16.Subsequent Events

ATM Program

In July 2026, the Company completed the sale of 1,818,181 shares of common stock under the 2025 ATM Program, with an average gross sales price of $27.50 per share, resulting in proceeds of $48.7 million, net of commissions. As of the issuance date of these financial statements, $46.8 million remained available under the 2025 ATM Program.

Achievement of specified regulatory milestone pursuant to the BMS Agreement

In August 2026, BMS announced the achievement of a specified regulatory milestone under the BMS Agreement, which requires BMS to make a milestone payment of $10.0 million to the Company. Due to the achievement of the specified regulatory milestone by BMS, the Company is obligated to make a milestone payment of $2.5 million to Xencor pursuant to the 2021 Xencor Agreement.

Amendment to 2026 Inducement Plan

In August 2026, the 2026 Inducement Plan was amended to increase the number of equity awards available for grant by 600,000.

Achievement of Near-term Milestone pursuant to the InnoCare Agreement

In August 2026, the Company achieved the Near-term Milestone and is obligated to make a milestone payment of $25.0 million and issue 2,000,000 shares of common stock to InnoCare.