </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The accompanying unaudited financial statements have been prepared in accordance with GAAP. Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the ASC and Accounting Standard Updates, or ASUs, promulgated by the FASB. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">On July 14, 2025, the Company effected a <span style="-sec-ix-hidden:Fact_9c4ae5c452f740698340777ae9877470">1</span>-for-20 reverse stock split of its common stock, or the Reverse Stock Split. No fractional shares were issued in connection with the Reverse Stock Split. Stockholders who were otherwise entitled to receive fractional shares received the number of shares of common stock as rounded up to the nearest whole share. All share and per share amounts in these financial statements and notes thereto, including the stock options, restricted stock units, and employee stock purchase plan activity, have been adjusted retroactively to reflect the Reverse Stock Split for all periods presented. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 19pt; margin-left: 0pt; text-align: left;">Interim Financial Statements </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The accompanying unaudited interim financial statements have been prepared from the books and records of the Company in accordance with GAAP for interim financial information and Rule 10-01 of Regulation S-X promulgated by the SEC, which permits reduced disclosures for interim periods. All adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the accompanying balance sheets, statements of operations and comprehensive loss, stockholders’ equity, and cash flows have been made. Although these interim financial statements do not include all of the information and notes required for complete annual financial statements, management believes the disclosures are adequate to make the information presented not misleading. Unaudited interim results of operations and cash flows are not necessarily indicative of the results that may be expected for the full year. Unaudited interim financial statements and notes should be read in conjunction with the audited financial statements and notes included in the Company’s 2025 Annual Report filed on Form 10-K. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 19pt; margin-left: 0pt; text-align: left;">Use of Estimates </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Estimates and assumptions are periodically reviewed, and the effects of the revisions are reflected in the accompanying financial statements in the period they are determined to be necessary. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 19pt; margin-left: 0pt; text-align: left;">Fair Value of Financial Instruments </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Management believes that the carrying amounts of the Company’s financial instruments, including cash equivalents, prepaid expenses, and accounts payable, approximate fair value due to the short-term nature of those instruments. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 19pt; margin-left: 0pt; text-align: left;">Concentration of Credit Risk </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents. The Company maintains a deposit account in a federally insured financial institution in excess of federally insured limits. The Company also maintains a portfolio of money market funds, which is diversified to limit exposure related to counterparty and industry risks. The Company maintains an investment policy which </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">dictates the allocation of funds within its portfolio of money market funds. The Company has not experienced any losses in such accounts and believes it is not exposed to significant risk on its cash and cash equivalents beyond the normal credit risk associated with commercial banking relationships and money market funds. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 19pt; margin-left: 0pt; text-align: left;">Cash and Cash Equivalents </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Company considers all highly-liquid investments that have maturities of three months or less when acquired to be cash equivalents. Cash equivalents as of March 31, 2026 consisted of money market funds. Cash consists of cash deposits at banking institutions. As of March 31, 2025, all of the Company’s marketable securities matured and the proceeds were invested into money market funds, which are included in cash and cash equivalents on the Company’s balance sheet. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Company had cash and cash equivalents of $33.3 million and $46.3 million as of March 31, 2026 and December 31, 2025, respectively. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 19pt; margin-left: 0pt; text-align: left;">Marketable Securities </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Company classifies its marketable securities with original maturities of greater than three months as available-for-sale. These securities are carried at fair market value, with unrealized gains and losses reported in comprehensive loss and accumulated other comprehensive income (loss) within stockholders’ equity. Any premium or discount arising at purchase of debt securities is amortized and/or accreted over the term of the security to other income (expense), net. Gains or losses on marketable securities sold are recognized as a component of other income (expense), net in the statement of operations and comprehensive loss on the specific identification method. All marketable securities are available for use, as needed, to fund operations and therefore, the Company classifies all marketable securities as current assets within the balance sheet. As of March 31, 2026, the Company had no marketable securities. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 19.5pt; margin-left: 0pt; text-align: left;">Property and Equipment, Net </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Property and equipment, net consists of laboratory equipment, office equipment, computer hardware and software, furniture and fixtures, and leasehold improvements and is initially recorded at cost. Maintenance and repairs that do not improve or extend the lives of the respective assets are expensed as incurred. Property and equipment are depreciated on a straight-line basis over their estimated useful lives. The Company estimates useful life on an asset-by-asset basis, which generally consists of three years for computer hardware and software, five years for office equipment, five years for laboratory equipment, and seven years for furniture and fixtures. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful life of the asset. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">When property and equipment are retired or otherwise disposed of, the costs and accumulated depreciation and amortization are removed from the respective accounts, with any resulting gain or loss recognized concurrently. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Company reviews long-lived assets, such as property and equipment, for impairment when events or changes in circumstances indicate the carrying amount of the assets may not be recoverable. The Company did not recognize any impairment expenses for long-lived assets for the three months ended March 31, 2026. The Company recognized impairment expenses for laboratory equipment and certain other assets of $2.6 million for the three months ended March 31, 2025. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 19.5pt; margin-left: 0pt; text-align: left;">Leasing </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Company evaluates leases at their inception to determine if they are an operating lease or a finance lease. As of March 31, 2026, the Company has classified all leases with terms greater than one year, as operating leases. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Company recognizes assets and liabilities for operating leases at their inception, based on the present value of all payments due under the lease agreement. The Company uses its incremental borrowing rate to determine the present value of operating leases, which is determined by referencing collateralized borrowing rates for debt instruments with terms similar to the respective lease. The Company utilizes the accounting policy election to not separate lease and non-lease components and the accounting policy election to not apply the recognition requirement to leases with a term of 12 months or less. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">When assets and liabilities for operating leases are written off, the balances are removed from the respective accounts, with any resulting gain or loss recognized concurrently. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">The Company reviews long-lived assets, such as right of use assets, or ROU assets, for impairment when events or changes indicate the carrying amount of the ROU assets may not be recoverable. The Company did not recognize any impairment expenses for ROU assets for the three months ended March 31, 2026 or 2025. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 14.5pt; margin-left: 0pt; text-align: left;">Research and Development </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Research and development costs are expensed as incurred and consist primarily of expenses incurred with the University of Pennsylvania’s Gene Therapy Program, or GTP, and Gemma Biotherapeutics, Inc., or Gemma, contract research organizations, contract manufacturing organizations, internal analytical and testing activities, and employee-related expenses, including salaries, benefits, and share-based compensation. Management makes estimates of the Company’s external accrued research and development expenses, which primarily relate to contract research organizations and contract manufacturing organizations, as of each balance sheet date in the Company’s financial statements based on an estimate of progress to completion of specific tasks using facts and circumstances known to the Company at that time. The Company determines the estimates by reviewing contracts, vendor agreements, change orders, and through discussions with the Company’s internal clinical personnel and external service providers as to the progress to completion of services and the agreed-upon fee to be paid for such services. If the actual timing of the performance of services or the level of effort varies from the estimate, the Company will adjust the accrual and related expenses accordingly. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 14.5pt; margin-left: 0pt; text-align: left;">Other Income (Expense), Net </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Other income (expense), net consists of interest earned on cash equivalents and marketable securities, amortization of premium and discount on marketable securities, and income from subleases. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Company recorded $0.7 million to other income (expense), net for the three months ended March 31, 2026, which consisted of $0.3 million attributable to interest income and $0.4 million related to income from subleases. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Company recorded $1.1 million to other income (expense), net for the three months ended March 31, 2025, which consisted of $0.7 million attributable to interest income and the amortization of premium and discount on the Company’s marketable securities and $0.4 million related to income from subleases. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 15pt; margin-left: 0pt; text-align: left;">Share-Based Compensation </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Company measures share-based awards at grant-date fair value and records compensation expense on a straight-line basis over the vesting period of the awards. The Company’s share-based compensation consists of restricted stock units, or RSUs, and options to purchase common stock, or stock option awards. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;">The Company uses the Black-Scholes option pricing model to value its stock option awards. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Estimating the fair value of stock option awards requires the input of assumptions, including the expected term of stock options and stock price volatility. The assumptions used in estimating the fair value of share-based awards represent management’s estimate and involve inherent uncertainties and the application of management’s judgment. As a result, if factors change and management uses different assumptions, share-based compensation expense could be materially different for future awards. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Prior to 2026, the Company estimated the expected term of the stock options using the “simplified method,” as the Company had limited historical information from which to develop reasonable expectations about future exercise patterns and post-vesting employment termination behavior for its stock option grants. The Company now has sufficient historical exercise data and has determined it is no longer appropriate to use the “simplified method”. Additionally, the Company no longer uses comparable public company data to estimate expected volatility and instead bases its expected volatility assumption on the historical volatility of its own stock price. The Company will apply this methodology prospectively and the change in estimates did not have a material impact for the three months ended March 31, 2026. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;">The Company accounts for forfeitures of RSUs and stock option awards as they occur. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 15pt; margin-left: 0pt; text-align: left;">License and Other Revenue </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Company may enter into license agreements and transition services agreements (see Note 7) under which it may license rights to research, develop, manufacture, and commercialize its product candidates to third parties and provide transition services for such licenses. Payments under these arrangements may include non-refundable, upfront fees, reimbursement of certain costs, payments upon the achievement of certain milestones, and royalties on product sales. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">The Company applies FASB ASC Topic 606, <span style="font-style: italic;">Revenue from Contracts with Customer</span>s, or ASC 606, when all of the following criteria are met, to determine a valid contract exists: (i) the parties have approved the contract and are committed to perform their respective obligations; (ii) the Company can identify each party’s rights regarding the goods or services to be transferred; (iii) the Company can identify the payment terms for the goods or services to be transferred; (iv) the contract has commercial substance; and (v) the Company will collect substantially all of the consideration to which it will be entitled in exchange for the goods or services that will be transferred to the customer. Once it is determined that a valid contract exists, the Company performs the following steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including consideration of the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations on a relative stand-alone selling price basis; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. As part of the accounting for these arrangements, the Company must use its judgment to determine the number of performance obligations, the transaction price, the stand-alone selling price for each performance obligation identified in the contract for the allocation of transaction price, the contract term and pattern of satisfaction of the performance obligations. The Company uses judgment to determine whether milestones or other variable consideration, except for certain sales-based milestone payments and royalties, should be included in the transaction price as described further below. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">At the inception of each arrangement that includes milestone payments, the Company evaluates whether the milestones are considered probable of being achieved and estimates the amount to be included in the transaction price using the most likely amount method set forth in ASC 606. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the control of the Company or the licensee, such as those subject to regulatory approvals, are not considered probable of being achieved until those approvals are received. The Company evaluates factors such as the scientific, clinical, regulatory, commercial and other risks that must be overcome to achieve the particular milestone in making this assessment. There is considerable judgment involved in determining whether it is probable that a significant revenue reversal would not occur. At the end of each subsequent reporting period, the Company reevaluates the probability of achievement of all milestones subject to constraint and, if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis in the statements of operations and comprehensive loss in the period of adjustment. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">For customer contracts in the scope of ASC 606, amounts due to the Company are recorded as accounts receivable on the Company’s balance sheet when the Company’s right to consideration is unconditional. Amounts received prior to satisfying the related performance obligations are classified on the Company’s balance sheet as current deferred revenue if expected to be recognized as revenue within 12 months following the balance sheet date and as deferred revenue, net of current portion, if amounts are not expected to be recognized as revenue within the 12 months following the balance sheet date. The Company does not evaluate a contract for a significant financing component if payment is expected within one year or less from the transfer of promised items to the customer. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Net Loss Per Share </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Basic net loss per share of common stock is computed by dividing net loss by the weighted average number of shares of common stock outstanding during each period. Diluted loss per share of common stock includes the effect, if any, from the potential exercise or conversion of securities, such as stock options, which would result in the issuance of incremental shares of common stock. For diluted net loss per share, the weighted-average number of shares of common stock is the same for basic net loss per share due to the fact that when a net loss exists, dilutive securities are not included in the calculation as the impact is anti-dilutive. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The following potentially dilutive securities have been excluded from the computation of diluted weighted-average shares of common stock outstanding, as they would be anti-dilutive: </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> <br/></div> <table cellpadding="0" cellspacing="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 336pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 7.08pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 7.08pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="height: 6pt; width: 117.85pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 336pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div> </td> <td style="width: 7.08pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="width: 117.85pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Three Months Ended March 31, </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 336pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div> </td> <td style="width: 7.08pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.85pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2026</div> </td> <td style="width: 7.08pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.84pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025 </div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Stock options</div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.85pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.67pt; text-align: left;">846,107</div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.84pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.67pt; text-align: left;">704,699</div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Unvested restricted stock units</div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.85pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.67pt; text-align: left;"><span style="padding-left: 5pt;">25,000</span></div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.84pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.67pt; text-align: left;"><span style="padding-left: 5pt;">62,500</span></div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Employee stock purchase plan</div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.85pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.67pt; text-align: left;"><span style="padding-left: 10pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">1,593</span></div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.84pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.67pt; text-align: left;"><span style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">848</span></div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.85pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.67pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">872,700 </span></div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.84pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.67pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">768,047 </span></div> </td> </tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 336pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 51.85pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 51.84pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> </table> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">Recently Issued Accounting Pronouncements </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In November 2024, the FASB issued ASU No. 2024-03, <span style="font-style: italic;">Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses</span>, or ASU 2024-03, which requires entities to provide disclosures to disaggregate operating expenses into specific categories, such as salaries and wages, depreciation, and amortization, to provide enhanced transparency into the nature and function of expenses. ASU 2024-03 is effective for the Company’s first fiscal year beginning after December 15, 2026, and for interim periods within the Company’s first fiscal year beginning after December 15, 2027, with early adoption permitted. ASU 2024-03 may be applied retrospectively or prospectively. The Company is currently evaluating the impact of this guidance on its disclosures. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In September 2025, the FASB issued ASU No. 2025-06, <span style="font-style: italic;">Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software</span>, or ASU 2025-06. ASU 2025-06 is intended to increase the operability of the accounting for internal-use software costs by removing all references to software development project stages. ASU 2025-06 requires capitalization of software costs to start when management has authorized and committed to funding the software project, it is probable that the project will be completed and the software will be used to perform the function intended. ASU 2025-06 is effective for the Company’s first fiscal year beginning after December 15, 2027, and for interim periods within that year with early adoption permitted. The Company is currently evaluating the impact of this guidance on its financial statements. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In December 2025, the FASB issued ASU No. 2025-11, <span style="font-style: italic;">Interim Reporting (Topic 270): Narrow-Scope Improvements</span>, or ASU 2025-11. The amendments reorganize and clarify the interim disclosure requirements in U.S. GAAP and establish a single, principles based framework for determining the information that should be disclosed in interim periods. ASU 2025-11 is effective for the Company for interim periods within annual periods beginning after December 15, 2027, with early adoption permitted. The guidance can be applied prospectively or retrospectively. The Company is currently evaluating the impact of ASU 2025-11 on its interim financial statement disclosures. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 18.5pt; margin-left: 0pt; text-align: left;">Basis of Presentation </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The accompanying unaudited financial statements have been prepared in accordance with GAAP. Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the ASC and Accounting Standard Updates, or ASUs, promulgated by the FASB. