8. LICENSES

Ares Trading S.A.

The Company has a license agreement with Ares Trading S.A. (Ares), pursuant to which the Company maintains an exclusive worldwide license to certain patents and related know-how to research, develop, manufacture, use and commercialize therapeutic products containing atacicept, a recombinant fusion protein used to inhibit B cell growth and differentiation.

In January 2026, the Company achieved a specified regulatory milestone and paid $15.0 million to Ares upon acceptance of the Company’s Biologics License Application for treatment of IgAN by the FDA. This was recorded as research and development expense. In July 2026, the Company achieved a specified regulatory milestone and is obligated to pay $20.0 million to Ares upon accelerated approval of the Company’s Biologics License Application for treatment of IgAN by the FDA.

The Company is obligated to pay Ares additional milestone payments, including $10.0 million upon the first filing of an approval application in the European Union, and other potential milestone payments of up to $131.5 million in aggregate upon the achievement of regulatory filing and approval milestones for other geographic regions and indications, and up to $515.0 million upon the achievement of specified worldwide aggregate annual net sales milestones, beginning with $15.0 million if net sales reach $250.0 million and $50.0 million if net sales reach $500.0 million.