Note 11. Subsequent Events

In July 2026, the Company received a milestone payment of $5.0 million in connection with the FXR Asset Sale upon the achievement of a certain development milestone. Additionally, in July 2026, the $1.0 million held in escrow as part of the FXR Asset Sale was released to the Company.

On July 17, 2026, the Company entered into a Securities Purchase Agreement, dated July 16, 2026, with an accredited institutional investor (the “Purchaser”), pursuant to which, among other things, the Company issued and sold to the Purchaser, in a private placement transaction that closed on July 17, 2026, (i) pre-funded warrants to purchase up to an aggregate of 4,705,883 shares of the Company’s common stock, par value $0.001 per share (the “Common Stock”), and (ii) accompanying warrants to purchase up to an aggregate of 4,705,883 shares of Common Stock, at the combined purchase price of $0.85 per share of Common Stock subject to the pre-funded warrants and accompanying common warrants, for gross proceeds to the Company of approximately $4.0 million, before deducting placement agent fees and other offering expenses.

Between July 1, 2026 and August 11, 2026, all of the 3,947,369 2026 Common Warrants were exercised. The 2026 Common Warrants were the instrument underlying the common stock warrant liability of $4.3 million presented on the condensed consolidated balance sheet as of June 30, 2026. As of August 11, 2026, the entirety of the common stock warrant liability was relieved.