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">On July 14, 2025, the Company effected a <span style="-sec-ix-hidden:Fact_9c4ae5c452f740698340777ae9877470">1</span>-for-20 reverse stock split of its common stock, or the Reverse Stock Split. No fractional shares were issued in connection with the Reverse Stock Split. Stockholders who were otherwise entitled to receive fractional shares received the number of shares of common stock as rounded up to the nearest whole share. All share and per share amounts in these financial statements and notes thereto, including the stock options, restricted stock units, and employee stock purchase plan activity, have been adjusted retroactively to reflect the Reverse Stock Split for all periods presented. </div> 0 <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 19pt; margin-left: 0pt; text-align: left;">Interim Financial Statements </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The accompanying unaudited interim financial statements have been prepared from the books and records of the Company in accordance with GAAP for interim financial information and Rule 10-01 of Regulation S-X promulgated by the SEC, which permits reduced disclosures for interim periods. All adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the accompanying balance sheets, statements of operations and comprehensive loss, stockholders’ equity, and cash flows have been made. Although these interim financial statements do not include all of the information and notes required for complete annual financial statements, management believes the disclosures are adequate to make the information presented not misleading. Unaudited interim results of operations and cash flows are not necessarily indicative of the results that may be expected for the full year. Unaudited interim financial statements and notes should be read in conjunction with the audited financial statements and notes included in the Company’s 2025 Annual Report filed on Form 10-K. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 19pt; margin-left: 0pt; text-align: left;">Use of Estimates </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Estimates and assumptions are periodically reviewed, and the effects of the revisions are reflected in the accompanying financial statements in the period they are determined to be necessary. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 19pt; margin-left: 0pt; text-align: left;">Fair Value of Financial Instruments </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Management believes that the carrying amounts of the Company’s financial instruments, including cash equivalents, prepaid expenses, and accounts payable, approximate fair value due to the short-term nature of those instruments. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 19pt; margin-left: 0pt; text-align: left;">Concentration of Credit Risk </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents. The Company maintains a deposit account in a federally insured financial institution in excess of federally insured limits. The Company also maintains a portfolio of money market funds, which is diversified to limit exposure related to counterparty and industry risks. The Company maintains an investment policy which </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">dictates the allocation of funds within its portfolio of money market funds. The Company has not experienced any losses in such accounts and believes it is not exposed to significant risk on its cash and cash equivalents beyond the normal credit risk associated with commercial banking relationships and money market funds. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 19pt; margin-left: 0pt; text-align: left;">Cash and Cash Equivalents </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Company considers all highly-liquid investments that have maturities of three months or less when acquired to be cash equivalents. Cash equivalents as of March 31, 2026 consisted of money market funds. Cash consists of cash deposits at banking institutions. As of March 31, 2025, all of the Company’s marketable securities matured and the proceeds were invested into money market funds, which are included in cash and cash equivalents on the Company’s balance sheet. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Company had cash and cash equivalents of $33.3 million and $46.3 million as of March 31, 2026 and December 31, 2025, respectively. </div> 33300000 46300000 <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 19pt; margin-left: 0pt; text-align: left;">Marketable Securities </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Company classifies its marketable securities with original maturities of greater than three months as available-for-sale. These securities are carried at fair market value, with unrealized gains and losses reported in comprehensive loss and accumulated other comprehensive income (loss) within stockholders’ equity. Any premium or discount arising at purchase of debt securities is amortized and/or accreted over the term of the security to other income (expense), net. Gains or losses on marketable securities sold are recognized as a component of other income (expense), net in the statement of operations and comprehensive loss on the specific identification method. All marketable securities are available for use, as needed, to fund operations and therefore, the Company classifies all marketable securities as current assets within the balance sheet. As of March 31, 2026, the Company had no marketable securities. </div> 0 <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 19.5pt; margin-left: 0pt; text-align: left;">Property and Equipment, Net </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Property and equipment, net consists of laboratory equipment, office equipment, computer hardware and software, furniture and fixtures, and leasehold improvements and is initially recorded at cost. Maintenance and repairs that do not improve or extend the lives of the respective assets are expensed as incurred. Property and equipment are depreciated on a straight-line basis over their estimated useful lives. The Company estimates useful life on an asset-by-asset basis, which generally consists of three years for computer hardware and software, five years for office equipment, five years for laboratory equipment, and seven years for furniture and fixtures. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful life of the asset. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">When property and equipment are retired or otherwise disposed of, the costs and accumulated depreciation and amortization are removed from the respective accounts, with any resulting gain or loss recognized concurrently. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Company reviews long-lived assets, such as property and equipment, for impairment when events or changes in circumstances indicate the carrying amount of the assets may not be recoverable. The Company did not recognize any impairment expenses for long-lived assets for the three months ended March 31, 2026. The Company recognized impairment expenses for laboratory equipment and certain other assets of $2.6 million for the three months ended March 31, 2025. </div> P3Y P5Y P5Y P7Y 2600000 <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 19.5pt; margin-left: 0pt; text-align: left;">Leasing </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Company evaluates leases at their inception to determine if they are an operating lease or a finance lease. As of March 31, 2026, the Company has classified all leases with terms greater than one year, as operating leases. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Company recognizes assets and liabilities for operating leases at their inception, based on the present value of all payments due under the lease agreement. The Company uses its incremental borrowing rate to determine the present value of operating leases, which is determined by referencing collateralized borrowing rates for debt instruments with terms similar to the respective lease. The Company utilizes the accounting policy election to not separate lease and non-lease components and the accounting policy election to not apply the recognition requirement to leases with a term of 12 months or less. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">When assets and liabilities for operating leases are written off, the balances are removed from the respective accounts, with any resulting gain or loss recognized concurrently. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">The Company reviews long-lived assets, such as right of use assets, or ROU assets, for impairment when events or changes indicate the carrying amount of the ROU assets may not be recoverable. The Company did not recognize any impairment expenses for ROU assets for the three months ended March 31, 2026 or 2025. </div> 0 0 <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 14.5pt; margin-left: 0pt; text-align: left;">Research and Development </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Research and development costs are expensed as incurred and consist primarily of expenses incurred with the University of Pennsylvania’s Gene Therapy Program, or GTP, and Gemma Biotherapeutics, Inc., or Gemma, contract research organizations, contract manufacturing organizations, internal analytical and testing activities, and employee-related expenses, including salaries, benefits, and share-based compensation. Management makes estimates of the Company’s external accrued research and development expenses, which primarily relate to contract research organizations and contract manufacturing organizations, as of each balance sheet date in the Company’s financial statements based on an estimate of progress to completion of specific tasks using facts and circumstances known to the Company at that time. The Company determines the estimates by reviewing contracts, vendor agreements, change orders, and through discussions with the Company’s internal clinical personnel and external service providers as to the progress to completion of services and the agreed-upon fee to be paid for such services. If the actual timing of the performance of services or the level of effort varies from the estimate, the Company will adjust the accrual and related expenses accordingly. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 14.5pt; margin-left: 0pt; text-align: left;">Other Income (Expense), Net </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Other income (expense), net consists of interest earned on cash equivalents and marketable securities, amortization of premium and discount on marketable securities, and income from subleases. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Company recorded $0.7 million to other income (expense), net for the three months ended March 31, 2026, which consisted of $0.3 million attributable to interest income and $0.4 million related to income from subleases. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Company recorded $1.1 million to other income (expense), net for the three months ended March 31, 2025, which consisted of $0.7 million attributable to interest income and the amortization of premium and discount on the Company’s marketable securities and $0.4 million related to income from subleases. </div> 700000 300000 400000 1100000 700000 400000 <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 15pt; margin-left: 0pt; text-align: left;">Share-Based Compensation </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Company measures share-based awards at grant-date fair value and records compensation expense on a straight-line basis over the vesting period of the awards. The Company’s share-based compensation consists of restricted stock units, or RSUs, and options to purchase common stock, or stock option awards. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;">The Company uses the Black-Scholes option pricing model to value its stock option awards. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Estimating the fair value of stock option awards requires the input of assumptions, including the expected term of stock options and stock price volatility. The assumptions used in estimating the fair value of share-based awards represent management’s estimate and involve inherent uncertainties and the application of management’s judgment. As a result, if factors change and management uses different assumptions, share-based compensation expense could be materially different for future awards. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Prior to 2026, the Company estimated the expected term of the stock options using the “simplified method,” as the Company had limited historical information from which to develop reasonable expectations about future exercise patterns and post-vesting employment termination behavior for its stock option grants. The Company now has sufficient historical exercise data and has determined it is no longer appropriate to use the “simplified method”. Additionally, the Company no longer uses comparable public company data to estimate expected volatility and instead bases its expected volatility assumption on the historical volatility of its own stock price. The Company will apply this methodology prospectively and the change in estimates did not have a material impact for the three months ended March 31, 2026. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;">The Company accounts for forfeitures of RSUs and stock option awards as they occur. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 15pt; margin-left: 0pt; text-align: left;">License and Other Revenue </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Company may enter into license agreements and transition services agreements (see Note 7) under which it may license rights to research, develop, manufacture, and commercialize its product candidates to third parties and provide transition services for such licenses. Payments under these arrangements may include non-refundable, upfront fees, reimbursement of certain costs, payments upon the achievement of certain milestones, and royalties on product sales. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">The Company applies FASB ASC Topic 606, <span style="font-style: italic;">Revenue from Contracts with Customer</span>s, or ASC 606, when all of the following criteria are met, to determine a valid contract exists: (i) the parties have approved the contract and are committed to perform their respective obligations; (ii) the Company can identify each party’s rights regarding the goods or services to be transferred; (iii) the Company can identify the payment terms for the goods or services to be transferred; (iv) the contract has commercial substance; and (v) the Company will collect substantially all of the consideration to which it will be entitled in exchange for the goods or services that will be transferred to the customer. Once it is determined that a valid contract exists, the Company performs the following steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including consideration of the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations on a relative stand-alone selling price basis; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. As part of the accounting for these arrangements, the Company must use its judgment to determine the number of performance obligations, the transaction price, the stand-alone selling price for each performance obligation identified in the contract for the allocation of transaction price, the contract term and pattern of satisfaction of the performance obligations. The Company uses judgment to determine whether milestones or other variable consideration, except for certain sales-based milestone payments and royalties, should be included in the transaction price as described further below. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">At the inception of each arrangement that includes milestone payments, the Company evaluates whether the milestones are considered probable of being achieved and estimates the amount to be included in the transaction price using the most likely amount method set forth in ASC 606. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the control of the Company or the licensee, such as those subject to regulatory approvals, are not considered probable of being achieved until those approvals are received. The Company evaluates factors such as the scientific, clinical, regulatory, commercial and other risks that must be overcome to achieve the particular milestone in making this assessment. There is considerable judgment involved in determining whether it is probable that a significant revenue reversal would not occur. At the end of each subsequent reporting period, the Company reevaluates the probability of achievement of all milestones subject to constraint and, if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis in the statements of operations and comprehensive loss in the period of adjustment. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">For customer contracts in the scope of ASC 606, amounts due to the Company are recorded as accounts receivable on the Company’s balance sheet when the Company’s right to consideration is unconditional. Amounts received prior to satisfying the related performance obligations are classified on the Company’s balance sheet as current deferred revenue if expected to be recognized as revenue within 12 months following the balance sheet date and as deferred revenue, net of current portion, if amounts are not expected to be recognized as revenue within the 12 months following the balance sheet date. The Company does not evaluate a contract for a significant financing component if payment is expected within one year or less from the transfer of promised items to the customer. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Net Loss Per Share </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Basic net loss per share of common stock is computed by dividing net loss by the weighted average number of shares of common stock outstanding during each period. Diluted loss per share of common stock includes the effect, if any, from the potential exercise or conversion of securities, such as stock options, which would result in the issuance of incremental shares of common stock. For diluted net loss per share, the weighted-average number of shares of common stock is the same for basic net loss per share due to the fact that when a net loss exists, dilutive securities are not included in the calculation as the impact is anti-dilutive. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The following potentially dilutive securities have been excluded from the computation of diluted weighted-average shares of common stock outstanding, as they would be anti-dilutive: </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> <br/></div> <table cellpadding="0" cellspacing="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 336pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 7.08pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 7.08pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="height: 6pt; width: 117.85pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 336pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div> </td> <td style="width: 7.08pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="width: 117.85pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Three Months Ended March 31, </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 336pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div> </td> <td style="width: 7.08pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.85pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2026</div> </td> <td style="width: 7.08pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.84pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025 </div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Stock options</div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.85pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.67pt; text-align: left;">846,107</div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.84pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.67pt; text-align: left;">704,699</div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Unvested restricted stock units</div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.85pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.67pt; text-align: left;"><span style="padding-left: 5pt;">25,000</span></div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.84pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.67pt; text-align: left;"><span style="padding-left: 5pt;">62,500</span></div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Employee stock purchase plan</div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.85pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.67pt; text-align: left;"><span style="padding-left: 10pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">1,593</span></div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.84pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.67pt; text-align: left;"><span style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">848</span></div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.85pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.67pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">872,700 </span></div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.84pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.67pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">768,047 </span></div> </td> </tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 336pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 51.85pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 51.84pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 336pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 7.08pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 7.08pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="height: 6pt; width: 117.85pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 336pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div> </td> <td style="width: 7.08pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="width: 117.85pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Three Months Ended March 31, </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 336pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div> </td> <td style="width: 7.08pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.85pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2026</div> </td> <td style="width: 7.08pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.84pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025 </div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Stock options</div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.85pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.67pt; text-align: left;">846,107</div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.84pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.67pt; text-align: left;">704,699</div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Unvested restricted stock units</div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.85pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.67pt; text-align: left;"><span style="padding-left: 5pt;">25,000</span></div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.84pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.67pt; text-align: left;"><span style="padding-left: 5pt;">62,500</span></div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Employee stock purchase plan</div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.85pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.67pt; text-align: left;"><span style="padding-left: 10pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">1,593</span></div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.84pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.67pt; text-align: left;"><span style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">848</span></div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.85pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.67pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">872,700 </span></div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.84pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.67pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">768,047 </span></div> </td> </tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 336pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 51.85pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 51.84pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> </table> 846107 704699 25000 62500 1593 848 872700 768047 <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">Recently Issued Accounting Pronouncements </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In November 2024, the FASB issued ASU No. 2024-03, <span style="font-style: italic;">Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses</span>, or ASU 2024-03, which requires entities to provide disclosures to disaggregate operating expenses into specific categories, such as salaries and wages, depreciation, and amortization, to provide enhanced transparency into the nature and function of expenses. ASU 2024-03 is effective for the Company’s first fiscal year beginning after December 15, 2026, and for interim periods within the Company’s first fiscal year beginning after December 15, 2027, with early adoption permitted. ASU 2024-03 may be applied retrospectively or prospectively. The Company is currently evaluating the impact of this guidance on its disclosures. