10. Subsequent Events

Loan and Security Agreement

On July 30, 2026, or the Effective Date, the Company entered into a Loan and Security Agreement, or the 2026 LSA, with Oxford Finance LLC, as collateral agent, and certain lenders from time to time party thereto. The 2026 LSA provides for term loans in an aggregate principal amount of up to $200.0 million, or the Loan Facility. The Loan Facility matures on July 1, 2031, which maturity date may be extended to June 1, 2032 upon the achievement of specified milestones. The Loan Facility includes an initial tranche of $50.0 million, which was funded on the Effective Date, and additional tranches totaling $100.0 million that may become available upon the achievement of specified milestones and satisfaction of certain conditions, with a fifth tranche of $50.0 million that may be made available subject to Oxford Finance’s discretion. The term loans bear interest at a floating per annum rate equal to the greater of (i) the 1-Month CME Term SOFR plus 4.6% and (ii) 7.6%. Upon repayment of the Loan Facility, the Company is required to pay an amount equal to between 2.50% and 6.75%, depending on when the Loan Facility is repaid and subject to the occurrence of certain events, of the aggregate principal amount of loans advanced under the Loan Facility.