14. Subsequent Event

Private Placement Funding

On June 30, 2026, the Company entered into a securities purchase agreement (the “Securities Purchase Agreement”) for a private placement (the “Private Placement”) with certain institutional accredited investors (each, a “Purchaser” and collectively, the “Purchasers”). Pursuant to the Securities Purchase Agreement, the Company agreed to issue and sell to the Purchasers an aggregate of (i) 19,600,153 shares (the “Shares”) of the Company’s common stock, par value $0.001 per share (the “Common Stock”), at a purchase price of $2.551 per share, and (ii) common warrants (the “Common Warrants”) to purchase up to an equal amount of shares of Common Stock (the “Common Warrant Shares”) at an exercise price of $3.289 per Common Warrant. The Common Warrants will be exercisable on or after the earlier of (i) the date on which the Company first publicly discloses clinical data from its MICVO Phase 1 monotherapy study in second line and beyond Recurrent / Metastatic Head and Neck Squamous Cell Carcinoma, or (ii) October 1, 2026, and the Common Warrants will expire on July 2, 2029. On June 30, 2026, the Company received approximately $10.0 million of proceeds from certain investors participating in the Private Placement, which was recorded as "Private placement advance liability" on the accompanying condensed consolidated balance sheet as of June 30, 2026.

The Private Placement closed on July 2, 2026. The Company received gross proceeds from the Private Placement of approximately $50 million, before deducting placement agent fees and offering expenses directly related to the Private Placement and anticipates up to an additional approximately $64.0 million of gross proceeds, before deducting placement agent fees, if the accompanying Common Warrants are exercised in full for cash. As of the date of filing of this Quarterly Report on Form 10-Q, the Common Warrants are not exercisable.