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In September 2025, the FASB issued ASU No. 2025-06, <span style="font-style: italic;">Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software</span>, or ASU 2025-06. ASU 2025-06 is intended to increase the operability of the accounting for internal-use software costs by removing all references to software development project stages. ASU 2025-06 requires capitalization of software costs to start when management has authorized and committed to funding the software project, it is probable that the project will be completed and the software will be used to perform the function intended. ASU 2025-06 is effective for the Company’s first fiscal year beginning after December 15, 2027, and for interim periods within that year with early adoption permitted. The Company is currently evaluating the impact of this guidance on its financial statements. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In December 2025, the FASB issued ASU No. 2025-11, <span style="font-style: italic;">Interim Reporting (Topic 270): Narrow-Scope Improvements</span>, or ASU 2025-11. The amendments reorganize and clarify the interim disclosure requirements in U.S. GAAP and establish a single, principles based framework for determining the information that should be disclosed in interim periods. ASU 2025-11 is effective for the Company for interim periods within annual periods beginning after December 15, 2027, with early adoption permitted. The guidance can be applied prospectively or retrospectively. The Company is currently evaluating the impact of ASU 2025-11 on its interim financial statement disclosures. </div> <div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 15.5pt; margin-left: 0pt; text-align: left;">4. Fair Value of Financial Instruments and Non-Financial Instruments </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 7pt; margin-left: 0pt; text-align: left;">Financial Instruments </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Fair value is the price that could be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value determination in accordance with applicable accounting guidance requires that a number of significant judgments be made. Additionally, fair value is used on a nonrecurring basis to evaluate assets for impairment or as required for disclosure purposes by applicable accounting guidance on disclosures about fair value of financial instruments. Depending on the nature of the assets and liabilities, various valuation techniques and assumptions are used when estimating fair value. The carrying amounts of certain of the Company’s financial instruments, including prepaid expenses and accounts payable are shown at cost, which approximates fair value due to the short-term nature of these instruments. The Company follows the provisions of FASB ASC Topic 820, <span style="font-style: italic;">Fair Value Measurement</span>, for financial assets and liabilities measured on a recurring basis. The guidance requires fair value measurements be classified and disclosed in one of the following three categories: </div> <table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt; border-spacing: 0;"> <tr> <td style="width: 20pt; text-align: left; vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">•</div> </td> <td style="vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><span style="font-style: italic;">Level 1: </span>Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. </div> </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt; border-spacing: 0;"> <tr> <td style="width: 20pt; text-align: left; vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">•</div> </td> <td style="vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><span style="font-style: italic;">Level 2: </span>Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liabilities. </div> </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt; border-spacing: 0;"> <tr> <td style="width: 20pt; text-align: left; vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">•</div> </td> <td style="vertical-align: top;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><span style="font-style: italic;">Level 3: </span>Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). </div> </td> </tr> </table> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Company considers all highly liquid investments that have maturities of three months or less when acquired to be cash equivalents. Cash equivalents include money market funds that are carried at cost, which approximates their fair value. The fair values are based on quoted market prices in active markets for identical assets and therefore are classified within Level 1 of the fair value hierarchy. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 15.5pt; margin-left: 0pt; text-align: left;">Non-Financial Instruments </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Long-lived non-financial assets are measured at fair value on a nonrecurring basis for purposes of calculating impairment using Level 3 inputs as defined in the fair value hierarchy. The fair value of long-lived assets using Level 3 inputs is determined by estimating the amount and timing of net future cash flows (which are unobservable inputs) and </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">discounting them using a risk-adjusted rate of interest. Significant increases or decreases in actual cash flows may result in valuation changes. There were no assets remeasured in the three months ended March 31, 2026. Assets remeasured in the three months ended March 31, 2025 included laboratory equipment and certain other assets which were sold prior to March 31, 2025 and were not included in the balance sheet as of March 31, 2025. The impairment related to the remeasurement of $2.6 million is included in the statement of operations for the three months ended March 31, 2025. </div> 2600000 <div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 16pt; margin-left: 0pt; text-align: left;">5. Property and Equipment, Net </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7pt; margin-left: 0pt; text-align: left;">Property and equipment, net, consists of the following: </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> <br/></div> <table cellpadding="0" cellspacing="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 324pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 6.64pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 6.64pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 52.96pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 6.64pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 6.64pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 64.49pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 324pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">(in thousands)</div> </td> <td style="width: 6.64pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.64pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 52.96pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">March 31, 2026</div> </td> <td style="width: 6.64pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.64pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December 31, 2025 </div> </td> </tr> <tr> <td style="width: 324pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Office equipment</div> </td> <td style="width: 6.64pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.64pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 52.96pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.06pt; text-align: left;">$<span style="padding-left: 15.83pt;">55</span></div> </td> <td style="width: 6.64pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.64pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.84pt; text-align: left;">$<span style="padding-left: 10.83pt;">107 </span></div> </td> </tr> <tr> <td style="width: 324pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Computer hardware and software</div> </td> <td style="width: 6.64pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.64pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 52.96pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.06pt; text-align: left;"><span style="padding-left: 15.83pt;">959 </span></div> </td> <td style="width: 6.64pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.64pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.84pt; text-align: left;"><span style="padding-left: 15.83pt;">988 </span></div> </td> </tr> <tr> <td style="width: 324pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Furniture and fixtures</div> </td> <td style="width: 6.64pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.64pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 52.96pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.06pt; text-align: left;"><span style="padding-left: 15.83pt;">306</span></div> </td> <td style="width: 6.64pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.64pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.84pt; text-align: left;"><span style="padding-left: 15.83pt;">419</span></div> </td> </tr> <tr> <td style="width: 324pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Leasehold improvements</div> </td> <td style="width: 6.64pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.64pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 52.96pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.06pt; text-align: left;"><span style="padding-left: 8.33pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">1,564</span></div> </td> <td style="width: 6.64pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.64pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.84pt; text-align: left;"><span style="padding-left: 8.33pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">6,510</span></div> </td> </tr> <tr> <td style="width: 324pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total property and equipment</div> </td> <td style="width: 6.64pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.64pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 52.96pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.06pt; text-align: left;"><span style="padding-left: 8.33pt;">2,884 </span></div> </td> <td style="width: 6.64pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.64pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.84pt; text-align: left;"><span style="padding-left: 8.33pt;">8,024 </span></div> </td> </tr> <tr> <td style="width: 324pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Accumulated depreciation and amortization</div> </td> <td style="width: 6.64pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.64pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 52.96pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.06pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(2,058) </span></div> </td> <td style="width: 6.64pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.64pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.84pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(3,917) </span><span style="padding-bottom: 1.5pt;"> </span></div> </td> </tr> <tr> <td style="width: 324pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 6.64pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.64pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 52.96pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.06pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 10.83pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">826</span></div> </td> <td style="width: 6.64pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.64pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.84pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 3.33pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">4,107</span></div> </td> </tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 324pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.64pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.64pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 52.96pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.64pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.64pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 64.49pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> </tr> </table> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">On March 4, 2026, the Company entered into the Hopewell Lease Termination Agreement. Pursuant to the Hopewell Lease Termination Agreement, the Company agreed to pay the Landlord a termination fee of $4.8 million as well as accrued rent through February 14, 2026. As a result of the Hopewell Lease Termination Agreement, the Company recognized a net gain of $0.6 million on the lease termination for the three months ended March 31, 2026. The net gain is comprised of a $3.8 million gain on the write-off of assets and liabilities for operating leases offset by a $3.2 million net loss on disposal of property and equipment. The assets disposed of as part of the termination included office equipment, leasehold improvements, furniture and fixtures, and computer hardware and software. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Depreciation and amortization expense was $0.1 million and $0.2 million for the three months ended March 31, 2026 and 2025, respectively. </div> <table cellpadding="0" cellspacing="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 324pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 6.64pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 6.64pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 52.96pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 6.64pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 6.64pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 64.49pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 324pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">(in thousands)</div> </td> <td style="width: 6.64pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.64pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 52.96pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">March 31, 2026</div> </td> <td style="width: 6.64pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.64pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December 31, 2025 </div> </td> </tr> <tr> <td style="width: 324pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Office equipment</div> </td> <td style="width: 6.64pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.64pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 52.96pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.06pt; text-align: left;">$<span style="padding-left: 15.83pt;">55</span></div> </td> <td style="width: 6.64pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.64pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.84pt; text-align: left;">$<span style="padding-left: 10.83pt;">107 </span></div> </td> </tr> <tr> <td style="width: 324pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Computer hardware and software</div> </td> <td style="width: 6.64pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.64pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 52.96pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.06pt; text-align: left;"><span style="padding-left: 15.83pt;">959 </span></div> </td> <td style="width: 6.64pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.64pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.84pt; text-align: left;"><span style="padding-left: 15.83pt;">988 </span></div> </td> </tr> <tr> <td style="width: 324pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Furniture and fixtures</div> </td> <td style="width: 6.64pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.64pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 52.96pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.06pt; text-align: left;"><span style="padding-left: 15.83pt;">306</span></div> </td> <td style="width: 6.64pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.64pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.84pt; text-align: left;"><span style="padding-left: 15.83pt;">419</span></div> </td> </tr> <tr> <td style="width: 324pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Leasehold improvements</div> </td> <td style="width: 6.64pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.64pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 52.96pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.06pt; text-align: left;"><span style="padding-left: 8.33pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">1,564</span></div> </td> <td style="width: 6.64pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.64pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.84pt; text-align: left;"><span style="padding-left: 8.33pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">6,510</span></div> </td> </tr> <tr> <td style="width: 324pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total property and equipment</div> </td> <td style="width: 6.64pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.64pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 52.96pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.06pt; text-align: left;"><span style="padding-left: 8.33pt;">2,884 </span></div> </td> <td style="width: 6.64pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.64pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.84pt; text-align: left;"><span style="padding-left: 8.33pt;">8,024 </span></div> </td> </tr> <tr> <td style="width: 324pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Accumulated depreciation and amortization</div> </td> <td style="width: 6.64pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.64pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 52.96pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.06pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(2,058) </span></div> </td> <td style="width: 6.64pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.64pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.84pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(3,917) </span><span style="padding-bottom: 1.5pt;"> </span></div> </td> </tr> <tr> <td style="width: 324pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 6.64pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.64pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 52.96pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.06pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 10.83pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">826</span></div> </td> <td style="width: 6.64pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.64pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.84pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 3.33pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">4,107</span></div> </td> </tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 324pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.64pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.64pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 52.96pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.64pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.64pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 64.49pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> </tr> </table> 55000 107000 959000 988000 306000 419000 1564000 6510000 2884000 8024000 2058000 3917000 826000 4107000 4800000 4800000 600000 3800000 3200000 100000 200000 <div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 16.5pt; margin-left: 0pt; text-align: left;">6. Accrued Expenses and Other Current Liabilities </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7pt; margin-left: 0pt; text-align: left;">Accrued expenses and other current liabilities consisted of the following: </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> <br/></div> <table cellpadding="0" cellspacing="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 324pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 6.64pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 6.64pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 52.96pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 6.64pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 6.64pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 64.49pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 324pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">(in thousands)</div> </td> <td style="width: 6.64pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.64pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 52.96pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">March 31, 2026</div> </td> <td style="width: 6.64pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.64pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December 31, 2025 </div> </td> </tr> <tr> <td style="width: 324pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Professional fees</div> </td> <td style="width: 6.64pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.64pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 52.96pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.72pt; text-align: left;">$<span style="padding-left: 7.5pt;">500</span></div> </td> <td style="width: 6.64pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.64pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.5pt; text-align: left;">$<span style="padding-left: 7.5pt;">347 </span></div> </td> </tr> <tr> <td style="width: 324pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Compensation and related benefits</div> </td> <td style="width: 6.64pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.64pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 52.96pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.72pt; text-align: left;"><span style="padding-left: 5pt;">1,297</span></div> </td> <td style="width: 6.64pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.64pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.5pt; text-align: left;"><span style="padding-left: 5pt;">2,740</span></div> </td> </tr> <tr> <td style="width: 324pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Research and development</div> </td> <td style="width: 6.64pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.64pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 52.96pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.72pt; text-align: left;"><span style="padding-left: 5pt;">1,174</span></div> </td> <td style="width: 6.64pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.64pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.5pt; text-align: left;"><span style="padding-left: 12.5pt;">642</span></div> </td> </tr> <tr> <td style="width: 324pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Divestiture fee due to Catalent</div> </td> <td style="width: 6.64pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.64pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 52.96pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.72pt; text-align: left;"><span style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">924</span></div> </td> <td style="width: 6.64pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.64pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.5pt; text-align: left;"><span style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">924</span></div> </td> </tr> <tr> <td style="width: 324pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 6.64pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.64pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 52.96pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.72pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$3,895</span></div> </td> <td style="width: 6.64pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.64pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.5pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$4,653</span></div> </td> </tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 324pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.64pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.64pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 52.96pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.64pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.64pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 64.49pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 324pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 6.64pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 6.64pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 52.96pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 6.64pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 6.64pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 64.49pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 324pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">(in thousands)</div> </td> <td style="width: 6.64pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.64pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 52.96pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">March 31, 2026</div> </td> <td style="width: 6.64pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.64pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December 31, 2025 </div> </td> </tr> <tr> <td style="width: 324pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Professional fees</div> </td> <td style="width: 6.64pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.64pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 52.96pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.72pt; text-align: left;">$<span style="padding-left: 7.5pt;">500</span></div> </td> <td style="width: 6.64pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.64pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.5pt; text-align: left;">$<span style="padding-left: 7.5pt;">347 </span></div> </td> </tr> <tr> <td style="width: 324pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Compensation and related benefits</div> </td> <td style="width: 