BARDA

In July 2018, the Company was awarded a contract from Biomedical Advanced Research and Development Authority (“BARDA”) of up to $44.2 million to develop tebipenem pivoxil for the treatment of cUTI caused by antibiotic resistant Gram-negative bacteria and for assessment against biodefense pathogens. The original award committed initial funding of $15.7 million over a three-year base period from July 1, 2018 to June 30, 2021 for cUTI development activities. Through a number of contract modifications and the exercise of additional contract options by BARDA, the committed funding was increased to $65.6 million as of March 31, 2026, and the period of performance extended through October 31, 2026.

The Company did not recognize any grant revenue under the BARDA agreement for the three and six months ended June 30, 2026 and recognized $2.4 million and $3.1 million of grant revenue for the three and six months ended June 30, 2025, respectively. As of June 30, 2026, of the $65.6 million of committed funding, the Company has cumulatively recognized $65.1 million of grant revenue under the BARDA agreement.

On July 6, 2026, the Company and BARDA mutually agreed to terminate the contract between the parties, and BARDA deobligated all remaining funds under the contract. The Company will not receive any additional funding from BARDA under this contract.