3. License, Collaboration and Other Agreements

Kyorin Pharmaceutical Co., Ltd.

In January 2020, we entered into a collaboration and license agreement (Kyorin Agreement) with Kyorin Pharmaceutical Co., Ltd. (Kyorin) for the development and commercialization of efzofitimod for the treatment of interstitial lung disease (ILD) in Japan. Under the Kyorin Agreement, Kyorin received an exclusive right to develop and commercialize efzofitimod in Japan for all forms of ILD, and was obligated to fund all research, development, regulatory, marketing and commercialization activities in Japan.

On May 12, 2026, we received notice of termination of the Kyorin Agreement with Kyorin. Kyorin elected to terminate the Kyorin Agreement without cause in accordance with the terms of the Kyorin Agreement, and the termination became effective on July 30, 2026 (the Termination Date). Following the Termination Date, the rights to develop and commercialize efzofitimod in Japan for all forms of ILD have reverted to us. Consequently, we hold the rights to develop and commercialize efzofitimod globally.