6.64pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.64pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 52.96pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.72pt; text-align: left;"><span style="padding-left: 5pt;">1,297</span></div> </td> <td style="width: 6.64pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.64pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.5pt; text-align: left;"><span style="padding-left: 5pt;">2,740</span></div> </td> </tr> <tr> <td style="width: 324pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Research and development</div> </td> <td style="width: 6.64pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.64pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 52.96pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.72pt; text-align: left;"><span style="padding-left: 5pt;">1,174</span></div> </td> <td style="width: 6.64pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.64pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.5pt; text-align: left;"><span style="padding-left: 12.5pt;">642</span></div> </td> </tr> <tr> <td style="width: 324pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Divestiture fee due to Catalent</div> </td> <td style="width: 6.64pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.64pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 52.96pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.72pt; text-align: left;"><span style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">924</span></div> </td> <td style="width: 6.64pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.64pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.5pt; text-align: left;"><span style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">924</span></div> </td> </tr> <tr> <td style="width: 324pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 6.64pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.64pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 52.96pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.72pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$3,895</span></div> </td> <td style="width: 6.64pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.64pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 64.49pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.5pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$4,653</span></div> </td> </tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 324pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.64pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.64pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 52.96pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.64pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.64pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 64.49pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> </tr> </table> 500000 347000 1297000 2740000 1174000 642000 924000 924000 3895000 4653000 <div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 14.5pt; margin-left: 0pt; text-align: left;">7. Gemma License Agreement </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">On July 31, 2024, the Company entered into a series of sublicense agreements with Gemma in connection with the outlicense of PBGM01 for the treatment of GM1 gangliosidosis, or GM1, PBKR03 for the treatment of Krabbe disease, or Krabbe, and PBML04 for the treatment of metachromatic leukodystrophy, or MLD, collectively the Outlicensed Programs, and such agreements, the Gemma Sublicenses. On May 7, 2025, the Company agreed to amend each of the Gemma Sublicenses to revise certain financial terms related to the Outlicensed Programs, or the Amended Gemma Sublicenses. Pursuant to the Amended Gemma Sublicenses, the Company is entitled to receive (i) an aggregate total of $15.0 million in initial payments for licenses and clinical product supply, of which $5.0 million was previously received, $5.0 million of which was due in May 2025, of which $2.5 million has been received, and $5.0 million of which was due in March 2026, and has not yet been received; (ii) an additional $5.0 million contingent on Gemma completing certain business milestones; (iii) up to an additional $114.0 million in development and commercial milestone payments; and (iv) single digit royalties as a percentage of annual worldwide net sales, in exchange for sublicenses to relevant intellectual property, transfer of regulatory dossiers and transfer of clinical trial materials and product supply related to the Outlicensed Programs. Gemma will be responsible for all payments due to the Trustees of </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">the University of Pennsylvania’s, or Penn, under the Company’s research, collaboration and licensing agreement with Penn, or the Penn License Agreement, related to the Outlicensed Programs. On July 31, 2024, the Company also entered into a transition services agreement with Gemma, or the Transition Services Agreement, as amended by the First Amendment to the Transition Services Agreement, dated January 31, 2025, pursuant to which, the Company provided transitional services at cost to Gemma through May 31, 2025, and is entitled to reimbursement for transitional services performed retroactively from March 1, 2024, related to the transfer of the Outlicensed Programs. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">As Gemma has a limited history of operations, the Company will not recognize revenue under ASC 606 until the Company either (i) has received payment and there are no remaining obligations to transfer goods and services under the Amended Gemma Sublicenses and Transition Services Agreement (as payments received by Gemma are nonrefundable), or (ii) concludes that substantially all of the transaction price is collectible. As of March 31, 2026, the Company has received initial payments of $7.5 million associated with the aggregate $15.0 million of initial payments to be made under the Amended Gemma Sublicenses for licenses and clinical product supply and $4.8 million associated with the Transition Services Agreement and applied $1.5 million in amounts owed to Gemma for the Huntington’s disease program against amounts due to the Company for transition services under these agreements. The Company recorded these amounts ($13.8 million) as non-refundable sublicense and transition services payments on the balance sheet as of March 31, 2026, as the criteria set forth above have not yet been met. </div> 15000000 5000000 5000000 2500000 5000000 5000000 114000000 7500000 15000000 4800000 1500000 13800000 <div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">8. Severance </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">During the three months ended March 31, 2026, the Company did not record any severance and termination-related costs (see Note 13). </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In January 2025, the Company announced a workforce reduction to reduce operating expenses and to extend its cash runway. In connection with the announcement, the Company reduced headcount by approximately 55%. In accordance with ASC 420, <span style="font-style: italic;">Exit and Disposal Activities</span>, the Company recorded severance and termination-related costs of $0.4 million in general and administrative expenses and $1.3 million in research and development expenses for the three months ended March 31, 2025. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;">As of March 31, 2026, there were no unpaid severance and termination-related costs. </div> 0 0.55 400000 1300000 0 <div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">9. Leases </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 7pt; margin-left: 0pt; text-align: left;">2005 Market Street Lease Agreement </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Company is party to a lease agreement for office space, or the 2005 Market Street Lease Agreement, in Philadelphia, Pennsylvania. Under the 2005 Market Street Lease Agreement, the Company leased approximately 37,000 square feet. The 2005 Market Street Lease Agreement commenced in February 2021 and is expected to expire in December 2031. The Company has an option to extend the term of the 2005 Market Street Lease Agreement by two additional terms of five years each. The Company has an option to early terminate the 2005 Market Street Lease Agreement as of April 2029, given notice is provided to the landlord no less than fifteen months prior to April 2029. The optional extension and termination terms were not recognized as part of the Company’s measurement of the ROU asset and operating lease liability as of March 31, 2026. During 2023, the Company subleased all of the space at 2005 Market Street as further described in Sublease Agreement A and Sublease Agreement B below. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Sublease Agreement A </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">On August 7, 2023, the Company entered into a sublease agreement with a counterparty, or Sublessee A, to sublease approximately 8,000 square feet of the 2005 Market Street Lease Agreement, or Sublease Agreement A. This sublease term began on November 1, 2023, and continues through March 31, 2029. In the event the Company does not elect its early termination option under the 2005 Market Street Lease Agreement, Sublessee A has an option to extend the sublease agreement through November 30, 2031. The base sublease rent is $0.1 million per year and increases by 2.75% annually through the expiration of the agreement. Additionally, Sublessee A is required to pay the portion of the common area maintenance expenses, operating expenses and use and occupancy taxes which the Company is required to pay under the 2005 Market Street Lease Agreement. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Pursuant to ASC Topic 842, <span style="font-style: italic;">Leases</span>, or ASC 842, the Company concluded the sublease is a separate lease, as the Company was not relieved of the primary obligation under the 2005 Market Street Lease Agreement. The Company continues to account for the 2005 Market Street Lease Agreement as a lessee and in the same manner as prior to the execution of Sublease Agreement A. The Company accounted for Sublease Agreement A as the lessor, and concluded the lease qualified as an operating lease, as it did not meet the criteria of a sales-type or direct financing lease. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">Sublease Agreement B </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">On September 29, 2023, the Company entered into a sublease agreement with a counterparty, or Sublessee B, to sublease approximately 29,000 square feet of the 2005 Market Street Lease Agreement, or Sublease Agreement B. This sublease term began on March 1, 2024 and Sublessee B has elected the option to extend the term of the sublease agreement through March 31, 2029. The base sublease rent is $0.9 million per year for the entire term of the sublease. Additionally, Sublessee B is required to pay applicable use and occupancy taxes but is not obligated to make payments for operating expenses and common area maintenance expenses which the Company is required to pay under the 2005 Market Street Lease Agreement. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Pursuant to ASC 842, the Company concluded the sublease is a separate lease, as the Company was not relieved of the primary obligation under the 2005 Market Street Lease Agreement. The Company continues to account for the 2005 Market Street Lease Agreement as a lessee and in the same manner as prior to the execution of the Sublease Agreement B. The Company accounted for Sublease Agreement B as the lessor and concluded the lease qualified as an operating lease, as it did not meet the criteria of a sales-type or direct financing lease. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 13.5pt; margin-left: 0pt; text-align: left;">Laboratory Lease Agreement </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Company was also party to a lease agreement for laboratory space, or the Laboratory Lease Agreement, in Hopewell, New Jersey. The Laboratory Lease Agreement commenced in March 2021 and was expected to expire in March 2036 with an option to extend the term of the Laboratory Lease Agreement by up to two five-year terms. On March 4, 2026, the Company entered into the Hopewell Lease Termination Agreement with the Landlord. Pursuant to the Hopewell Lease Termination Agreement, the Company agreed to pay the Landlord a termination fee of $4.8 million as well as accrued rent through February 14, 2026. The Company has no further obligations under the Laboratory Lease Agreement subsequent to the effective date of the Hopewell Lease Termination Agreement. As of March 4, 2026, the Company recognized a net gain of $0.6 million on the lease termination comprised of a $3.8 million gain on the write-off of assets and liabilities for operating leases offset by a $3.2 million net loss on disposal of property and equipment, which was primarily leasehold improvements. As a result of the Hopewell Lease Termination Agreement, ROU assets decreased $9.4 million and lease liabilities for operating leases decreased $18.0 million during the three months ended March 31, 2026. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 13.5pt; margin-left: 0pt; text-align: left;">Hopewell Sublease Agreement </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">On September 4, 2024, the Company entered into a sublease agreement with a counterparty, or Sublessee C, to sublease approximately 3,200 square feet, or 5% of its approximately 62,000 square feet of leased laboratory space under the Laboratory Lease Agreement, or Hopewell Sublease Agreement. This sublease term began on September 11, 2024 and was scheduled to expire on December 31, 2029, with an option for Sublessee C to extend the term of the sublease through December 2032. The base sublease rent was $0.1 million per year and increased by 2.5% annually through the expiration of the Hopewell Sublease Agreement. Additionally, Sublessee C was required to pay the portion of the common area maintenance expenses, operating expenses, and use and occupancy taxes that the Company was required to pay under the Laboratory Lease Agreement. In connection with the Hopewell Lease Termination Agreement on March 4, 2026, the Hopewell Sublease Agreement was concurrently terminated. The Company has no ongoing sublease arrangements related to the Hopewell, New Jersey laboratory space. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The following table summarizes future minimum lease payments for the Company’s lessee operating lease, which comprises of the 2005 Market Street Lease Agreement. The below table does not include expected cash inflows related to Sublease Agreement A and Sublease Agreement B, as the Company was not relieved of its primary obligation under the 2005 Market Street Lease Agreement: </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> <br/></div> <table cellpadding="0" cellspacing="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 420pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 8.59pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 8.59pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 30.83pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 420pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">(in thousands)</div> </td> <td style="width: 8.59pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 8.59pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 30.83pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"></div> </td> </tr> <tr> <td style="width: 420pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">2026</div> </td> <td style="width: 8.59pt; background-color: #CCEEFF; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 8.59pt; background-color: #CCEEFF; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 30.83pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;">$<span style="padding-left: 10.83pt;">900 </span></div> </td> </tr> <tr> <td style="width: 420pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">2027</div> </td> <td style="width: 8.59pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 8.59pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 30.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 8.33pt;">1,233</span></div> </td> </tr> <tr> <td style="width: 420pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">2028</div> </td> <td style="width: 8.59pt; background-color: #CCEEFF; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 8.59pt; background-color: #CCEEFF; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 30.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 8.33pt;">1,270</span></div> </td> </tr> <tr> <td style="width: 420pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">2029</div> </td> <td style="width: 8.59pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 8.59pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 30.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 8.33pt;">1,308</span></div> </td> </tr> <tr> <td style="width: 420pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">2030</div> </td> <td style="width: 8.59pt; background-color: #CCEEFF; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 8.59pt; background-color: #CCEEFF; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 30.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 8.33pt;">1,348</span></div> </td> </tr> <tr> <td style="width: 420pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Thereafter</div> </td> <td style="width: 8.59pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 8.59pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 30.83pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 8.33pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">1,388</span></div> </td> </tr> <tr> <td style="width: 420pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total undiscounted lease payments</div> </td> <td style="width: 8.59pt; background-color: #CCEEFF; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 8.59pt; background-color: #CCEEFF; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 30.83pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 8.33pt;">7,447</span></div> </td> </tr> <tr> <td style="width: 420pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Less: imputed interest</div> </td> <td style="width: 8.59pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 8.59pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 30.83pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(1,692)</span></div> </td> </tr> <tr> <td style="width: 420pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total lease liabilities</div> </td> <td style="width: 8.59pt; background-color: #CCEEFF; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 8.59pt; background-color: #CCEEFF; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 30.83pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 3.33pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">5,755</span></div> </td> </tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 420pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 8.59pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 8.59pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 30.83pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> </tr> </table> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">The following table summarizes lease expense by lease type that was recognized during the three months ended March 31, 2026 and 2025: </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> <br/></div> <table cellpadding="0" cellspacing="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 336pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 6.52pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 6.52pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="height: 6pt; width: 118.96pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 336pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"></div> </td> <td style="width: 6.52pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.52pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="width: 118.96pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Three Months Ended </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 336pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">(in thousands)</div> </td> <td style="width: 6.52pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.52pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 52.96pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">March 31, 2026</div> </td> <td style="width: 6.52pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.52pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 52.96pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">March 31, 2025 </div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Operating lease expense</div> </td> <td style="width: 6.52pt; background-color: #CCEEFF; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.52pt; background-color: #CCEEFF; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 52.96pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.48pt; text-align: left;">$476</div> </td> <td style="width: 6.52pt; background-color: #CCEEFF; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.52pt; background-color: #CCEEFF; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 52.96pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.73pt; text-align: left;">$<span style="padding-left: 7.5pt;">880 </span></div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Variable lease expense</div> </td> <td style="width: 6.52pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.52pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 52.96pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; font-size: 10pt;"><span style="padding-left: 12.5pt; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 1.5pt;">326 </span></td> <td style="width: 6.52pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.52pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 52.96pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.73pt; text-align: left;"><span style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">538 </span></div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"></div> </td> <td style="width: 6.52pt; background-color: #CCEEFF; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.52pt; background-color: #CCEEFF; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 52.96pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.48pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$802</span></div> </td> <td style="width: 6.52pt; background-color: #CCEEFF; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.52pt; background-color: #CCEEFF; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 52.96pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.73pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$1,418</span></div> </td> </tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 336pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.52pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.52pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 52.96pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.52pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.52pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 52.96pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> </tr> </table> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The following table shows the weighted average discount rate and weighted average remaining lease term of the operating leases: </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> <br/></div> <table cellpadding="0" cellspacing="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 336pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 6.52pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 6.52pt;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="height: 6pt; width: 118.96pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 336pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div> </td> <td style="width: 6.52pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.52pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="width: 118.96pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Three Months Ended </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 336pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div> </td> <td style="width: 6.52pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.52pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 52.96pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">March 31, 2026</div> </td> <td style="width: 6.52pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.52pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 52.96pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">March 31, 2025 </div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Weighted-average discount rate</div> </td> <td style="width: 6.52pt; background-color: #CCEEFF; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.52pt; background-color: #CCEEFF; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 52.96pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20.23pt; text-align: left;">9.0% </div> </td> <td style="width: 6.52pt; background-color: #CCEEFF; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.52pt; background-color: #CCEEFF; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 52.96pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.73pt; text-align: left;"><span style="padding-left: 5pt;">9.7% </span></div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 1.01pt; text-align: left; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Weighted-average remaining lease term (years)</div> </td> <td style="width: 6.52pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.52pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 52.96pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20.23pt; text-align: left;">5.8 </div> </td> <td style="width: 6.52pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.52pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 52.96pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.73pt; text-align: left;">10.0 </div> </td> </tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 336pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.52pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.52pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 52.96pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.52pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.52pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 52.96pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> </table> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The cash paid for amounts included in the measurement of the Company’s operating lease liabilities for the three months ended March 31, 2026 and 2025 were $0.6 million and $1.0 million, respectively, recorded in operating cash flows. