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Nature of Business </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Werewolf Therapeutics, Inc. was incorporated in the state of Delaware in October 2017. As used throughout these consolidated financial statements, the terms “Werewolf,” “we,” “us,” and “our” refer to the business of Werewolf Therapeutics, Inc., and its wholly owned subsidiary. We are an innovative biopharmaceutical company pioneering the development of therapeutics engineered to stimulate the body’s immune system for the treatment of cancer and other immune mediated conditions. Our headquarters are located in Watertown, Massachusetts. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Since inception, we have devoted substantially all of our efforts and financial resources to organizing and staffing the company; business planning; raising capital; developing and optimizing our platform technology; identifying potential product candidates; enhancing our intellectual property portfolio; undertaking research, preclinical studies, and clinical trials; and enabling manufacturing for our development programs. We are subject to risks and uncertainties common to early-stage companies in the biotechnology industry including, but not limited to, technical risks associated with the successful research, development and manufacturing of product candidates, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations and the ability to secure additional capital to fund operations. Current and future programs will require significant research and development efforts, including extensive preclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure. Even if our product development efforts are successful, it is uncertain when, if ever, we will realize significant revenue from product sales. </div> <div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">2. Strategic Review and Liquidity </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In February 2026, we adopted a restructuring plan to extend our capital resources in connection with initiating a process to explore a full range of strategic alternatives to advance our promising platform and drug development pipeline to maximize stockholder value. We have engaged Piper Sandler &amp; Co. (“Piper Sandler”) to serve as exclusive financial advisor to assist in the strategic review process. Measures contemplated during the strategic review process may include, among other options, a sale the Company, a business combination or merger, a sale of our assets, licensing or collaboration arrangements, or other strategic transactions. There can be no assurance that the strategic review process will result in any agreement or transaction that will enhance stockholder value, or any agreement or transaction at all. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">As part of the restructuring plan, our board of directors approved a reduction in force, representing 64% of our workforce, to better align our resources with our pursuit of strategic alternatives. As a result of the reduction in force, we estimate that we will incur a one-time charge in the first quarter of 2026 related to employee separation benefits, including severance and related benefits, of approximately $4.1 million, most of which is anticipated to result in cash expenditures to be incurred in the first quarter of 2026. We may also incur additional costs, including, but not limited to, potential impairment charges not currently contemplated due to events that may occur as a result of, or that are associated with, the restructuring plan. The estimated charges that we expect to incur are subject to a number of assumptions, and actual results may differ materially from these estimates. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">We had cash and cash equivalents of $57.1 million at December 31, 2025. The outcome of our strategic review process will inform future development plans and the costs associated with those efforts. The conditions described above raise substantial doubt about our ability to continue as a going concern for at least twelve months from the date these consolidated financial statements are issued in this Annual Report. There can be no assurance that the strategic review process will result in any agreement or transaction that will mitigate the conditions which raise substantial doubt about our ability to continue as a going concern, or at all. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Our consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and settlement of liabilities and commitments in the ordinary course of business. Our consolidated financial statements do not include any adjustments that might result from the outcome of the conditions described above. </div> 0.64 4100000 57100000 <div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">3. Basis of Presentation and Summary of Significant Accounting Policies </div><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 7pt; margin-left: 0pt; text-align: left;">Basis of Presentation and Consolidation </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The accompanying consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”) and generally accepted accounting principles in the United States of America (“GAAP”) as found in the Accounting Standards Codification (“ASC”) and Accounting </div><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). The accompanying consolidated financial statements include the accounts of Werewolf Therapeutics, Inc. and its wholly owned subsidiary, Werewolf Therapeutics Mass Securities, Inc. All intercompany transactions and balances have been eliminated in consolidation. </div><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Segment Information </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">We operate in one business segment, which focuses on the discovery and development of cancer therapeutics. Our chief operating decision maker (“CODM”), our Chief Executive Officer, makes operating decisions based upon the performance of the enterprise as a whole and utilizes our consolidated financial statements for decision making. </div><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Use of Estimates </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, those related to accrued expenses and assumptions used in the valuation of stock-based compensation expense and the fair value of the derivative liability. Actual results could differ from those estimates. </div><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Fair Value of Financial Instruments </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">ASC Topic 820, <span style="font-style: italic;">Fair Value Measurement</span> (“ASC 820”), establishes a fair value hierarchy for instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and our own assumptions (unobservable inputs). Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent from us. Unobservable inputs are inputs that reflect our assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">ASC 820 defines fair value as the exchange price, or exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As a basis for considering market participant assumptions in fair value measurements, ASC 820 establishes a three-tiered fair value hierarchy that distinguishes between the following: </div><table border="0" cellpadding="0" style="margin-top: 6pt; margin-left: 20pt; border-spacing: 0px;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">•</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Level 1 - Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. </div></td></tr></table><table border="0" cellpadding="0" style="margin-top: 6pt; margin-left: 20pt; border-spacing: 0px;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">•</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. </div></td></tr></table><table border="0" cellpadding="0" style="margin-top: 6pt; margin-left: 20pt; border-spacing: 0px;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">•</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Level 3 - Unobservable inputs for which little or no market data exists and that are significant to the fair value measurement, such as our own assumptions used to measure assets and liabilities at fair value. </div></td></tr></table><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by us in determining fair value is greatest for instruments categorized in Level 3. The classification of a financial asset or liability within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. </div><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Cash and Cash Equivalents and Restricted Cash and Cash Equivalents </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Our cash and cash equivalents consist of cash maintained within standard checking accounts. We also maintain cash sweep accounts in which cash from our main operating cash accounts are invested overnight in highly liquid, short-term investments. We consider all highly liquid investments with a maturity date of 90 days or less at the date of purchase to be cash equivalents. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">We maintained restricted cash and cash equivalents of $0.9 million and $1.2 million at December 31, 2025 and 2024, respectively. The restricted cash and cash equivalents balances as of December 31, 2025 and 2024 are comprised solely of a letter of credit required pursuant to our leased office spaces (see Note 11, <span style="font-style: italic;">Commitments and Contingencies</span>). Restricted cash and cash equivalents are presented as current or non-current assets based on when the restrictions are expected to expire. The current portion of restricted cash and cash equivalents, if any, is included in prepaid expenses and other current assets in the accompanying consolidated balance sheets. </div></div></div><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">The following table provides a reconciliation of cash, cash equivalents, and restricted cash and cash equivalents reported within the consolidated balance sheets that sum to the total of the same amounts shown in the consolidated statements of cash flows: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 372pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 6.59pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 6.59pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="height: 6pt; width: 82.81pt;"><div style="font-size: 1pt;"> </div></td></tr><tr class="BRDSX_header"><td style="width: 372pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 6.59pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.59pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 82.81pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December 31, </div></td></tr><tr class="BRDSX_header"><td style="width: 372pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 6.59pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.59pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025</div></td><td style="width: 6.59pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.59pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 37.13pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2024 </div></td></tr><tr class="BRDSX_header"><td style="width: 372pt; padding-top: 2.08pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 6.59pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.59pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 82.81pt; padding-top: 2.08pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(in thousands) </div></td></tr><tr><td style="width: 372pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Cash and cash equivalents</div></td><td style="width: 6.