GRANT INCOME	6 Months Ended
Jun. 30, 2026
GRANT INCOME
GRANT INCOME	6. GRANT INCOME CIRM Award On August 2, 2023, Combangio, a wholly owned subsidiary of the Company, entered into an award agreement with CIRM for a $15,000 grant (as amended from time to time, the “CIRM Award”) to support Combangio’s KPI-012 program for the treatment of PCED. The CIRM Award includes funding for the CHASE Phase 2b clinical trial of KPI-012 for PCED, as well as product and process characterization and analytical development for the program. On September 29, 2025, the Company announced that the CHASE trial of KPI-012 for the treatment of PCED did not meet the primary endpoint of complete healing of PCED as measured by corneal fluorescein staining. The CHASE trial also failed to achieve statistical significance for key secondary efficacy endpoints and did not show any meaningful difference between either KPI-012 treatment arm and the placebo arm. Based on the CHASE trial results, we determined to cease development of KPI-012 and our MSC-S platform. During the three and six months ended June 30, 2026, the Company did not recognize any grant income. During the three and six months ended June 30, 2025, the Company recognized $547 and $2,897 of grant income, respectively, related to the CIRM Award on its condensed consolidated statement of operations. As of June 30, 2026 and December 31, 2025, the Company had deferred grant income of $0 on its condensed consolidated balance sheet.

GRANT INCOME

6 Months Ended

Jun. 30, 2026

6. GRANT INCOME

CIRM Award

On August 2, 2023, Combangio, a wholly owned subsidiary of the Company, entered into an award agreement with CIRM for a $15,000 grant (as amended from time to time, the “CIRM Award”) to support Combangio’s KPI-012 program for the treatment of PCED. The CIRM Award includes funding for the CHASE Phase 2b clinical trial of KPI-012 for PCED, as well as product and process characterization and analytical development for the program. On September 29, 2025, the Company announced that the CHASE trial of KPI-012 for the treatment of PCED did not meet the primary endpoint of complete healing of PCED as measured by corneal fluorescein staining. The CHASE trial also failed to achieve statistical significance for key secondary efficacy endpoints and did not show any meaningful difference between either KPI-012 treatment arm and the placebo arm. Based on the CHASE trial results, we determined to cease development of KPI-012 and our MSC-S platform.

During the three and six months ended June 30, 2026, the Company did not recognize any grant income. During the three and six months ended June 30, 2025, the Company recognized $547 and $2,897 of grant income, respectively, related to the CIRM Award on its condensed consolidated statement of operations. As of June 30, 2026 and December 31, 2025, the Company had deferred grant income of $0 on its condensed consolidated balance sheet.