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The following table summarizes sublease income that was recognized in other income (expense), net during the three months ended March 31, 2026 and 2025: </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> <br/></div> <table cellpadding="0" cellspacing="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 336pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 6.52pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 6.52pt;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="height: 6pt; width: 118.96pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 336pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div> </td> <td style="width: 6.52pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.52pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="width: 118.96pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Three Months Ended </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 336pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">(in thousands)</div> </td> <td style="width: 6.52pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.52pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 52.96pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">March 31, 2026</div> </td> <td style="width: 6.52pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.52pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 52.96pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">March 31, 2025 </div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 2.01pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Sublease rental income</div> </td> <td style="width: 6.52pt; background-color: #CCEEFF; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.52pt; background-color: #CCEEFF; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 52.96pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.48pt; text-align: left;">$356</div> </td> <td style="width: 6.52pt; background-color: #CCEEFF; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.52pt; background-color: #CCEEFF; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 52.96pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.48pt; text-align: left;">$367</div> </td> </tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 336pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.52pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.52pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 52.96pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.52pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.52pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 52.96pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> </tr> </table> 37000 true 2 P5Y true P15M 8000 true 100000 0.0275 29000 true 900000 2 P5Y 4800000 600000 3800000 3200000 9400000 18000000 3200 0.05 62000 100000 0.025 <table cellpadding="0" cellspacing="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 420pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 8.59pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 8.59pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 30.83pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 420pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">(in thousands)</div> </td> <td style="width: 8.59pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 8.59pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 30.83pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"></div> </td> </tr> <tr> <td style="width: 420pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">2026</div> </td> <td style="width: 8.59pt; background-color: #CCEEFF; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 8.59pt; background-color: #CCEEFF; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 30.83pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;">$<span style="padding-left: 10.83pt;">900 </span></div> </td> </tr> <tr> <td style="width: 420pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">2027</div> </td> <td style="width: 8.59pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 8.59pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 30.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 8.33pt;">1,233</span></div> </td> </tr> <tr> <td style="width: 420pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">2028</div> </td> <td style="width: 8.59pt; background-color: #CCEEFF; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 8.59pt; background-color: #CCEEFF; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 30.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 8.33pt;">1,270</span></div> </td> </tr> <tr> <td style="width: 420pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">2029</div> </td> <td style="width: 8.59pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 8.59pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 30.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 8.33pt;">1,308</span></div> </td> </tr> <tr> <td style="width: 420pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">2030</div> </td> <td style="width: 8.59pt; background-color: #CCEEFF; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 8.59pt; background-color: #CCEEFF; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 30.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 8.33pt;">1,348</span></div> </td> </tr> <tr> <td style="width: 420pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Thereafter</div> </td> <td style="width: 8.59pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 8.59pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 30.83pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 8.33pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">1,388</span></div> </td> </tr> <tr> <td style="width: 420pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total undiscounted lease payments</div> </td> <td style="width: 8.59pt; background-color: #CCEEFF; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 8.59pt; background-color: #CCEEFF; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 30.83pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 8.33pt;">7,447</span></div> </td> </tr> <tr> <td style="width: 420pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Less: imputed interest</div> </td> <td style="width: 8.59pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 8.59pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 30.83pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(1,692)</span></div> </td> </tr> <tr> <td style="width: 420pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total lease liabilities</div> </td> <td style="width: 8.59pt; background-color: #CCEEFF; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 8.59pt; background-color: #CCEEFF; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 30.83pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 3.33pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">5,755</span></div> </td> </tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 420pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 8.59pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 8.59pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 30.83pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> </tr> </table> 900000 1233000 1270000 1308000 1348000 1388000 7447000 1692000 5755000 <table cellpadding="0" cellspacing="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 336pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 6.52pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 6.52pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="height: 6pt; width: 118.96pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 336pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"></div> </td> <td style="width: 6.52pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.52pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="width: 118.96pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Three Months Ended </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 336pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">(in thousands)</div> </td> <td style="width: 6.52pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.52pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 52.96pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">March 31, 2026</div> </td> <td style="width: 6.52pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.52pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 52.96pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">March 31, 2025 </div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Operating lease expense</div> </td> <td style="width: 6.52pt; background-color: #CCEEFF; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.52pt; background-color: #CCEEFF; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 52.96pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.48pt; text-align: left;">$476</div> </td> <td style="width: 6.52pt; background-color: #CCEEFF; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.52pt; background-color: #CCEEFF; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 52.96pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.73pt; text-align: left;">$<span style="padding-left: 7.5pt;">880 </span></div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Variable lease expense</div> </td> <td style="width: 6.52pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.52pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 52.96pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap; font-family: 'Times New Roman'; font-size: 10pt;"><span style="padding-left: 12.5pt; border-bottom: 1pt solid rgb(0, 0, 0); padding-bottom: 1.5pt;">326 </span></td> <td style="width: 6.52pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.52pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 52.96pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.73pt; text-align: left;"><span style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">538 </span></div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"></div> </td> <td style="width: 6.52pt; background-color: #CCEEFF; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.52pt; background-color: #CCEEFF; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 52.96pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.48pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$802</span></div> </td> <td style="width: 6.52pt; background-color: #CCEEFF; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.52pt; background-color: #CCEEFF; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 52.96pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.73pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$1,418</span></div> </td> </tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 336pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.52pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.52pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 52.96pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.52pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.52pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 52.96pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 336pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 6.52pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 6.52pt;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="height: 6pt; width: 118.96pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 336pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div> </td> <td style="width: 6.52pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.52pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="width: 118.96pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Three Months Ended </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 336pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div> </td> <td style="width: 6.52pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.52pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 52.96pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">March 31, 2026</div> </td> <td style="width: 6.52pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.52pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 52.96pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">March 31, 2025 </div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Weighted-average discount rate</div> </td> <td style="width: 6.52pt; background-color: #CCEEFF; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.52pt; background-color: #CCEEFF; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 52.96pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20.23pt; text-align: left;">9.0% </div> </td> <td style="width: 6.52pt; background-color: #CCEEFF; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.52pt; background-color: #CCEEFF; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 52.96pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.73pt; text-align: left;"><span style="padding-left: 5pt;">9.7% </span></div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 1.01pt; text-align: left; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Weighted-average remaining lease term (years)</div> </td> <td style="width: 6.52pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.52pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 52.96pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20.23pt; text-align: left;">5.8 </div> </td> <td style="width: 6.52pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.52pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 52.96pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.73pt; text-align: left;">10.0 </div> </td> </tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 336pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.52pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.52pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 52.96pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.52pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.52pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 52.96pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 336pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 6.52pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 6.52pt;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="height: 6pt; width: 118.96pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 336pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div> </td> <td style="width: 6.52pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.52pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="width: 118.96pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Three Months Ended </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 336pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">(in thousands)</div> </td> <td style="width: 6.52pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.52pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 52.96pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">March 31, 2026</div> </td> <td style="width: 6.52pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.52pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 52.96pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">March 31, 2025 </div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 2.01pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Sublease rental income</div> </td> <td style="width: 6.52pt; background-color: #CCEEFF; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.52pt; background-color: #CCEEFF; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 52.96pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.48pt; text-align: left;">$356</div> </td> <td style="width: 6.52pt; background-color: #CCEEFF; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.52pt; background-color: #CCEEFF; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 52.96pt; padding-top: 2.01pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 16.48pt; text-align: left;">$367</div> </td> </tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 336pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.52pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.52pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 52.96pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.52pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.52pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 52.96pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> </tr> </table> 476000 880000 326000 538000 802000 1418000 0.09 0.097 P5Y9M18D P10Y 600000 1000000 356000 367000 <div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 18pt; margin-left: 0pt; text-align: left;">10. Commitments and Contingencies </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 7pt; margin-left: 0pt; text-align: left;">Amended and Restated Research, Collaboration and License Arrangement with Penn </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In connection with the transfer of the Outlicensed Programs (GM1, Krabbe, and MLD), the Company restructured its research, collaboration and license agreement with Penn, as amended, previously the Penn Agreement and now referred to as the Penn License Agreement. Pursuant to the Penn License Agreement, as of July 31, 2024, the Company (i) terminated the funding of discovery research programs; (ii) terminated the research and exploratory research programs; (iii) terminated the remaining eight options it had for future central nervous system, or CNS, indications; (iv) terminated the transaction fee payable to Penn in the event of certain corporate transactions; and (v) retained its current exclusive and non-exclusive licenses to its programs in FTD, GM1, Krabbe and MLD and certain platform technologies resulting from the discovery programs that it funded. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">For the Company’s licensed programs in FTD, GM1, Krabbe and MLD, the Penn License Agreement requires that it make payments of up to $16.5 million per product candidate. Each payment will be due upon the achievement of specific development milestone events by such licensed product for a first indication, reduced development milestone payments for the second and third indications and no development milestone payments for subsequent indications. In addition, on a product-by-product basis, the Company is obligated to make up to $55.0 million in sales milestone payments on each licensed product based on annual worldwide net sales of the licensed product in excess of defined thresholds. Pursuant to the Amended Gemma Sublicenses, Gemma is responsible for the payments to Penn related to the Outlicensed Programs. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Upon successful commercialization of a product using the licensed technology, the Company is obligated to pay to Penn, on a licensed product-by-licensed product and country-by-country basis, tiered royalties (subject to customary reductions) in the mid-single digits percentage on annual worldwide net sales of such licensed product. In addition, other than the Amended Gemma Sublicenses, the Company is obligated to pay to Penn a percentage of sublicensing income, ranging from the mid-single digits to low double digits, for sublicenses under the Penn License Agreement. The agreement will expire on a licensed product-by-licensed product and country-by-country basis upon the later of (i) the expiration of the last valid claim of the licensed patent rights that covers the exploitation of such licensed product in such country, and (ii) the expiration of the royalty period. Pursuant to the Amended Gemma Sublicenses, Gemma is responsible for the payments to Penn related to the Outlicensed Programs. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">Gemma - Research, Collaboration and License Agreement </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In connection with the transfer of the Outlicensed Programs, on July 31, 2024, the Company entered into a research, collaboration and license agreement with Gemma, or the Gemma Collaboration Agreement. Pursuant to the Gemma Collaboration Agreement, (i) Gemma will conduct certain preclinical and Investigational New Drug, or IND, enabling work for the Company’s active research program in Huntington’s disease and a currently paused research program in Temporal Lobe Epilepsy, or TLE, which were previously being conducted by Penn under the Penn Agreement and (ii) Gemma will grant the Company options to conduct mutually-agreed research programs in four new CNS indications. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Gemma Collaboration Agreement requires the Company to make payments of up to (i) $16.5 million per product candidate in the aggregate for Huntington’s disease and any future CNS indications available to the Company under its four options and (ii) $39.0 million per product candidate in the aggregate arising from the research program for TLE. Each payment will be due upon the achievement of specific development milestone events by such licensed product for a first indication, reduced development milestone payments for the second and third indications and no development milestone payments for subsequent indications. In addition, on a product-by-product basis, the Company is obligated to make up to $55.0 million in sales milestone payments on each licensed product based on annual worldwide net sales of the licensed product in excess of defined thresholds. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Upon successful commercialization of a product using the licensed technology, the Company is obligated to pay to Gemma, on a licensed product-by-licensed product and country-by-country basis, tiered royalties (subject to customary reductions) in the mid-single digits percentage on annual worldwide net sales of such licensed product. In addition, the Company is obligated to pay to Gemma a percentage of sublicensing income, ranging from the mid-single digits to low double digits, for sublicenses under the Gemma Collaboration Agreement. The agreement will expire on a licensed product-by-licensed product and country-by-country basis upon the later of (i) the expiration of the last valid claim of the licensed patent rights that covers the exploitation of such licensed product in such country, and (ii) the expiration of the royalty period. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">If the Company was to exercise any of the four options under the Gemma Collaboration Agreement, it would owe Gemma a non-refundable aggregate fee of $1.0 million per product indication, with $0.5 million due upfront and another $0.5 million fee owed upon a further developmental milestone. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Company has also entered into the Amended Gemma Sublicenses and Transition Services Agreement as described in Note 7. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Amended Gemma Sublicenses, the Transition Services Agreement, and the Gemma Collaboration Agreement are collectively referred to as the Outlicense Transaction Agreements. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 20pt; margin-left: 0pt; text-align: left;">Catalent Agreements </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Company has entered into a collaboration agreement, and a development services and clinical supply agreement, or the Amended Catalent Agreements, with Catalent Maryland, a unit of Catalent, Inc. acquired by Novo Holdings A/S, or Catalent, to secure clinical scale manufacturing capacity for batches of active pharmaceutical ingredients for the Company’s gene therapy product candidates. Under the terms of the Amended Catalent Agreements, Catalent agreed to manufacture batches of drug product for the Company’s gene therapy product candidates. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Amended Catalent Agreements remain in effect until November 6, 2030, and establish a limited exclusive relationship between the Company and Catalent for the manufacture of bulk drug substance and drug product for the Company’s adeno-associated virus delivery therapeutic product candidates for the treatment of FTD and GM1. The limited exclusive relationship under the Amended Catalent Agreements converts to a non-exclusive relationship (i) in the event Catalent fails to meet certain performance standards and (ii) following certain conditional events related to the divestiture by the Company of either FTD or GM1, in which case, if such events occur, the Company would pay Catalent certain fees. In the event of certain transactions, the Company may terminate the Amended Catalent Agreements for convenience with respect to such products, in which case, the Company would pay Catalent a certain termination fee. