6. Subsequent Events

On August 7, 2026, our board of directors approved the implementation of a corporate restructuring and program prioritization plan (the Restructuring Plan) to streamline our operations, and conserve capital prior to the potential initiation of a new Phase 3 study of efzofitimod in pulmonary sarcoidosis (the Planned Phase 3 Study). In connection with the Restructuring Plan, we committed to a reduction in our total workforce by approximately 60% to 20 full-time employees. We began notifying affected employees on August 7, 2026. We estimate that we will record charges of approximately $4.2 million for employee severance, employee health benefit obligations and other related termination benefits. Severance payments are expected to be paid in full between August 2026 and September 2027. The charges that we expect to incur in connection with, or as a result of, the Restructuring Plan, are subject to a number of assumptions, and actual results may differ materially. We may also incur other charges or cash expenditures not currently contemplated due to events that may occur as a result of, or associated with, the Restructuring Plan.