In November 2024, the Company announced a restructuring initiative to streamline operations and focus resources on advancing the clinical development of solnerstotug (the “2024 Restructuring”). As part of the 2024 Restructuring, the Company closed its research site in Rockville, Maryland, and reduced its workforce by approximately 46%, with the majority of reductions occurring in the preclinical research and development group. These actions were intended to extend the Company’s cash runway.

In October 2025, the Company announced it was exploring strategic alternatives. In November 2025, the Company’s Board of Directors approved a reduction in force of approximately 65% of the Company’s workforce (together with the October 2025 actions, the “2025 Restructuring”) to preserve capital while the Company evaluated potential mergers, asset sales, or other strategic transactions.

The 2024 Restructuring and 2025 Restructuring costs are primarily related to one-time termination benefits and ongoing benefit arrangements, both of which included severance payments and extended benefits coverage. Aggregate costs also included certain contract termination costs.

The following tables summarize the accrued liabilities activity recorded in connection with the 2024 Restructuring and 2025 Restructuring for the six months ended June 30, 2026 and 2025 respectively (in thousands):


	Personnel			Other		Total
Balance at December 31, 2025	$	1,159		$	—	$	1,159
Restructuring and other costs, net		-			-		-
Cash payments		(435	)		—		(435	)
Balance at March 31, 2026		724			—		724
Cash payments		(382	)		—		(382	)
Balance at June 30, 2026	$	342		$	—	$	342


	Personnel			Other			Total
Balance at December 31, 2024	$	445		$	31		$	476
Restructuring and other costs, net		25			(2	)		23
Cash payments		(346	)		(16	)		(362	)
Balance at March 31, 2025		124			13			137
Restructuring and other costs, net		—			(3	)		(3	)
Cash payments		(124	)		(6	)		(130	)
Balance at June 30, 2025	$	—		$	4		$	4