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The outlicense and completed transition of GM1 to Gemma under the Outlicense Transaction Agreements is deemed by Catalent to be a divestiture under the Amended Catalent Agreements. As such, the Company is required to make payment of $0.9 million to Catalent which is accrued as of March 31, 2026. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">Litigation </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In the normal course of business, the Company from time to time is named as a party to legal claims and actions. The Company records a loss contingency reserve for a legal proceeding when the potential loss is considered probable and can be reasonably estimated. The Company has not recorded any amounts for loss contingencies as of March 31, 2026. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Company is the defendant in litigation with a former employee, who filed a lawsuit in the Court of Common Pleas of Philadelphia County asserting claims for breach of contract and violation of the Pennsylvania Wage Payment and Collection Law. The plaintiff, who was terminated from their employment in 2019, contended that the Company entered into a binding settlement agreement in February 2020 under which he was to receive shares of company stock and additional compensation. Specifically, he contended that before the announcement of the Company’s initial public offering in February 2020, he was promised 150,000 shares of stock as part of the settlement, and that those shares were not subject to the reverse stock split that was implemented for all shareholders. The Company responded that the shares offered in settlement negotiations in 2020 were to be subject to the reverse split, and that had the settlement been finalized, the plaintiff would have been entitled to 33,836 shares (1,692 shares adjusted for the Reverse Stock Split effected in 2025). A trial in this case was held in October 2024. The jury found that an agreement was reached, but it agreed with the Company that any shares to be awarded to the plaintiff were subject to the reverse split. The jury awarded damages in an amount that was roughly equal to what the Company contended had been offered to the plaintiff before the initial public offering. Both sides then challenged the verdict, and on December 12, 2024, the judge who presided over the trial delivered a judgment in the Company’s favor, finding that no binding agreement was reached and that the plaintiff was not entitled to recover any damages. On December 23, 2024, the plaintiff filed an appeal with the Superior Court of Pennsylvania. On September 25, 2025, the appellate co<span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">urt affirmed the entry of judgment in favor of the Company and on October 7, 2025, the plaintiff filed an Application for Reargument to the Superior Court of Pennsylvania. In December 2025, the plaintiff petitioned for review of their appeal to the Pennsylvania Supreme Court. The Company intends to continue to defend against this claim. </span></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Other than the above, the Company is not presently a party to any legal proceedings that, in the opinion of management, would, if decided against the Company, have a material adverse effect on the Company’s business. Regardless of outcome, litigation can have an adverse impact on the Company due to defense and settlement costs, diversion of management resources, negative publicity and reputational harm, and other factors. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 13.5pt; margin-left: 0pt; text-align: left;">Employment Agreements </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Company has employment agreements with certain key personnel providing for up to 18 months of salary continuation, up to 150% of target annual bonus amounts, and acceleration of vesting in stock-based compensation awards in certain circumstances. </div> 16500000 55000000 16500000 39000000 55000000 1000000 500000 500000 900000 0 150000 33836 1692 1.50 <div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 17pt; margin-left: 0pt; text-align: left;">11. Stockholder’s Equity and Share-Based Compensation </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">On July 14, 2025, the Company effected the Reverse Stock Split. The Reverse Stock Split did not reduce the number of authorized shares of the common stock and did not change the par value of the common stock. In addition, proportionate adjustments were made to the number of shares of common stock available for issuance under the Company’s equity inducement and incentive plans; the number of shares underlying, and the exercise prices of outstanding equity awards under such plans. All share information in these financial statements has been adjusted for this Reverse Stock Split. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 17pt; margin-left: 0pt; text-align: left;">Equity Incentive Plan </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Company has three equity incentive plans: the 2018 Equity Incentive Plan, as amended, or the 2018 Plan, the 2020 Equity Incentive Plan, or the Incentive Plan, and the 2021 Equity Inducement Plan, or the Inducement Plan. New awards can only be granted under the Incentive Plan and the Inducement Plan. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The total number of shares authorized under the Incentive Plan as of March 31, 2026 was 1,106,739. Additionally, 204,732 shares previously issued under the 2018 Plan which were forfeited are available for issuance under the Incentive Plan. As of March 31, 2026, 405,163 shares were available for future grants under the Incentive Plan. The number of shares of the Company’s common stock that may be issued pursuant to rights granted under the Incentive Plan shall automatically increase on January 1st of each year, commencing on January 1, 2021 and continuing for ten years, in an amount equal to five percent of the total number of shares of the Company’s common stock outstanding on December 31st of the preceding calendar year, subject to the discretion of the board of directors to determine a lesser number of shares shall be added for such year. As a result, the number of shares reserved for issuance under the Incentive Plan increased by 159,141 and 155,155 shares in January 2026 and 2025, respectively. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Incentive Plan provides for the granting of common stock, incentive stock options, nonqualified stock options, restricted stock awards, and/or stock appreciation rights to employees, directors, and other persons, as determined by the Company’s board of directors. The Company’s stock options awarded to date under the Incentive Plan vest based on a requisite service period, generally over four-year periods, and have a term of ten years. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Inducement Plan was approved by the Company’s board of directors in July 2021. The total number of shares authorized under the Inducement Plan as of March 31, 2026 was 125,000. Of this amount, 87,634 shares were available for future grants as of March 31, 2026. The Inducement Plan provides for the granting of nonqualified stock options and restricted stock awards to employees hired by the Company, as determined by the Company’s board of directors. The Company’s stock options awarded to date under the Inducement Plan vest based on requisite service period and have a term of ten years. The Company’s restricted stock units awarded to date under the Inducement Plan vest based on requisite service period and have a term based on each award agreement. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Company measures share-based awards at their grant-date fair value and records compensation expense on a straight-line basis over the vesting period of the awards. The Company recorded share-based compensation expense in the following expense categories in its accompanying statements of operations and comprehensive loss for the period presented:</div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;"> <br/></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> <br/></div> <table cellpadding="0" cellspacing="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 336pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="height: 6pt; width: 117.85pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 336pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div> </td> <td style="width: 7.08pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="width: 117.85pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Three Months Ended March 31, </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 336pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">(in thousands)</div> </td> <td style="width: 7.08pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.85pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2026</div> </td> <td style="width: 7.08pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.84pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025 </div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Research and development</div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.85pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 15.92pt; text-align: left;">$142</div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.84pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 15.92pt; text-align: left;">$244 </div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">General and administrative</div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.85pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 15.92pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">414</span></div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.84pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 15.92pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">614</span></div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.85pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 15.92pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$556</span></div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.84pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 15.92pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$858</span></div> </td> </tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 336pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 51.85pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 51.84pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> </tr> </table> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.5pt; margin-left: 0pt; text-align: left;">The following table summarizes stock option activity for the three months ended March 31, 2026: </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> <br/></div> <table cellpadding="0" cellspacing="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 312pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 5.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 5.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 36.95pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 5.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 5.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 46.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 5.13pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 5.13pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 41.96pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 312pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div> </td> <td style="width: 5.14pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.14pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.95pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Number of<br/> </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">shares</div> </td> <td style="width: 5.14pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.14pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 46.28pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Weighted<br/> </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">average<br/> </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">exercise price<br/> </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">per share</div> </td> <td style="width: 5.13pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.13pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.96pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Weighted<br/> </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">average<br/> </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">remaining<br/> </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">contractual<br/> </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">term (years) </div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Outstanding at January 1, 2026</div> </td> <td style="width: 5.14pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.14pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.95pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.23pt; text-align: left;">658,973</div> </td> <td style="width: 5.14pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.14pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 46.28pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.39pt; text-align: left;">$44.20</div> </td> <td style="width: 5.13pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.13pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.96pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 14.74pt; text-align: left;">7.1</div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Granted</div> </td> <td style="width: 5.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.95pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.23pt; text-align: left;">191,510</div> </td> <td style="width: 5.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 46.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.39pt; text-align: left;"><span style="padding-left: 10pt;">7.64</span></div> </td> <td style="width: 5.13pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.13pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.96pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Exercised</div> </td> <td style="width: 5.14pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.14pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.95pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.23pt; text-align: left;"><span style="padding-left: 22.5pt;">—</span></div> </td> <td style="width: 5.14pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.14pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 46.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.39pt; text-align: left;"><span style="padding-left: 17.5pt;">—</span></div> </td> <td style="width: 5.13pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.13pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.96pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Forfeited</div> </td> <td style="width: 5.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.95pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.23pt; text-align: left;"><span style="padding-left: 6.67pt;">(4,376)</span></div> </td> <td style="width: 5.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 46.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.39pt; text-align: left;"><span style="padding-left: 5pt;">10.99</span></div> </td> <td style="width: 5.13pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.13pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.96pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Expired</div> </td> <td style="width: 5.14pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.14pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.95pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.23pt; text-align: left;"><span style="padding-left: 22.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">—</span></div> </td> <td style="width: 5.14pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.14pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 46.28pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.39pt; text-align: left;"><span style="padding-left: 17.5pt;">—</span></div> </td> <td style="width: 5.13pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.13pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.96pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Outstanding at March 31, 2026</div> </td> <td style="width: 5.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.95pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.23pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">846,107</span></div> </td> <td style="width: 5.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 46.28pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.39pt; text-align: left;">$40.13</div> </td> <td style="width: 5.13pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.13pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.96pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 14.74pt; text-align: left;">7.5</div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 3.26pt; padding-bottom: 3.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Vested and exercisable at March 31, 2026</div> </td> <td style="width: 5.14pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.14pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.95pt; padding-top: 3.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.23pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">387,675</span></div> </td> <td style="width: 5.14pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.14pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 46.28pt; padding-top: 3.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.39pt; text-align: left;">$74.20</div> </td> <td style="width: 5.13pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.13pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.96pt; padding-top: 3.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 14.74pt; text-align: left;">5.6</div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 3.26pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Vested or expected to vest at March 31, 2026</div> </td> <td style="width: 5.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.95pt; padding-top: 3.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.23pt; text-align: left;">846,107</div> </td> <td style="width: 5.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 46.28pt; padding-top: 3.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.39pt; text-align: left;">$40.13</div> </td> <td style="width: 5.13pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.13pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.96pt; padding-top: 3.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 14.74pt; text-align: left;">7.5</div> </td> </tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 312pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 5.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 5.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 36.95pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 5.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 5.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 46.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 5.13pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 5.13pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 41.96pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> </table> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The weighted average grant date fair value of options granted was $5.81 and $6.20 for the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, the total unrecognized compensation expense related to unvested stock option awards was $3.6 million, which the Company expects to recognize over a weighted average period of 2.6 years. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The aggregate intrinsic value of options outstanding was $0.1 million at March 31, 2026 and was de minimis at March 31, 2025. The aggregate intrinsic value of options exercised and options exercisable were each de minimis during the three months ended March 31, 2026 and 2025. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">The fair value of each option was estimated on the date of grant using the weighted average assumptions in the table below: </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> <br/></div> <table cellpadding="0" cellspacing="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 336pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="height: 6pt; width: 117.85pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 336pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div> </td> <td style="width: 7.08pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="width: 117.85pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Three Months Ended March 31, </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 336pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div> </td> <td style="width: 7.08pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.85pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2026</div> </td> <td style="width: 7.08pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.84pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025 </div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Expected volatility</div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.85pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">92.4%</div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.84pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">93.8%</div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Risk-free interest rate</div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.85pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">3.9%</div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.84pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">4.1%</div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Expected term</div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.85pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">5.8 years</div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.84pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">6.0 years </div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 1.01pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Expected dividend yield</div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.85pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">—</div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.84pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">—</div> </td> </tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 336pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 51.85pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 51.84pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> </table> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Restricted Stock Units </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Company issues RSUs to employees that vest over periods of time as determined by the board of directors. Any unvested shares are forfeited upon termination of services. The fair value of the RSUs is equal to the fair market value of the Company’s common stock on the date of grant. Compensation expense is recognized on a straight-line basis over the vesting period of the RSUs. