11. Restructuring

On May 6, 2025, the Company commenced a reduction in force ("RIF") that affected several employees, including the Company’s former Chief Financial Officer and former Chief Scientific Officer. In connection with the RIF, the Company entered into separation agreements with impacted employees providing termination benefits, including the continuation of base salary and monthly healthcare premiums, with benefit terms expiring at various dates through May 30, 2026.

On November 26, 2024, the Company's former chief executive officer (the "Former CEO") entered into a separation and consulting agreement pursuant to which the Former CEO is entitled to termination benefits until June 30, 2026, in the form of continuation of base salary and monthly healthcare premiums.

On June 9, 2026, the Company’s Former CMO entered into the Transition Agreement, pursuant to which the former CMO resigned from her role as CMO as of June 15, 2026 and agreed to continue employment as a consultant through September 15, 2026. Under the Transition Agreement, the Former CMO is entitled to termination benefits until June 15, 2027 in the form of continuation of base salary in the same amount in effect as of June 15, 2026 and the payment of monthly premiums for healthcare coverage. Also, provided that the Former CMO continues to provide consulting services to the Company as a consultant through September 15, 2026, the Former CMO is entitled to a cash bonus equal to the product of the Former CMO’s target annual bonus opportunity (as defined in the Former CMO’s original employment agreement) for calendar year 2026 and the percentage of the year the Former CMO was an employee of the Company during 2026. The Company recorded $0.7 million of termination benefits in research and development expense in the accompanying unaudited condensed statements of operations.

During the six months ended June 30, 2026, the Company entered into separation agreements with three additional employees providing termination benefits, including the continuation of base salary and monthly healthcare premiums, with all payments to be completed by October 15, 2026. The Company recognized $0.3 million of expense associated with these separation agreements during the six months ended June 30, 2026, included in research and development expenses in the accompanying unaudited condensed statements of operations.