In December 2021, the Company entered into a technology transfer and license agreement (the “Qilu License Agreement”) with Qilu Pharmaceutical Co., Ltd. (“Qilu”), pursuant to which the Company granted Qilu a sublicensable, royalty-bearing license, under certain intellectual property owned by the Company, which was non-exclusive as to development and manufacturing and exclusive with respect to commercialization of imdusiran, including pharmaceutical products that include imdusiran, for the treatment or prevention of HBV in China, Hong Kong, Macau and Taiwan (“Greater China and Taiwan”).

In partial consideration for the rights granted by the Company, Qilu paid the Company a one-time upfront cash payment of $40.0 million, net of withholding taxes, on January 5, 2022, and agreed to pay the Company up to $245.0 million, net of withholding taxes, upon the achievement of certain technology transfer, development, regulatory and commercialization milestones. Qilu paid $4.4 million of withholding taxes to the Chinese taxing authority on the Company’s behalf, related to the upfront cash payment. In addition, Qilu agreed to pay the Company double-digit royalties into the low twenties percent based upon annual net sales of imdusiran in Greater China and Taiwan. The royalties were payable on a product-by-product and region-by-region basis, subject to certain limitations.

Concurrent with the execution of the Qilu License Agreement, the Company entered into a Share Purchase Agreement (the “Share Purchase Agreement”) with Anchor Life Limited, a company established pursuant to the applicable laws and regulations of Hong Kong and an affiliate of Qilu (the “Investor”), pursuant to which the Investor purchased 3,579,952 of the Company’s common shares at a purchase price of USD $4.19 per share, which was a 15% premium on the thirty-day average closing price of the common shares as of the close of trading on December 10, 2021 (the “Share Transaction”). The Company received $15.0 million of gross proceeds from the Share Transaction on January 6, 2022. The common shares sold to the Investor in the Share Transaction represented approximately 2.5% of the common shares outstanding immediately prior to the execution of the Share Purchase Agreement.

In June 2025, the Company and Qilu mutually agreed to conclude the strategic partnership and terminated the Qilu License Agreement and related agreements, and the Company now once again holds global rights for imdusiran. As no obligations remained under the Qilu License Agreement, the Company recognized the remainder of the $9.6 million of deferred revenue during the three months ended June 30, 2025.

Until the conclusion of the strategic partnership with Qilu, the Company reevaluated the transaction price and the total estimated labor hours expected to be incurred to satisfy the performance obligations and adjusted the deferred revenue at the end of each reporting period, which resulted in changes to the amount of collaboration revenue recognized and deferred revenue. During the six months ended June 30, 2025, the Company recognized $0.5 million of revenue based on labor hours expended by the Company on its Manufacturing Obligations. During the three months ended June 30, 2025, the Company

In July 2021, the Company entered into a clinical collaboration agreement with Barinthus Biotherapeutics plc (“Barinthus”), formerly Vaccitech plc, pursuant to which the Company completed IM-PROVE II, a Phase 2a proof-of-concept clinical trial evaluating the safety, antiviral activity and immunogenicity of a combination treatment with Barinthus’ VTP-300, an HBV immunotherapeutic, administered after imdusiran in patients with cHBV infection. This clinical trial was amended to include a treatment arm with the addition of an approved PD-1 monoclonal antibody inhibitor, nivolumab (“Opdivo®”).

The Company was responsible for managing this Phase 2a proof-of-concept clinical trial, subject to oversight by a joint development committee comprised of representatives from the Company and Barinthus. The Company and Barinthus retained full rights to their respective product candidates and split all costs associated with the clinical trial.

The Company incurred $0.1 million of costs and received $0.2 million of refunds related to the collaboration, net of Barinthus’s 50% share, during the three and six months ended June 30, 2026, respectively, and reflected those amounts in research and development in the condensed consolidated statements of operations and comprehensive income (loss). During the three and six months ended June 30, 2025, the Company incurred expenses of $0.3 million and $0.6 million, respectively.

In 2012, the Company entered into the LNP License Agreement with Alnylam that entitles Alnylam to develop and commercialize products with the Company’s LNP technology. Alnylam launched ONPATTRO, the first approved application of the Company’s LNP technology, in 2018. Under the terms of this license agreement, the Company is entitled to tiered royalty payments on global net sales of ONPATTRO ranging from 1.00% - 2.33% after offsets, with the highest tier applicable to annual net sales above $500 million. This royalty interest was sold to OMERS, effective as of January 1, 2019, for $20 million in gross proceeds before advisory fees. OMERS will retain this entitlement until it has received $30 million in royalties, at which point 100% of this royalty entitlement on future global net sales of ONPATTRO will revert back to the Company. OMERS has assumed the risk of collecting up to $30 million of future royalty payments from Alnylam, and the Company is not obligated to reimburse OMERS if it fails to collect any such future royalties. If this royalty entitlement reverts to the Company, it has the potential to provide an active royalty stream or to be otherwise monetized again in full or in part. From the inception of the royalty sale through June 30, 2026, an aggregate of $26.9 million of royalties have been earned by OMERS.

The Company also is receiving a second royalty interest of 0.75% to 1.125% on global net sales of ONPATTRO, with 0.75% applying to sales greater than $500 million, originating from a settlement agreement and subsequent license agreement with Acuitas. This royalty entitlement from Acuitas has been retained by the Company and was not part of the royalty entitlement sale to OMERS.

As discussed in Note 1, the Company, along with Genevant (a related party), entered into the Moderna Settlement Agreement with Moderna in the first quarter of 2026, whereby Moderna made an aggregate $950.0 million Noncontingent Settlement Payment to the Company and Genevant on July 8, 2026. The Company received $178.4 million on July 8, 2026 as its share of the Noncontingent Settlement Payment, which included reimbursement of the Company’s litigation costs.

In March 2025, the Company entered into an agreement (the “RSV Agreement”) with Genevant that provided that the Company would be entitled to any award of damages in, or proceeds from the settlement of, certain patent litigation against Moderna that is specifically allocated to infringing acts related to Moderna’s vaccine for respiratory syncytial virus (“mRESVIA”) and that, in the event there is no such specific allocation to mRESVIA, the Company and Genevant would discuss an appropriate allocation in good faith. The Moderna Settlement Agreement did not specifically allocate any settlement proceeds to infringing acts related to mRESVIA. On July 15, 2026, the Company and Genevant entered into a termination agreement (the “RSV Termination Agreement”) to terminate the RSV Agreement. On July 21, 2026, Genevant paid the Company a termination fee of $1.0 million pursuant to the RSV Termination Agreement.

During the six months ended June 30, 2026, the Company recognized revenue of $178.4 million for its portion of the Noncontingent Settlement Payment, which included reimbursement of the Company’s litigation costs, as well as a corresponding receivable, which was included in current assets. The Company had no income tax expense during the three and six months ended June 30, 2026, as it utilized available net operating loss carryforwards to offset the taxable income generated from recognizing the revenue.

Revenues are summarized in the following table:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(in thousands)				(in thousands)
Revenue from collaborations and licenses
Acuitas Therapeutics, Inc.	$	202	$	591	$	406	$	1,095
Qilu Pharmaceutical Co., Ltd.	—		9,622		—		10,434

License revenue from Genevant	632		—		179,373		—
Non-cash royalty revenue
Alnylam Pharmaceuticals, Inc.	180		526		361		974
Total revenue	$	1,014	$	10,739	$	180,140	$	12,503