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;">The following table summarizes activity related to RSU awards during the three months ended March 31, 2026: </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> <br/></div> <table cellpadding="0" cellspacing="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 312pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 6.4pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 6.4pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 60.58pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 6.39pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 6.39pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 69.84pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 312pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div> </td> <td style="width: 6.4pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.4pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 60.58pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Number of shares</div> </td> <td style="width: 6.39pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.39pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 69.84pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Weighted average <br/> </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">grant date fair value </div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Unvested balance at January 1, 2026</div> </td> <td style="width: 6.4pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.4pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 60.58pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 14.87pt; text-align: left;"><span style="padding-left: 3.33pt;">50,000</span></div> </td> <td style="width: 6.39pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.39pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 69.84pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 21.17pt; text-align: left;">$10.52 </div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Granted</div> </td> <td style="width: 6.4pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.4pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 60.58pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 14.87pt; text-align: left;"><span style="padding-left: 20.83pt;">—</span></div> </td> <td style="width: 6.39pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.39pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 69.84pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 21.17pt; text-align: left;"><span style="padding-left: 17.5pt;">— </span></div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Vested</div> </td> <td style="width: 6.4pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.4pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 60.58pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 14.87pt; text-align: left;">(25,000)</div> </td> <td style="width: 6.39pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.39pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 69.84pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 21.17pt; text-align: left;"><span style="padding-left: 5.37pt;">11.70</span></div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Forfeited</div> </td> <td style="width: 6.4pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.4pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 60.58pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 14.87pt; text-align: left;"><span style="padding-left: 20.83pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">—</span></div> </td> <td style="width: 6.39pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.39pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 69.84pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 21.17pt; text-align: left;"><span style="padding-left: 17.5pt;">— </span></div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Unvested balance at March 31, 2026</div> </td> <td style="width: 6.4pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.4pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 60.58pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 14.87pt; text-align: left;"><span style="padding-left: 3.33pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">25,000</span></div> </td> <td style="width: 6.39pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.39pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 69.84pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 21.17pt; text-align: left;">$11.70</div> </td> </tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 312pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.4pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.4pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 60.58pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.39pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.39pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 69.84pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> </tr> </table> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">As of March 31, 2026, the total unrecognized expense related to all RSUs was $0.2 million, which the Company expects to recognize over a weighted-average period of 0.8 years. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Employee Stock Purchase Plan </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Company’s 2020 Employee Stock Purchase Plan, or the ESPP, became effective on February 28, 2020. The ESPP authorizes the issuance of up to 99,088 shares of the Company’s common stock. Of this amount, 59,103 were available for future grants as of March 31, 2026. The number of shares of the Company’s common stock that may be issued pursuant to rights granted under the ESPP shall automatically increase on January 1st of each year and continuing for ten years, in an amount equal to one percent of the total number of shares of the Company’s common stock outstanding on December 31st of the preceding calendar year, subject to the discretion of the board of directors to determine a lesser number of shares shall be added for such year. As a result, on January 1, 2026 and 2025, subject to the discretion of the board of directors, the shares authorized for issuance under the ESPP were not increased. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Under the ESPP, eligible employees can purchase the Company’s common stock through accumulated payroll deductions at such times as are established by the board of directors’ Compensation Committee. Eligible employees may purchase the Company’s common stock at 85% of the lower of the fair market value of the Company’s common stock on the first day of the offering period or on the last day of the offering period. The offering periods under the ESPP have a duration of six months, with periods ending in May and November of each calendar year. Eligible employees may contribute up to 15% of their eligible compensation. Under the ESPP, a participant may not accrue rights to purchase more than $25,000 worth of the Company’s common stock for each calendar year in which such right is outstanding or purchase more than 200 shares of the Company’s common stock in any single offering period. Beginning in May 2026, the limit will increase from 200 shares to 2,000 shares in any single offering period, not to exceed $25,000 in any calendar year. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In accordance with the guidance in ASC Topic 718-50,<span style="font-style: italic;"> Compensation – Stock Compensation</span>, the ability to purchase shares of the Company’s common stock at 85% of the lower of the price on the first day of the offering period or the last day of the offering period (i.e. the purchase date) represents an option and<span style="font-weight: bold;">, </span>therefore, the ESPP is a compensatory plan under this guidance. Accordingly, share-based compensation expense is determined based on the option’s grant-date fair value as estimated by applying the Black-Scholes option-pricing model and is recognized over the withholding period. No share-based compensation expense related to the ESPP was recorded during the three months ended March 31, 2026 and 2025. </div> 3 1106739 204732 405163 P10Y 0.05 159141 155155 P4Y P10Y 125000 87634 P10Y <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;"> <br/></div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> <br/></div> <table cellpadding="0" cellspacing="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 336pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="height: 6pt; width: 117.85pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 336pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div> </td> <td style="width: 7.08pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="width: 117.85pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Three Months Ended March 31, </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 336pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">(in thousands)</div> </td> <td style="width: 7.08pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.85pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2026</div> </td> <td style="width: 7.08pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.84pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025 </div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Research and development</div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.85pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 15.92pt; text-align: left;">$142</div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.84pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 15.92pt; text-align: left;">$244 </div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">General and administrative</div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.85pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 15.92pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">414</span></div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.84pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 15.92pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">614</span></div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.85pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 15.92pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$556</span></div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.84pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 15.92pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$858</span></div> </td> </tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 336pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 51.85pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 51.84pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> </tr> </table> 142000 244000 414000 614000 556000 858000 <table cellpadding="0" cellspacing="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 312pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 5.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 5.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 36.95pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 5.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 5.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 46.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 5.13pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 5.13pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 41.96pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 312pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div> </td> <td style="width: 5.14pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.14pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.95pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Number of<br/> </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">shares</div> </td> <td style="width: 5.14pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.14pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 46.28pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Weighted<br/> </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">average<br/> </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">exercise price<br/> </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">per share</div> </td> <td style="width: 5.13pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.13pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.96pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Weighted<br/> </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">average<br/> </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">remaining<br/> </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">contractual<br/> </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">term (years) </div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Outstanding at January 1, 2026</div> </td> <td style="width: 5.14pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.14pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.95pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.23pt; text-align: left;">658,973</div> </td> <td style="width: 5.14pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.14pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 46.28pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.39pt; text-align: left;">$44.20</div> </td> <td style="width: 5.13pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.13pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.96pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 14.74pt; text-align: left;">7.1</div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Granted</div> </td> <td style="width: 5.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.95pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.23pt; text-align: left;">191,510</div> </td> <td style="width: 5.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 46.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.39pt; text-align: left;"><span style="padding-left: 10pt;">7.64</span></div> </td> <td style="width: 5.13pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.13pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.96pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Exercised</div> </td> <td style="width: 5.14pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.14pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.95pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.23pt; text-align: left;"><span style="padding-left: 22.5pt;">—</span></div> </td> <td style="width: 5.14pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.14pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 46.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.39pt; text-align: left;"><span style="padding-left: 17.5pt;">—</span></div> </td> <td style="width: 5.13pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.13pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.96pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Forfeited</div> </td> <td style="width: 5.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.95pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.23pt; text-align: left;"><span style="padding-left: 6.67pt;">(4,376)</span></div> </td> <td style="width: 5.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 46.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.39pt; text-align: left;"><span style="padding-left: 5pt;">10.99</span></div> </td> <td style="width: 5.13pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.13pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.96pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Expired</div> </td> <td style="width: 5.14pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.14pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.95pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.23pt; text-align: left;"><span style="padding-left: 22.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">—</span></div> </td> <td style="width: 5.14pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.14pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 46.28pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.39pt; text-align: left;"><span style="padding-left: 17.5pt;">—</span></div> </td> <td style="width: 5.13pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.13pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.96pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Outstanding at March 31, 2026</div> </td> <td style="width: 5.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.95pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.23pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">846,107</span></div> </td> <td style="width: 5.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 46.28pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.39pt; text-align: left;">$40.13</div> </td> <td style="width: 5.13pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.13pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.96pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 14.74pt; text-align: left;">7.5</div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 3.26pt; padding-bottom: 3.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Vested and exercisable at March 31, 2026</div> </td> <td style="width: 5.14pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.14pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.95pt; padding-top: 3.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.23pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">387,675</span></div> </td> <td style="width: 5.14pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.14pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 46.28pt; padding-top: 3.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.39pt; text-align: left;">$74.20</div> </td> <td style="width: 5.13pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.13pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.96pt; padding-top: 3.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 14.74pt; text-align: left;">5.6</div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 3.26pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Vested or expected to vest at March 31, 2026</div> </td> <td style="width: 5.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 36.95pt; padding-top: 3.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.23pt; text-align: left;">846,107</div> </td> <td style="width: 5.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 46.28pt; padding-top: 3.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.39pt; text-align: left;">$40.13</div> </td> <td style="width: 5.13pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 5.13pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 41.96pt; padding-top: 3.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 14.74pt; text-align: left;">7.5</div> </td> </tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 312pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 5.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 5.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 36.95pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 5.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 5.14pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 46.28pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 5.13pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 5.13pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 41.96pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> </table> 658973 44.2 P7Y1M6D 191510 7.64 4376 10.99 846107 40.13 P7Y6M 387675 74.2 P5Y7M6D 846107 40.13 P7Y6M 5.81 6.2 3600000 P2Y7M6D P2Y7M6D 100000 <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> <br/></div> <table cellpadding="0" cellspacing="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 336pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="height: 6pt; width: 117.85pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 336pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div> </td> <td style="width: 7.08pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="width: 117.85pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Three Months Ended March 31, </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 336pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div> </td> <td style="width: 7.08pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.85pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2026</div> </td> <td style="width: 7.08pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.84pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025 </div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Expected volatility</div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.85pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">92.4%</div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.84pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">93.8%</div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Risk-free interest rate</div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.85pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">3.9%</div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.84pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">4.1%</div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Expected term</div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.85pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">5.8 years</div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.84pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">6.0 years </div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 1.01pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Expected dividend yield</div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.85pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">—</div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 51.84pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">—</div> </td> </tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 336pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 51.85pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 51.84pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> </table> 0.924 0.938 0.039 0.041 P5Y9M18D P6Y <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> <br/></div> <table cellpadding="0" cellspacing="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 312pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 6.4pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 6.4pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 60.58pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 6.39pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 6.39pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 69.84pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 312pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div> </td> <td style="width: 6.4pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.4pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 60.58pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Number of shares</div> </td> <td style="width: 6.39pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.39pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 69.84pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Weighted average <br/> </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">grant date fair value </div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Unvested balance at January 1, 2026</div> </td> <td style="width: 6.4pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.4pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 60.58pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 14.87pt; text-align: left;"><span style="padding-left: 3.33pt;">50,000</span></div> </td> <td style="width: 6.39pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.39pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 69.84pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 21.17pt; text-align: left;">$10.52 </div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Granted</div> </td> <td style="width: 6.4pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.4pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 60.58pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 14.87pt; text-align: left;"><span style="padding-left: 20.83pt;">—</span></div> </td> <td style="width: 6.39pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.39pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 69.84pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 21.17pt; text-align: left;"><span style="padding-left: 17.5pt;">— </span></div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Vested</div> </td> <td style="width: 6.4pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.4pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 60.58pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 14.87pt; text-align: left;">(25,000)</div> </td> <td style="width: 6.39pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.39pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 69.84pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 21.17pt; text-align: left;"><span style="padding-left: 5.37pt;">11.70</span></div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Forfeited</div> </td> <td style="width: 6.4pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.4pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 60.58pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 14.87pt; text-align: left;"><span style="padding-left: 20.83pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">—</span></div> </td> <td style="width: 6.39pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.39pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 69.84pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 21.17pt; text-align: left;"><span style="padding-left: 17.5pt;">— </span></div> </td> </tr> <tr> <td style="width: 312pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Unvested balance at March 31, 2026</div> </td> <td style="width: 6.4pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.4pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 60.58pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 14.87pt; text-align: left;"><span style="padding-left: 3.33pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">25,000</span></div> </td> <td style="width: 6.39pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 6.39pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 69.84pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 21.17pt; text-align: left;">$11.70</div> </td> </tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 312pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.4pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.4pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 60.58pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.39pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 6.39pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 69.84pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> </tr> </table> 50000 10.52 25000 11.7 25000 11.7 200000 P0Y9M18D 99088 59103 P10Y 0.01 0.85 0.15 25000 200 200 2000 25000 0 0 <div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">12. Segment Reporting </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Operating segments are defined as components of an enterprise which engages in business activities from which it may recognize revenues and incur expenses about which separate discrete information is available for evaluation by the chief operating decision maker, or CODM, in deciding how to allocate resources and in assessing performance. The Company operates in a <span style="-sec-ix-hidden:Fact_54f55c66f3b44146b30493895e843cea">single</span> reportable segment, developing and advancing genetic medicines designed to target critical underlying pathology of neurodegenerative diseases. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The accounting policies of the single segment are the same as those described in the summary of significant accounting policies in the Company’s 2025 Annual Report filed on Form 10-K. The Company’s CODM is its chief executive officer. The measure of segment assets is reported on the balance sheet as total assets. All assets are located within the United States. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The CODM uses net loss as reported on the Company’s statement of operations to assess the Company’s performance. The CODM also uses cash forecasts in deciding where to invest or expand operations within the business. In these cash forecasts, research and development expenses and general and administrative expenses exclude certain non-cash items such as share-based compensation and depreciation and amortization expenses. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;">The following table summarizes significant segment expenses: </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> <br/></div> <table cellpadding="0" cellspacing="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 336pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="height: 6pt; width: 117.85pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 336pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div> </td> <td style="width: 7.08pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="width: 117.85pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Three Months Ended March 31, </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 336pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">(in thousands)</div> </td> <td style="width: 7.08pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 49.35pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2026</div> </td> <td style="width: 7.08pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 54.34pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025 </div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Research and development </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 49.35pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 54.34pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Wages, benefits, and other payroll</div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 49.35pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.25pt; text-align: left;">$<span style="padding-left: 3.33pt;">1,458</span></div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 54.34pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.25pt; text-align: left;">$<span style="padding-left: 8.33pt;">3,589 </span></div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Third-party costs</div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 49.35pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.25pt; text-align: left;"><span style="padding-left: 8.33pt;">2,432</span></div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 54.34pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.25pt; text-align: left;"><span style="padding-left: 13.33pt;">3,794 </span></div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Share-based compensation</div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 49.35pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.25pt; text-align: left;"><span style="padding-left: 15.83pt;">142</span></div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 54.34pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.25pt; text-align: left;"><span style="padding-left: 20.83pt;">244 </span></div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Depreciation and amortization</div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 49.35pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.25pt; text-align: left;"><span style="padding-left: 20.83pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">61</span></div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 54.34pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.25pt; text-align: left;"><span style="padding-left: 21.2pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">110 </span></div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total research and development expenses</div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 49.35pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.25pt; text-align: left;"><span style="padding-left: 8.33pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">4,093</span></div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 54.34pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.25pt; text-align: left;"><span style="padding-left: 13.33pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">7,737 </span></div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">General and administrative </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 49.35pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 54.34pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Wages, benefits, and other payroll</div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 49.35pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.25pt; text-align: left;"><span style="padding-left: 8.33pt;">1,891</span></div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 54.34pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.25pt; text-align: left;"><span style="padding-left: 13.33pt;">2,790 </span></div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Third-party costs</div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 49.35pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.25pt; text-align: left;"><span style="padding-left: 8.33pt;">2,415</span></div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 54.34pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.25pt; text-align: left;"><span style="padding-left: 13.33pt;">2,603 </span></div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Share-based compensation</div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 49.35pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.25pt; text-align: left;"><span style="padding-left: 15.83pt;">414</span></div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 54.34pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.25pt; text-align: left;"><span style="padding-left: 20.83pt;">614 </span></div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Depreciation and amortization</div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 49.35pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.25pt; text-align: left;"><span style="padding-left: 20.83pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">67</span></div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 54.34pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.25pt; text-align: left;"><span style="padding-left: 25.83pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">78 </span></div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total general and administrative expenses</div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 49.35pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.25pt; text-align: left;"><span style="padding-left: 8.33pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">4,787</span></div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 54.34pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.25pt; text-align: left;"><span style="padding-left: 13.33pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">6,085 </span></div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Impairment of long-lived assets</div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 49.35pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.25pt; text-align: left;"><span style="padding-left: 20.83pt;">—</span></div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 54.34pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.25pt; text-align: left;"><span style="padding-left: 13.33pt;">2,637 </span></div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Net gain on lease termination</div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 49.35pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.25pt; text-align: left;"><span style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(633)</span></div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 54.34pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.25pt; text-align: left;"><span style="padding-left: 25.83pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">— </span></div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Loss from operations</div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 49.35pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.25pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(8,247)</span></div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 54.34pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.25pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(16,459)</span><span style="padding-bottom: 1.5pt;"> </span></div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Other income (expense), net</div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 49.35pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.25pt; text-align: left;"><span style="padding-left: 15.83pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">688</span></div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 54.34pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.25pt; text-align: left;"><span style="padding-left: 13.33pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">1,054 </span></div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Net loss</div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 49.35pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.25pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$(7,559)</span></div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 54.34pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.25pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$(15,405)</span></div> </td> </tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 336pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 49.35pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 54.34pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> </tr> </table> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The components of Other (income) expense, net are further described in Note 3 to the financial statements. </div> <table cellpadding="0" cellspacing="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0;"> <tr class="BRDSX_boxspacer"> <td style="height: 6pt; width: 336pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 6pt; width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="height: 6pt; width: 117.85pt;"> <div style="font-size: 1pt;"> </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 336pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div> </td> <td style="width: 7.08pt; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td colspan="4" style="width: 117.85pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Three Months Ended March 31, </div> </td> </tr> <tr class="BRDSX_header"> <td style="width: 336pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">(in thousands)</div> </td> <td style="width: 7.08pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 49.35pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2026</div> </td> <td style="width: 7.08pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; border-bottom: none; white-space: nowrap;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 54.34pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025 </div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Research and development </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 49.35pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 54.34pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Wages, benefits, and other payroll</div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 49.35pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.25pt; text-align: left;">$<span style="padding-left: 3.33pt;">1,458</span></div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 54.34pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.25pt; text-align: left;">$<span style="padding-left: 8.33pt;">3,589 </span></div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Third-party costs</div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 49.35pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.25pt; text-align: left;"><span style="padding-left: 8.33pt;">2,432</span></div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 54.34pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.25pt; text-align: left;"><span style="padding-left: 13.33pt;">3,794 </span></div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Share-based compensation</div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 49.35pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.25pt; text-align: left;"><span style="padding-left: 15.83pt;">142</span></div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 54.34pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.25pt; text-align: left;"><span style="padding-left: 20.83pt;">244 </span></div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Depreciation and amortization</div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 49.35pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.25pt; text-align: left;"><span style="padding-left: 20.83pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">61</span></div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 54.34pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.25pt; text-align: left;"><span style="padding-left: 21.2pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">110 </span></div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total research and development expenses</div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 49.35pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.25pt; text-align: left;"><span style="padding-left: 8.33pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">4,093</span></div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 54.34pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.25pt; text-align: left;"><span style="padding-left: 13.33pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">7,737 </span></div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">General and administrative </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 49.35pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 54.34pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Wages, benefits, and other payroll</div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 49.35pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.25pt; text-align: left;"><span style="padding-left: 8.33pt;">1,891</span></div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 54.34pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.25pt; text-align: left;"><span style="padding-left: 13.33pt;">2,790 </span></div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Third-party costs</div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 49.35pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.25pt; text-align: left;"><span style="padding-left: 8.33pt;">2,415</span></div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 54.34pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.25pt; text-align: left;"><span style="padding-left: 13.33pt;">2,603 </span></div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Share-based compensation</div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 49.35pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.25pt; text-align: left;"><span style="padding-left: 15.83pt;">414</span></div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 54.34pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.25pt; text-align: left;"><span style="padding-left: 20.83pt;">614 </span></div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Depreciation and amortization</div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 49.35pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.25pt; text-align: left;"><span style="padding-left: 20.83pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">67</span></div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 54.34pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.25pt; text-align: left;"><span style="padding-left: 25.83pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">78 </span></div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total general and administrative expenses</div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 49.35pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.25pt; text-align: left;"><span style="padding-left: 8.33pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">4,787</span></div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 54.34pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.25pt; text-align: left;"><span style="padding-left: 13.33pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">6,085 </span></div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Impairment of long-lived assets</div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 49.35pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.25pt; text-align: left;"><span style="padding-left: 20.83pt;">—</span></div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 54.34pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.25pt; text-align: left;"><span style="padding-left: 13.33pt;">2,637 </span></div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Net gain on lease termination</div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 49.35pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.25pt; text-align: left;"><span style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(633)</span></div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 54.34pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.25pt; text-align: left;"><span style="padding-left: 25.83pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">— </span></div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Loss from operations</div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 49.35pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.25pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(8,247)</span></div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 54.34pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.25pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(16,459)</span><span style="padding-bottom: 1.5pt;"> </span></div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Other income (expense), net</div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 49.35pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.25pt; text-align: left;"><span style="padding-left: 15.83pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">688</span></div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 54.34pt; padding-top: 2.26pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.25pt; text-align: left;"><span style="padding-left: 13.33pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">1,054 </span></div> </td> </tr> <tr> <td style="width: 336pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Net loss</div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 49.35pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.25pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$(7,559)</span></div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="width: 54.34pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.25pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$(15,405)</span></div> </td> </tr> <tr class="BRDSX_boxspacer"> <td style="height: 2.75pt; width: 336pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 49.35pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 7.08pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> <td style="height: 2.75pt; width: 54.34pt; background-color: #CCEEFF;"> <div style="font-size: 1pt;"> </div> </td> </tr> </table> 1458000 3589000 2432000 3794000 142000 244000 61000 110000 4093000 7737000 1891000 2790000 2415000 2603000 414000 614000 67000 78000 4787000 6085000 2637000 -633000 8247000 16459000 -688000 -1054000 7559000 15405000 <div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20pt; margin-left: 0pt; text-align: left;">13. Subsequent Events </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">On April 20, 2026, the Company announced it has initiated a review of strategic alternatives to maximize shareholder value. These strategic alternatives may include merger or acquisition transactions, a reverse merger, a sale of assets of the Company, strategic partnerships, licensing opportunities, or other potential paths. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">On April 28, 2026, in connection with the Company’s review of strategic alternatives, the Company announced a restructuring of its workforce, or the Restructuring Plan, to decrease operating expenses by reducing the workforce by approximately 75%. The implementation of the Restructuring Plan should be substantially complete in the second and third quarters of 2026. The Company estimates the aggregate severance and related costs for the Restructuring Plan will be approximately $3.3 million, which will be recorded primarily in the second quarter of 2026. These estimates are subject to a number of assumptions, and actual results may differ materially. The Company may also incur additional costs not currently contemplated due to events that may occur as a result of, or that are associated with, the Restructuring Plan as well as the Company’s review of strategic alternatives. </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">On May 21, 2026, the Company provided written notice to Gemma to terminate the Gemma Collaboration Agreement, which termination will become effective in accordance with the terms of the Gemma Collaboration Agreement. Following the effectiveness of the termination, the Company will no longer have any rights to the research programs or the options for new CNS indications previously available to it under the Gemma Collaboration Agreement.</div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">On May 22, 2026, the Company and the landlord entered into a lease termination agreement pursuant to which the 2005 Market Street Lease Agreement was terminated and the Company paid a termination fee of $2.3 million.</div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">On June 23, 2026, the Company delivered written notice to Penn to terminate the Penn License Agreement, pursuant to Section 10.2 thereof, solely with respect to the Company’s product candidate referred to as PBFT02 for all indications licensed to the Company thereunder for such product candidate, including frontotemporal dementia with granulin mutations, or the <span style="font-style: italic; font-weight: bold;">PBFT02 Termination</span>. The PBFT02 Termination will become effective on the date that is 90 days following Penn’s receipt of the notice, after which the Company will no longer have any rights under the Penn License Agreement to develop or commercialize PBFT02. The Penn License Agreement will remain in effect with respect to all non-terminated licensed products.</div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">On June 23, 2026, the Company delivered written notice to Catalent to terminate, pursuant to Section 20.1(b)(ii) thereof, the amended and restated development services and clinical supply agreement, dated November 9, 2023 (one of the Amended Catalent Agreements), in its entirety, effective as of June 23, 2026. The Company determined to terminate this agreement in connection with the wind-down of our gene therapy programs and the proposed Merger (as defined below), and the Company was not obligated to pay Catalent any termination fee in connection <span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">with the termination.</span></div> <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">On June 24, 2026, the Company entered into an Agreement and Plan of Merger and Reorganization, or the Merger Agreement, with Remix Therapeutics, Inc., a Delaware corporation, or Remix, and Merger Sub, Inc., a Delaware corporation and wholly-owned subsidiary of the Company, or 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 Remix, with Remix continuing as a wholly-owned subsidiary of the Company and the surviving corporation of the merger. Upon termination of the Merger Agreement under specified circumstances the Company will be required to make a payment to Remix equal to $1.5 million in cash.</div> <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;"> <br/> </div> <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;"> In July 2026, the Pennsylvania Supreme Court denied the petition for review with respect to the plaintiff’s challenge to the post-trial rulings in favor of Passage Bio, but it agreed to hear the question of whether certain communications between lawyers and the mediator were appropriately excluded from evidence at trial under Pennsylvania’s mediation privilege. The Pennsylvania Supreme Court timing for this hearing is currently pending.<br/> </div> 0.75 3300000 2300000 1500000