6. Collaboration and License Agreements

Regents Exclusive License Agreements

Under the exclusive license agreement with the Regents of the University of California, ("UCB Exclusive License Agreement"), the Company is required to pay annual license maintenance fees as well as the following payments: future development and regulatory milestone payments totaling up to $27.7 million; future commercial milestone payments totaling up to $3.6 million; and royalties on future sales at percentage rates ranging from the low to mid-single digits. The Company accounts for license fees, sublicensee fees and license maintenance fees as research and development expenses when fees are due and payable and accounts for future milestones and royalty payments when the contingency is resolved and consideration is issued or becomes issuable. For the three and six months ended June 30, 2026, the Company recorded less than $0.1 million and $0.4 million in total expenses under this agreement. For the three and six months ended June 30, 2025, the Company recorded $0.4 million and $0.4 million in total expenses under this agreement, respectively. As of June 30, 2026, $0.1 million of milestones were included in accrued and other current liabilities. No milestone payments or royalties were considered probable or estimable as of June 30, 2026 or December 31, 2025.

Acuitas Agreements

The Company has a development and option agreement and a non-exclusive license agreement with Acuitas to develop products combining the Company’s gene editing technology and Acuitas’s LNP technology. Under the non-exclusive license agreement, the Company will be required to pay Acuitas up to $20.0 million in future development and regulatory milestone payments and up to $40.0 million in future commercial milestone payments per licensed product. The Company will also be obligated to pay Acuitas royalties at percentage rates in the low single digits on future net sales of licensed products by the Company and its sublicensees, subject to reduction under certain customary conditions. For the three and six months ended June 30, 2026, the Company recognized $2.0 million and $2.0 million in research and development expenses related to these agreements, respectively. For the three and six months ended June 30, 2025, the Company

recognized $0.1 million and $0.5 million in research and development expenses related to these agreements, respectively. As of June 30, 2026, $2.1 million of milestones were included in accrued and other current liabilities. No other milestones have been met or were probable as of June 30, 2026 and December 31, 2025. The Company remains obligated to pay future development, regulatory, and commercial milestones, as well as royalties on net sales, upon the successful achievement of such events.

Collaboration Revenue

Sanofi Agreements

Sanofi 2022 License Agreement

The Company recognized zero revenue under the Sanofi 2022 License Agreement for the three and six months ended June 30, 2026 and 2025. All performance obligations under this agreement were satisfied in prior periods. As of June 30, 2026 and December 31, 2025, no development, regulatory, or commercial milestones were achieved or considered probable.

Sanofi 2023 License Agreement

The Company recognized zero in collaboration revenue under the Sanofi 2023 License Agreement for the three and six months ended June 30, 2026 and $0.1 million and $0.5 million for the three and six months ended June 30, 2025, respectively. As of June 30, 2026, $16.8 million was classified as current deferred revenue, and $11.7 million was classified as non-current deferred revenue. No milestones were met or were deemed probable in the three and six months ended June 30, 2026 and 2025.

Prevail License Agreement

Under the Prevail License Agreement, the Company is eligible to receive up to $110.0 million in research and development milestones and up to $1.1 billion in commercial milestones. The Company recognized $1.9 million and $4.2 million of collaboration revenue for the three and six months ended June 30, 2026 and $4.8 million and $21.6 million for the three and six months ended June 30, 2025, respectively. As of June 30, 2026 and December 31, 2025, the total estimated variable consideration for research and development services was $31.0 million. No additional milestones have been achieved or are considered probable as of June 30, 2026 and December 31, 2025. As of June 30, 2026, the Company had $10.6 million classified as current deferred revenue related to this agreement, which is expected to be recognized over the remaining term of the performance obligations.

Contract Liabilities