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$57,050</div></td><td style="width: 6.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 37.13pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$110,995 </div></td></tr><tr><td style="width: 372pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Restricted cash and cash equivalents</div></td><td style="width: 6.59pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.59pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">901</span></div></td><td style="width: 6.59pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.59pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 37.13pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 14.63pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">1,220 </span></div></td></tr><tr><td style="width: 372pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Total cash, cash equivalents and restricted cash and cash equivalents</div></td><td style="width: 6.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$57,951</span></div></td><td style="width: 6.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 37.13pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$112,215</span></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 372pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 32.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 37.13pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td></tr></table><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Property and Equipment </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Property and equipment are stated at cost. Depreciation is recorded using the straight-line method over the estimated useful lives of the applicable assets. Upon the sale or retirement of an asset, the cost and related accumulated depreciation are eliminated from the respective account, and the resulting gain or loss, if any, is included in current operations. Amortization of leasehold improvements is recorded as depreciation expense using the straight-line method over the shorter of the remaining lease term or the estimated useful life of the related asset. We capitalize property and equipment that are acquired for research and development activities and that have an alternate future use. Expenditures for maintenance and repairs are recorded to expense as incurred, whereas major betterments are capitalized as additions to property and equipment. Property and equipment are depreciated over the following periods: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 276pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 186pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td></tr><tr><td style="width: 276pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Laboratory equipment</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 186pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">5 years </div></td></tr><tr><td style="width: 276pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Furniture and office equipment</div></td><td style="width: 3pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 3pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 186pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">5 years </div></td></tr><tr><td style="width: 276pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Computer equipment</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 186pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">3 years </div></td></tr><tr><td style="width: 276pt; padding-top: 1.01pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Leasehold improvements</div></td><td style="width: 3pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 3pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 186pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">Shorter of lease term or useful life of asset</div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 276pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 3pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 3pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 186pt;"><div style="font-size: 1pt;"> </div></td></tr></table><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Costs for property and equipment not yet placed into service are classified as construction in progress and depreciated in accordance with the above guidelines once placed into service. </div><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Impairment of Long-lived Assets </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Long-lived assets consist of property and equipment. We review our property and equipment whenever events or changes in circumstances indicate that the carrying value of certain assets might not be recoverable. If such events or changes in circumstances arise, we compare the carrying amount of the long-lived assets to the estimated future undiscounted cash flows expected to be generated by the long-lived assets. If the estimated aggregate undiscounted cash flows are less than the carrying amount of the long-lived assets, an impairment charge, calculated as the amount by which the carrying amount of the assets exceeds the fair value of the assets, is recorded. The fair value of long-lived assets is determined based on the estimated discounted cash flows expected to be generated from the long-lived assets. We have not recorded any material impairment charges during the years ended December 31, 2025 or 2024. </div><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Leases </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">At the inception of an arrangement, we determine whether the arrangement is or contains a lease based on the unique facts and circumstances present in the arrangement. Leases with a term greater than twelve months are recognized on the balance sheet as right-of-use assets and current or non-current lease liabilities, as applicable. We do not recognize leases with terms of twelve months or less on the balance sheet. The lease term is determined at lease commencement, and includes the noncancellable period during which we have the right to use the underlying asset. Any period covered by an option to extend or terminate a lease is included in the lease term if we are reasonably certain that the option to extend will be exercised or the option to terminate will not be exercised. We monitor our plans to renew material leases on a quarterly basis. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">We combine lease and non-lease components for our leases. Lease payments included in determining the right-of-use asset and lease liability recognized include fixed payments to be paid over the term of the lease, less any lease incentives to be paid or payable to us by the lessor. Variable lease payments are included if they are based on an index or rate. Variable lease payments that are not based on an index or rate are recognized as expense in the period incurred. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The interest rate implicit in lease contracts is typically not readily determinable. As a result, we utilize our incremental borrowing rate (“IBR”), which reflects the fixed rate at which we could borrow on a collateralized basis the amount of </div></div></div><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">the lease payments in the same currency, for a similar term, and in a similar economic environment. The lease liability is measured as the value of the remaining lease payments, discounted to present value using the IBR for the lease. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">All of our leases are classified as operating leases. Operating lease expense is recognized over the lease term using the straight-line method. </div><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Revenue Recognition </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">We analyze our collaborations to assess whether such arrangements involve joint operating activities performed by parties that are both active participants in the activities and exposed to significant risks and rewards dependent on the commercial success of such activities and therefore within the scope of ASC Topic 808, <span style="font-style: italic;">Collaborative Arrangements </span>(“ASC 808”). This assessment is performed throughout the life of the arrangement based on changes in the responsibilities of all parties in the arrangement. For arrangements within the scope of ASC 808 that contain multiple elements, we first determine which elements of the collaboration are deemed to be within the scope of ASC 808 and which elements of the collaboration are more reflective of a vendor-customer relationship and therefore within the scope of ASC Topic 606, <span style="font-style: italic;">Revenue from Contracts with Customers </span>(“ASC 606”). For elements of collaboration arrangements that are accounted for pursuant to ASC 808, an appropriate recognition method is determined and applied consistently, either by analogy to authoritative accounting literature or by applying a reasonable and rational policy election. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">For those elements of the arrangement that are accounted for pursuant to ASC 606, we recognize revenue when our customer obtains control of promised goods or services, in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. In applying ASC 606, we perform the following five steps: (i) identify the contract(s) with a customer; (ii) identify the promises and performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) we satisfy the performance obligations. We only apply the five-step model to contracts when it is probable that we will collect the consideration to which we are entitled in exchange for the goods or services we provide to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, we assess the goods or services promised within each contract, determine those that are performance obligations and assess whether each promised good or service is distinct. We then recognize as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. As part of the assessment, we must develop assumptions that require judgment to determine the standalone selling price for each performance obligation identified in the contract. We use key assumptions to determine the standalone selling price, which may include reimbursement rates for personnel costs, development timelines and probabilities of regulatory success. We do not assess whether a contract has a significant financing component if the expectation at contract inception is that the period between payment by the customer and the transfer of promised goods or services to the customer will be one year or less. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Arrangements that include upfront payments may require deferral of revenue recognition to a future period until obligations under these arrangements are fulfilled. Event-based milestone payments represent variable consideration, and we use the “most likely amount” method to estimate this variable consideration. Given the high degree of uncertainty around the occurrence of these events, we consider the milestones and other contingent amounts to be fully constrained until the uncertainty associated with these payments is resolved. Revenue will be recognized from sales-based royalty payments when or as the sales occur. We will re-evaluate the transaction price in each reporting period as uncertain events are resolved and other changes in circumstances occur. </div><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Research and Development Expenses </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Expenditures relating to research and development are expensed as incurred. Research and development expenses include external expenses incurred under arrangements with third parties, academic and non-profit institutions and consultants; salaries and personnel-related costs, including non-cash stock-based compensation expense; license fees to acquire in-process technology and other expenses, which include direct and allocated expenses for laboratory, facilities and other costs. Non-refundable advance payments for goods and services that will be used in future research and development activities are expensed when the activity has been performed or when the goods have been received rather than when the payment is made. </div><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Intellectual Property Expenses </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">We expense costs associated with intellectual property-related matters as incurred and classify such costs as general and administrative expenses within the consolidated statements of operations. </div></div></div><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">Stock-based Compensation </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">We issue stock-based awards to employees and directors, generally in the form of stock options, restricted stock units (“RSUs”), restricted stock awards (“RSAs”), or as awards under the 2021 Employee Stock Purchase Plan (the “2021 ESPP”). Occasionally, we may also grant inducement equity awards in the form of non-qualified stock options to purchase shares of our common stock to newly hired employees pursuant to Nasdaq Listing Rule 5635(c)(4) (“Inducement Awards”). Stock-based compensation is measured at the grant date based on the estimated fair value of the award and recognized as expense over the requisite service period of the award on a straight-line basis. For awards with performance conditions, we estimate the likelihood of satisfaction of the performance condition, which affects the period over which the expense is recognized. When the likelihood of satisfying the performance conditions related to an award is determined to be probable, the expense is recognized over the requisite service period. We have not granted any awards with market conditions. We recognize forfeitures of stock-based awards as they occur. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The grant date fair value of stock options, Inducement Awards, and awards granted under the 2021 ESPP are measured using the Black-Scholes valuation model, which requires us to make assumptions about the fair value of the underlying common stock on the date of grant. The grant date fair value of RSUs and RSAs is estimated to be equal to the closing price of our common stock on the date of grant. In the event that stock-based awards are granted in contemplation of or shortly before a planned release of material non-public information, and such information is expected to result in a material increase in the share price of our common stock, we may consider whether an adjustment to the observable market price is required when estimating the grant date fair value. </div><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Debt Issuance Costs </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Certain costs associated with the issuance of debt instruments are capitalized and amortized over the term of the respective debt instrument using the effective interest method through the maturity date of the related debt instrument and are recognized as a non-cash component of interest expense. The carrying value of our debt instruments is presented net of debt issuance costs. </div><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Equity Issuance Costs </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Equity issuance costs represent costs paid to third parties to secure equity financing and generally consist of sales agent commissions, incremental legal fees and other professional fees. Equity issuance costs are capitalized as other assets until the associated equity financing is consummated. Upon consummation of an equity financing, these costs are recorded as a reduction of additional paid-in capital. In the event that a planned equity financing is abandoned, any capitalized equity issuance costs are immediately expensed to operating expenses in the consolidated statement of operations. </div><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Income Taxes </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Income taxes are recorded in accordance with ASC Topic 740, <span style="font-style: italic;">Income Taxes </span>(“ASC 740”) which provides for deferred taxes using an asset and liability approach. We recognize deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements or tax returns. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. A valuation allowance against deferred tax assets is recorded if, based on the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">We account for uncertain tax positions using a more-likely-than-not threshold for recognizing and resolving uncertain tax positions. The evaluation of uncertain tax positions is based on factors, including, but not limited to, changes in the law, the measurement of tax positions taken or expected to be taken in tax returns, the effective settlement of matters subject to audit, new audit activity and changes in facts or circumstances related to a tax position. We recognize any material interest and penalties related to unrecognized tax benefits in income tax expense. </div><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Comprehensive Loss </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">We do not have items of other comprehensive loss for the years ended December 31, 2025 and 2024, and therefore do not present a consolidated statement of comprehensive loss. Our comprehensive loss equals our net loss. </div><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Basic and Diluted Net Loss per Common Share </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Basic net loss per share is calculated based upon the weighted-average number of common shares outstanding during the period, excluding outstanding stock options and RSUs that have been issued but are not yet vested. Diluted net loss </div></div></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">per share is calculated based upon the weighted-average number of common shares outstanding during the period plus the dilutive impact of weighted-average common equivalent shares outstanding during the period. The potentially dilutive shares of common stock resulting from the assumed exercise of outstanding stock options and the assumed vesting of RSUs are determined under the treasury stock method. The potentially dilutive shares of common stock resulting from the assumed conversion of the currently outstanding convertible term loan is determined using the if-converted method. </div><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 19.5pt; margin-left: 0pt; text-align: left;">Concentration of Credit Risk and Off-Balance Sheet Risk </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Financial instruments that potentially subject us to significant concentrations of credit risk consist of cash and cash equivalents. Cash and cash equivalents are primarily held with one reputable financial institution in the United States. At times, such deposits may be in excess of insured limits. We have not experienced any losses on our deposits of cash and cash equivalents. We have no significant off-balance sheet concentrations of credit risk, such as foreign currency exchange contracts, option contracts or other hedging arrangements. </div><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 19.5pt; margin-left: 0pt; text-align: left;">Recently Adopted Accounting Pronouncements </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In December 2023, the FASB issued ASU No. 2023-09, <span style="font-style: italic;">Income Taxes (Topic 740): Improvements to Income Tax Disclosures </span>(“ASU No. 2023-09”), which enhances the transparency and decision usefulness of income tax disclosures primarily related to rate reconciliation and income taxes paid. We adopted ASU No. 2023-09 on January 1, 2025 and have applied the amendments in this update on a prospective basis. The adoption of ASU No. 2023-09 did not have a material impact on our consolidated financial statements. The income tax disclosures required by ASU No. 2023-09 have been included in Note 12. </div><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 19.5pt; margin-left: 0pt; text-align: left;">Recent Accounting Pronouncements </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In November 2024, the FASB issued ASU No. 2024-03, <span style="font-style: italic;">Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-04) </span>(“ASU No. 2024-03”), which requires the disclosure of additional information about specific expense categories in the notes to the consolidated financial statements at interim and annual reporting periods. The provisions of ASU No. 2024-03 are effective for annual reporting periods beginning after December 31, 2026, with early adoption permitted, and may be applied on a prospective or retrospective basis. We are currently evaluating the impact that this standard will have on our consolidated financial statements and have not yet selected a transition method. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on our consolidated financial statements upon adoption. </div><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 19.5pt; margin-left: 0pt; text-align: left;">Subsequent Events </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">We have evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements were issued. Other than as described in these consolidated financial statements, we did not identify any subsequent events that would have required adjustment to or disclosure in the consolidated financial statements. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 7pt; margin-left: 0pt; text-align: left;">Basis of Presentation and Consolidation </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The accompanying consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”) and generally accepted accounting principles in the United States of America (“GAAP”) as found in the Accounting Standards Codification (“ASC”) and Accounting </div> The accompanying consolidated financial statements include the accounts of Werewolf Therapeutics, Inc. and its wholly owned subsidiary, Werewolf Therapeutics Mass Securities, Inc. All intercompany transactions and balances have been eliminated in consolidation. <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Segment Information </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">We operate in one business segment, which focuses on the discovery and development of cancer therapeutics. Our chief operating decision maker (“CODM”), our Chief Executive Officer, makes operating decisions based upon the performance of the enterprise as a whole and utilizes our consolidated financial statements for decision making. </div> 1 <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Use of Estimates </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, those related to accrued expenses and assumptions used in the valuation of stock-based compensation expense and the fair value of the derivative liability. Actual results could differ from those estimates. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Fair Value of Financial Instruments </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">ASC Topic 820, <span style="font-style: italic;">Fair Value Measurement</span> (“ASC 820”), establishes a fair value hierarchy for instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and our own assumptions (unobservable inputs). Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent from us. Unobservable inputs are inputs that reflect our assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">ASC 820 defines fair value as the exchange price, or exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As a basis for considering market participant assumptions in fair value measurements, ASC 820 establishes a three-tiered fair value hierarchy that distinguishes between the following: </div><table border="0" cellpadding="0" style="margin-top: 6pt; margin-left: 20pt; border-spacing: 0px;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">•</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Level 1 - Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. </div></td></tr></table><table border="0" cellpadding="0" style="margin-top: 6pt; margin-left: 20pt; border-spacing: 0px;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">•</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. </div></td></tr></table><table border="0" cellpadding="0" style="margin-top: 6pt; margin-left: 20pt; border-spacing: 0px;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">•</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Level 3 - Unobservable inputs for which little or no market data exists and that are significant to the fair value measurement, such as our own assumptions used to measure assets and liabilities at fair value. </div></td></tr></table><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by us in determining fair value is greatest for instruments categorized in Level 3. The classification of a financial asset or liability within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Cash and Cash Equivalents and Restricted Cash and Cash Equivalents </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Our cash and cash equivalents consist of cash maintained within standard checking accounts. We also maintain cash sweep accounts in which cash from our main operating cash accounts are invested overnight in highly liquid, short-term investments. We consider all highly liquid investments with a maturity date of 90 days or less at the date of purchase to be cash equivalents. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">We maintained restricted cash and cash equivalents of $0.9 million and $1.2 million at December 31, 2025 and 2024, respectively. The restricted cash and cash equivalents balances as of December 31, 2025 and 2024 are comprised solely of a letter of credit required pursuant to our leased office spaces (see Note 11, <span style="font-style: italic;">Commitments and Contingencies</span>). Restricted cash and cash equivalents are presented as current or non-current assets based on when the restrictions are expected to expire. The current portion of restricted cash and cash equivalents, if any, is included in prepaid expenses and other current assets in the accompanying consolidated balance sheets. </div> 900000 1200000 <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">The following table provides a reconciliation of cash, cash equivalents, and restricted cash and cash equivalents reported within the consolidated balance sheets that sum to the total of the same amounts shown in the consolidated statements of cash flows: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 372pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 6.59pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 6.59pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="height: 6pt; width: 82.81pt;"><div style="font-size: 1pt;"> </div></td></tr><tr class="BRDSX_header"><td style="width: 372pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 6.59pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.59pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 82.81pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December 31, </div></td></tr><tr class="BRDSX_header"><td style="width: 372pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 6.59pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.59pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025</div></td><td style="width: 6.59pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.59pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 37.13pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2024 </div></td></tr><tr class="BRDSX_header"><td style="width: 372pt; padding-top: 2.08pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 6.59pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.59pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 82.81pt; padding-top: 2.08pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(in thousands) </div></td></tr><tr><td style="width: 372pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Cash and cash equivalents</div></td><td style="width: 6.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$57,050</div></td><td style="width: 6.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 37.13pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$110,995 </div></td></tr><tr><td style="width: 372pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Restricted cash and cash equivalents</div></td><td style="width: 6.59pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.59pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">901</span></div></td><td style="width: 6.59pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.59pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 37.13pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 14.63pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">1,220 </span></div></td></tr><tr><td style="width: 372pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Total cash, cash equivalents and restricted cash and cash equivalents</div></td><td style="width: 6.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$57,951</span></div></td><td style="width: 6.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 37.13pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$112,215</span></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 372pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 32.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 37.13pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td></tr></table> 57050000 110995000 901000 1220000 57951000 112215000 <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Property and Equipment </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Property and equipment are stated at cost. Depreciation is recorded using the straight-line method over the estimated useful lives of the applicable assets. Upon the sale or retirement of an asset, the cost and related accumulated depreciation are eliminated from the respective account, and the resulting gain or loss, if any, is included in current operations. Amortization of leasehold improvements is recorded as depreciation expense using the straight-line method over the shorter of the remaining lease term or the estimated useful life of the related asset. We capitalize property and equipment that are acquired for research and development activities and that have an alternate future use. Expenditures for maintenance and repairs are recorded to expense as incurred, whereas major betterments are capitalized as additions to property and equipment. Property and equipment are depreciated over the following periods: </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 276pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 186pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td></tr><tr><td style="width: 276pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Laboratory equipment</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 186pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">5 years </div></td></tr><tr><td style="width: 276pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Furniture and office