17. California Institute for Regenerative Medicine Award

On April 12, 2026, the Company received a Notice of Award (the "Notice of Award") from the California Institute for Regenerative Medicine (“CIRM”) for a grant of approximately $5.9 million (the “CIRM Grant”), to support the early stage development of the proprietary adeno-associated virus (AAV) gene therapy candidate for the treatment of Alpha-1 Antitrypsin (AAT) Deficiency. The CIRM Grant is payable to the Company upon achievement of certain early stage developmental milestones. CIRM could permanently cease disbursements if milestones are not met within four months of the scheduled completion date. Additionally, if CIRM determines, in its sole discretion, that the Company has not complied with the terms and conditions of the CIRM Grant, CIRM may suspend or permanently cease disbursements. Funds received under the CIRM Grant may only be used for allowable project costs specifically identified with the CIRM-funded project. Project costs can include, but are not limited to, salary for personnel, supplies, consultants and clinical study costs. The Company will co-fund the research project in the amount of $1.4 million for such project costs under the terms of the CIRM Grant. Any unused funds must be returned to CIRM upon completion or termination of the project. The Company received an initial payment of $1.0 million from CIRM upon receipt of the Notice of Award.

Proceeds from the CIRM Grant are recognized over the period necessary to match the related research and development expense when it is probable that the Company has complied with the CIRM Grant conditions and will receive the proceeds pursuant to the milestones defined in the Notice of Award as reimbursement of those expenditures. The CIRM Grant proceeds, if any, received in advance of having incurred the related research and development expense are recorded in deferred grant reimbursements and recognized as an offset against research and development expense on the Company’s condensed statements of operations when the related research and development expenses are incurred.

During the three months ended June 30, 2026, the Company achieved the first developmental milestone and became entitled to a reimbursement of $3.1 million and recognized a grant receivable in prepaid and other current assets on its condensed balance sheet as of June 30, 2026. As of June 30, 2026, the Company recognized a deferred grant reimbursement of $4.0 million related to the CIRM grant on its condensed balance sheet, as the grant reimbursement exceeds the amount of grant reimbursement income recognized during the three and six months ended June 30, 2026. During the three and six months ended June 30, 2026, the Company recognized $0.1 million of grant reimbursements as a reduction of research and development expense related to the CIRM Grant on its condensed statement of operations.