For the Three Months Ended

For the Six Months Ended

June 30,

2026

2025

2026

2025

Operating Expenses:

Segment research and development expenses

$

440

$

732

$

873

$

1,479

Segment general and administrative expenses

5,400

1,150

6,969

2,671

Acquired in-process research and development

46,185

—

46,185

—

Total Operating Expenses

52,025

1,882

54,027

4,150

Loss From Operations

(52,025

)

(1,882

)

(54,027

)

(4,150

)

Other Income (Expense)

Interest income

58

24

105

59

Change in fair value of milestone warrant rights liability

8,280

—

8,280

—

Financing expense related to milestone warrant rights liability

(2,067

)

(2,067

)

Loss on extinguishment of Azora Therapeutics convertible promissory notes

(6,054

)

—

(6,054

)

—

Loss on equity method investment

(181

)

(99

)

(249

)

(262

)

Other income (expenses)

—

(1

)

—

165

Total other income (expense)

36

(76

)

15

(38

)

Net Loss

$

(51,989

)

$

(1,958

)

$

(54,012

)

$

(4,188

)