equipment</div></td><td style="width: 3pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 3pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 186pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">5 years </div></td></tr><tr><td style="width: 276pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Computer equipment</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 186pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">3 years </div></td></tr><tr><td style="width: 276pt; padding-top: 1.01pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Leasehold improvements</div></td><td style="width: 3pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 3pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 186pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">Shorter of lease term or useful life of asset</div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 276pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 3pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 3pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 186pt;"><div style="font-size: 1pt;"> </div></td></tr></table><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Costs for property and equipment not yet placed into service are classified as construction in progress and depreciated in accordance with the above guidelines once placed into service. </div> Property and equipment are depreciated over the following periods:<table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 276pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 186pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td></tr><tr><td style="width: 276pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Laboratory equipment</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 186pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">5 years </div></td></tr><tr><td style="width: 276pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Furniture and office equipment</div></td><td style="width: 3pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 3pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 186pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">5 years </div></td></tr><tr><td style="width: 276pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Computer equipment</div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 3pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 186pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">3 years </div></td></tr><tr><td style="width: 276pt; padding-top: 1.01pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Leasehold improvements</div></td><td style="width: 3pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 3pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 186pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">Shorter of lease term or useful life of asset</div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 276pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 3pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 3pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 186pt;"><div style="font-size: 1pt;"> </div></td></tr></table> P5Y P5Y P3Y <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Impairment of Long-lived Assets </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Long-lived assets consist of property and equipment. We review our property and equipment whenever events or changes in circumstances indicate that the carrying value of certain assets might not be recoverable. If such events or changes in circumstances arise, we compare the carrying amount of the long-lived assets to the estimated future undiscounted cash flows expected to be generated by the long-lived assets. If the estimated aggregate undiscounted cash flows are less than the carrying amount of the long-lived assets, an impairment charge, calculated as the amount by which the carrying amount of the assets exceeds the fair value of the assets, is recorded. The fair value of long-lived assets is determined based on the estimated discounted cash flows expected to be generated from the long-lived assets. We have not recorded any material impairment charges during the years ended December 31, 2025 or 2024. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Leases </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">At the inception of an arrangement, we determine whether the arrangement is or contains a lease based on the unique facts and circumstances present in the arrangement. Leases with a term greater than twelve months are recognized on the balance sheet as right-of-use assets and current or non-current lease liabilities, as applicable. We do not recognize leases with terms of twelve months or less on the balance sheet. The lease term is determined at lease commencement, and includes the noncancellable period during which we have the right to use the underlying asset. Any period covered by an option to extend or terminate a lease is included in the lease term if we are reasonably certain that the option to extend will be exercised or the option to terminate will not be exercised. We monitor our plans to renew material leases on a quarterly basis. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">We combine lease and non-lease components for our leases. Lease payments included in determining the right-of-use asset and lease liability recognized include fixed payments to be paid over the term of the lease, less any lease incentives to be paid or payable to us by the lessor. Variable lease payments are included if they are based on an index or rate. Variable lease payments that are not based on an index or rate are recognized as expense in the period incurred. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The interest rate implicit in lease contracts is typically not readily determinable. As a result, we utilize our incremental borrowing rate (“IBR”), which reflects the fixed rate at which we could borrow on a collateralized basis the amount of </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">the lease payments in the same currency, for a similar term, and in a similar economic environment. The lease liability is measured as the value of the remaining lease payments, discounted to present value using the IBR for the lease. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">All of our leases are classified as operating leases. Operating lease expense is recognized over the lease term using the straight-line method. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Revenue Recognition </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">We analyze our collaborations to assess whether such arrangements involve joint operating activities performed by parties that are both active participants in the activities and exposed to significant risks and rewards dependent on the commercial success of such activities and therefore within the scope of ASC Topic 808, <span style="font-style: italic;">Collaborative Arrangements </span>(“ASC 808”). This assessment is performed throughout the life of the arrangement based on changes in the responsibilities of all parties in the arrangement. For arrangements within the scope of ASC 808 that contain multiple elements, we first determine which elements of the collaboration are deemed to be within the scope of ASC 808 and which elements of the collaboration are more reflective of a vendor-customer relationship and therefore within the scope of ASC Topic 606, <span style="font-style: italic;">Revenue from Contracts with Customers </span>(“ASC 606”). For elements of collaboration arrangements that are accounted for pursuant to ASC 808, an appropriate recognition method is determined and applied consistently, either by analogy to authoritative accounting literature or by applying a reasonable and rational policy election. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">For those elements of the arrangement that are accounted for pursuant to ASC 606, we recognize revenue when our customer obtains control of promised goods or services, in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. In applying ASC 606, we perform the following five steps: (i) identify the contract(s) with a customer; (ii) identify the promises and performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) we satisfy the performance obligations. We only apply the five-step model to contracts when it is probable that we will collect the consideration to which we are entitled in exchange for the goods or services we provide to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, we assess the goods or services promised within each contract, determine those that are performance obligations and assess whether each promised good or service is distinct. We then recognize as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. As part of the assessment, we must develop assumptions that require judgment to determine the standalone selling price for each performance obligation identified in the contract. We use key assumptions to determine the standalone selling price, which may include reimbursement rates for personnel costs, development timelines and probabilities of regulatory success. We do not assess whether a contract has a significant financing component if the expectation at contract inception is that the period between payment by the customer and the transfer of promised goods or services to the customer will be one year or less. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Arrangements that include upfront payments may require deferral of revenue recognition to a future period until obligations under these arrangements are fulfilled. Event-based milestone payments represent variable consideration, and we use the “most likely amount” method to estimate this variable consideration. Given the high degree of uncertainty around the occurrence of these events, we consider the milestones and other contingent amounts to be fully constrained until the uncertainty associated with these payments is resolved. Revenue will be recognized from sales-based royalty payments when or as the sales occur. We will re-evaluate the transaction price in each reporting period as uncertain events are resolved and other changes in circumstances occur. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Research and Development Expenses </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Expenditures relating to research and development are expensed as incurred. Research and development expenses include external expenses incurred under arrangements with third parties, academic and non-profit institutions and consultants; salaries and personnel-related costs, including non-cash stock-based compensation expense; license fees to acquire in-process technology and other expenses, which include direct and allocated expenses for laboratory, facilities and other costs. Non-refundable advance payments for goods and services that will be used in future research and development activities are expensed when the activity has been performed or when the goods have been received rather than when the payment is made. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Intellectual Property Expenses </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">We expense costs associated with intellectual property-related matters as incurred and classify such costs as general and administrative expenses within the consolidated statements of operations. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">Stock-based Compensation </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">We issue stock-based awards to employees and directors, generally in the form of stock options, restricted stock units (“RSUs”), restricted stock awards (“RSAs”), or as awards under the 2021 Employee Stock Purchase Plan (the “2021 ESPP”). Occasionally, we may also grant inducement equity awards in the form of non-qualified stock options to purchase shares of our common stock to newly hired employees pursuant to Nasdaq Listing Rule 5635(c)(4) (“Inducement Awards”). Stock-based compensation is measured at the grant date based on the estimated fair value of the award and recognized as expense over the requisite service period of the award on a straight-line basis. For awards with performance conditions, we estimate the likelihood of satisfaction of the performance condition, which affects the period over which the expense is recognized. When the likelihood of satisfying the performance conditions related to an award is determined to be probable, the expense is recognized over the requisite service period. We have not granted any awards with market conditions. We recognize forfeitures of stock-based awards as they occur. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The grant date fair value of stock options, Inducement Awards, and awards granted under the 2021 ESPP are measured using the Black-Scholes valuation model, which requires us to make assumptions about the fair value of the underlying common stock on the date of grant. The grant date fair value of RSUs and RSAs is estimated to be equal to the closing price of our common stock on the date of grant. In the event that stock-based awards are granted in contemplation of or shortly before a planned release of material non-public information, and such information is expected to result in a material increase in the share price of our common stock, we may consider whether an adjustment to the observable market price is required when estimating the grant date fair value. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Debt Issuance Costs </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Certain costs associated with the issuance of debt instruments are capitalized and amortized over the term of the respective debt instrument using the effective interest method through the maturity date of the related debt instrument and are recognized as a non-cash component of interest expense. The carrying value of our debt instruments is presented net of debt issuance costs. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Equity Issuance Costs </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Equity issuance costs represent costs paid to third parties to secure equity financing and generally consist of sales agent commissions, incremental legal fees and other professional fees. Equity issuance costs are capitalized as other assets until the associated equity financing is consummated. Upon consummation of an equity financing, these costs are recorded as a reduction of additional paid-in capital. In the event that a planned equity financing is abandoned, any capitalized equity issuance costs are immediately expensed to operating expenses in the consolidated statement of operations. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Income Taxes </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Income taxes are recorded in accordance with ASC Topic 740, <span style="font-style: italic;">Income Taxes </span>(“ASC 740”) which provides for deferred taxes using an asset and liability approach. We recognize deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements or tax returns. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. A valuation allowance against deferred tax assets is recorded if, based on the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">We account for uncertain tax positions using a more-likely-than-not threshold for recognizing and resolving uncertain tax positions. The evaluation of uncertain tax positions is based on factors, including, but not limited to, changes in the law, the measurement of tax positions taken or expected to be taken in tax returns, the effective settlement of matters subject to audit, new audit activity and changes in facts or circumstances related to a tax position. We recognize any material interest and penalties related to unrecognized tax benefits in income tax expense. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Comprehensive Loss </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">We do not have items of other comprehensive loss for the years ended December 31, 2025 and 2024, and therefore do not present a consolidated statement of comprehensive loss. Our comprehensive loss equals our net loss. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Basic and Diluted Net Loss per Common Share </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Basic net loss per share is calculated based upon the weighted-average number of common shares outstanding during the period, excluding outstanding stock options and RSUs that have been issued but are not yet vested. Diluted net loss </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">per share is calculated based upon the weighted-average number of common shares outstanding during the period plus the dilutive impact of weighted-average common equivalent shares outstanding during the period. The potentially dilutive shares of common stock resulting from the assumed exercise of outstanding stock options and the assumed vesting of RSUs are determined under the treasury stock method. The potentially dilutive shares of common stock resulting from the assumed conversion of the currently outstanding convertible term loan is determined using the if-converted method. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 19.5pt; margin-left: 0pt; text-align: left;">Concentration of Credit Risk and Off-Balance Sheet Risk </div>Financial instruments that potentially subject us to significant concentrations of credit risk consist of cash and cash equivalents. Cash and cash equivalents are primarily held with one reputable financial institution in the United States. At times, such deposits may be in excess of insured limits. We have not experienced any losses on our deposits of cash and cash equivalents. 1 We have no significant off-balance sheet concentrations of credit risk, such as foreign currency exchange contracts, option contracts or other hedging arrangements. <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 19.5pt; margin-left: 0pt; text-align: left;">Recently Adopted Accounting Pronouncements </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In December 2023, the FASB issued ASU No. 2023-09, <span style="font-style: italic;">Income Taxes (Topic 740): Improvements to Income Tax Disclosures </span>(“ASU No. 2023-09”), which enhances the transparency and decision usefulness of income tax disclosures primarily related to rate reconciliation and income taxes paid. We adopted ASU No. 2023-09 on January 1, 2025 and have applied the amendments in this update on a prospective basis. The adoption of ASU No. 2023-09 did not have a material impact on our consolidated financial statements. The income tax disclosures required by ASU No. 2023-09 have been included in Note 12. </div><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 19.5pt; margin-left: 0pt; text-align: left;">Recent Accounting Pronouncements </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In November 2024, the FASB issued ASU No. 2024-03, <span style="font-style: italic;">Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-04) </span>(“ASU No. 2024-03”), which requires the disclosure of additional information about specific expense categories in the notes to the consolidated financial statements at interim and annual reporting periods. The provisions of ASU No. 2024-03 are effective for annual reporting periods beginning after December 31, 2026, with early adoption permitted, and may be applied on a prospective or retrospective basis. We are currently evaluating the impact that this standard will have on our consolidated financial statements and have not yet selected a transition method. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on our consolidated financial statements upon adoption. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 19.5pt; margin-left: 0pt; text-align: left;">Subsequent Events </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">We have evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements were issued. Other than as described in these consolidated financial statements, we did not identify any subsequent events that would have required adjustment to or disclosure in the consolidated financial statements. </div> <div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20pt; margin-left: 0pt; text-align: left;">4. Collaboration and License Agreement </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In April 2022, we entered into an exclusive global collaboration and license agreement (the “Collaboration Agreement”) with Jazz Pharmaceuticals Ireland Limited (“Jazz”) pursuant to which we granted Jazz certain licenses to develop and commercialize products containing our Interferon alpha (“IFNα”) INDUKINE™ molecule, JZP898 (formerly WTX-613), as well as products containing certain isolated recombinant polypeptides comprising IFNα that meet specified criteria (each such product, a “Licensed Product”). Under the Collaboration Agreement, we were responsible for certain preclinical development activities with respect to JZP898 and other development activities specified in mutually agreed upon development plans. Jazz had generally reimbursed us for the cost of such activities. Jazz is responsible for all other development and commercialization activities conducted to exploit the Licensed Products, including submission of an investigational new drug application (“IND”) to the U.S. Food and Drug Administration (the “FDA”). Jazz received IND application clearance for JZP898 in July 2023 and initiated a Phase 1 clinical trial of JZP898 in the fourth quarter of 2023. </div><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">In June 2024, we executed a transfer agreement (the “Transfer Agreement”) to assign our rights in a development agreement with a contract manufacturer of JZP898 to Jazz. The execution of this Transfer Agreement was the last material performance obligation required of us under the Collaboration Agreement. </div><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 19.5pt; margin-left: 0pt; text-align: left;">Milestones and Royalties </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">As of December 31, 2025, we are eligible to receive up to $515.0 million in development and regulatory milestones, and up to $740.0 million in sales-based milestones for all Licensed Products. In addition, we are eligible to receive tiered mid-single digit royalties based on Jazz’s, and any of its affiliates’ and sublicensees’ annual net sales of Licensed Products, subject to reduction in specified circumstances. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;">As of December 31, 2025, we have not recognized any revenue related to sales-based milestones. </div><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 19.5pt; margin-left: 0pt; text-align: left;">Accounting Analysis under ASC 606 </div><div class="BRDSX_h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 7pt; margin-left: 0pt; text-align: left;">Identification of the Contract(s) </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">We assessed the Collaboration Agreement and concluded that it represents a contract with a customer within the scope of ASC 606. </div><div class="BRDSX_h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 20pt; margin-left: 0pt; text-align: left;">Identification of Promises and Performance Obligations </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">We have concluded that the exclusive license to our intellectual property, JZP898, and the non-exclusive corresponding “know-how” are not capable of being distinct from the other promises within the contract, and as such, we have determined that the license and “know-how” combined with the other research and development services and supply represent a single combined performance obligation. </div><div class="BRDSX_h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 20pt; margin-left: 0pt; text-align: left;">Determination of Transaction Price </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The overall transaction price as of the inception of the contract was determined to be $32.3 million, which was comprised of a nonrefundable upfront payment of $15.0 million and estimated costs for research services of $17.3 million. Outside of the estimated costs for research services, there was no other variable consideration included in the transaction price at inception. We used the most likely amount method to estimate variable consideration and estimated that the most likely amount for each potential development and regulatory milestone payment under this agreement was zero at inception of the contract, as achievement of those milestones was uncertain and highly susceptible to factors outside of our control. Accordingly, all such milestone payments were excluded from the transaction price at inception. We re-evaluate the transaction price at the end of each reporting period and as uncertain events are resolved or other changes in circumstances occur, and adjust the transaction price as necessary. During the years ended December 31, 2025 and 2024, we did not recognize any adjustment to the transaction price associated with variable consideration previously excluded from the transaction price. Sales based royalties, including milestones based on the level of sales, were also excluded from the transaction price, as the license is deemed to be the predominant item to which the royalties relate. We will recognize such revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). </div><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 20pt; margin-left: 0pt; text-align: left;">Recognition of Revenue </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">We use the cost-to-cost input method, which best depicts the research services performed for the customer, to measure the revenue recognized under the Collaboration Agreement. Significant judgments used in the cost-to-cost method include estimated costs for research services and assumptions about the timing of when those costs are expected to be incurred. Differences in these estimates and assumptions can have a significant impact on the measurement and timing of when revenue under the Collaboration Agreement is recognized. For the year ended December 31, 2024, we recognized $1.9 million of revenue related to the Collaboration Agreement. Revenue recognized during the year ended December 31, 2024 includes $1.3 million of revenue that was included in deferred revenue as of December 31, 2023. Revenue from the reimbursement of costs for research activities was recognized during the year ended December 31, 2024 in an amount equal to the costs incurred. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;">As of December 31, 2025, we have not received any royalty payments under the Collaboration Agreement. </div></div></div> 515000000 740000000 32300000 15000000 17300000 0 0 1900000 1300000 <div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">5. Financial Instruments and Fair Value Measurements </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Our assets that are required to be measured at fair value on a recurring basis consist of money market funds, classified as cash, cash equivalents and restricted cash and cash equivalents on our consolidated balance sheets as of December 31, 2025 and 2024. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Our liabilities that are required to be measured at fair value on a recurring basis consist of a derivative liability pursuant to a loan and security agreement (the “K2HV Loan Agreement”) with K2 HealthVentures LLC (“K2HV”) (see Note 8, <span style="font-style: italic;">Term Loan</span>) on our consolidated balance sheet as of December 31, 2025 and 2024. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The carrying amounts reflected in the consolidated balance sheets for cash, prepaid expenses and other current assets, accounts payable and accrued expenses approximate their fair values, due to their short-term nature. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;">Assets and liabilities measured at fair value on a recurring basis as of December 31, 2025 were as follows: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 288pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 32.5pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 24.66pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 24.66pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 32.5pt;"><div style="font-size: 1pt;"> </div></td></tr><tr class="BRDSX_header"><td style="width: 288pt; padding-bottom: 1.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.21pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-bottom: 1.88pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Level 1</div></td><td style="width: 8.21pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.21pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-bottom: 1.88pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Level 2</div></td><td style="width: 8.21pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.21pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-bottom: 1.88pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Level 3</div></td><td style="width: 8.21pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.21pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-bottom: 1.88pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Total </div></td></tr><tr class="BRDSX_header"><td style="width: 288pt; padding-top: 1.58pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td colspan="10" style="width: 163.58pt; padding-top: 1.58pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(in thousands) </div></td></tr><tr><td style="width: 288pt; padding-top: 2.01pt; padding-bottom: 0.88pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Assets:<br/></div></td><td style="width: 8.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 2.01pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 8.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 2.01pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 8.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 2.01pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 8.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 2.01pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td></tr><tr><td style="width: 288pt; padding-top: 0.51pt; padding-bottom: 2.13pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Money market funds</div></td><td style="width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 0.51pt; padding-bottom: 2.13pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$56,548 </span></div></td><td style="width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 0.51pt; padding-bottom: 2.13pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.83pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$— </span></div></td><td style="width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 0.51pt; padding-bottom: 2.13pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.33pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$</span><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">— </span></div></td><td style="width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 0.51pt; padding-bottom: 2.13pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$56,548 </span></div></td></tr><tr><td style="width: 288pt; padding-top: 1.76pt; padding-bottom: 3.13pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20pt; text-align: left;">Total assets</div></td><td style="width: 8.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.76pt; padding-bottom: 3.13pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$56,548 </span></div></td><td style="width: 8.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 1.76pt; padding-bottom: 3.13pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.83pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$— </span></div></td><td style="width: 8.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 1.76pt; padding-bottom: 3.13pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.33pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 5pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">— </span></div></td><td style="width: 8.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.76pt; padding-bottom: 3.13pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$56,548 </span></div></td></tr><tr><td style="width: 288pt; padding-top: 2.76pt; padding-bottom: 0.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Liabilities:<br/></div></td><td style="width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 2.76pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 2.76pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 2.76pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 2.76pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td></tr><tr><td style="width: 288pt; padding-top: 0.51pt; padding-bottom: 2.13pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Derivative liability</div></td><td style="width: 8.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 0.51pt; padding-bottom: 2.13pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$</span><span style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">— </span></div></td><td style="width: 8.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 0.51pt; padding-bottom: 2.13pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.83pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$— </span></div></td><td style="width: 8.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 0.51pt; padding-bottom: 2.13pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.33pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$759 </span></div></td><td style="width: 8.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 0.51pt; padding-bottom: 2.13pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$</span><span style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">759 </span></div></td></tr><tr><td style="width: 288pt; padding-top: 1.76pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20pt; text-align: left;">Total liabilities</div></td><td style="width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.76pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 17.5pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">— </span></div></td><td style="width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 1.76pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.83pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$— </span></div></td><td style="width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 1.76pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.33pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$759 </span></div></td><td style="width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.76pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 12.5pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">759</span></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 288pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 32.5pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 24.66pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 24.66pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 32.5pt;"><div style="font-size: 1pt;"> </div></td></tr></table><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">Assets and liabilities measured at fair value on a recurring basis as of December 31, 2024 were as follows: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 288pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 6.61pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 6.61pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 37.5pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 6.61pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 6.61pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 24.66pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 6.61pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 6.61pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 27.5pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 6.6pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 6.6pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 37.5pt;"><div style="font-size: 1pt;"> </div></td></tr><tr class="BRDSX_header"><td style="width: 288pt; padding-bottom: 1.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 6.61pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.61pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 37.5pt; padding-bottom: 1.88pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Level 1</div></td><td style="width: 6.61pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.61pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-bottom: 1.88pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Level 2</div></td><td style="width: 6.61pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.61pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 27.5pt; padding-bottom: 1.88pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Level 3</div></td><td style="width: 6.6pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.6pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 37.5pt; padding-bottom: 1.88pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Total </div></td></tr><tr class="BRDSX_header"><td style="width: 288pt; padding-top: 1.58pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 6.61pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.61pt;"><div style="font-size: 1pt;"> </div></td><td colspan="10" style="width: 166.8pt; padding-top: 1.58pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(in thousands) </div></td></tr><tr><td style="width: 288pt; padding-top: 2.01pt; padding-bottom: 0.88pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Assets:<br/></div></td><td style="width: 6.61pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.61pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 37.5pt; padding-top: 2.01pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 6.61pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.61pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 2.01pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 6.61pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.61pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 27.5pt; padding-top: 2.01pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 6.6pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.6pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 37.5pt; padding-top: 2.01pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td></tr><tr><td style="width: 288pt; padding-top: 0.51pt; padding-bottom: 2.13pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Money market funds</div></td><td style="width: 6.61pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.61pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 37.5pt; padding-top: 0.51pt; padding-bottom: 2.13pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$105,526 </span></div></td><td style="width: 6.61pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.61pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 0.51pt; padding-bottom: 2.13pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.83pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$— </span></div></td><td style="width: 6.61pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.61pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 27.5pt; padding-top: 0.51pt; padding-bottom: 2.13pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$</span><span style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">— </span></div></td><td style="width: 6.6pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.6pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 37.5pt; padding-top: 0.51pt; padding-bottom: 2.13pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$105,526 </span></div></td></tr><tr><td style="width: 288pt; padding-top: 1.76pt; padding-bottom: 3.13pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20pt; text-align: left;">Total assets</div></td><td style="width: 6.61pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.61pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 37.5pt; padding-top: 1.76pt; padding-bottom: 3.13pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$105,526 </span></div></td><td style="width: 6.61pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.61pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 1.76pt; padding-bottom: 3.13pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.83pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$— </span></div></td><td style="width: 6.61pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.61pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 27.5pt; padding-top: 1.76pt; padding-bottom: 3.13pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 12.5pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">— </span></div></td><td style="width: 6.6pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.6pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 37.5pt; padding-top: 1.76pt; padding-bottom: 3.13pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$105,526 </span></div></td></tr><tr><td style="width: 288pt; padding-top: 2.76pt; padding-bottom: 0.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Liabilities:<br/></div></td><td style="width: 6.61pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.61pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 37.5pt; padding-top: 2.76pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 6.61pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.61pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 2.76pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 6.61pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.61pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 27.5pt; padding-top: 2.76pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 6.6pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.6pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 37.5pt; padding-top: 2.76pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td></tr><tr><td style="width: 288pt; padding-top: 0.51pt; padding-bottom: 2.13pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Derivative liability</div></td><td style="width: 6.61pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.61pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 37.5pt; padding-top: 0.51pt; padding-bottom: 2.13pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$</span><span style="padding-left: 22.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">— </span></div></td><td style="width: 6.61pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.61pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 0.51pt; padding-bottom: 2.13pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.83pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$— </span></div></td><td style="width: 6.61pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.61pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 27.5pt; padding-top: 0.51pt; padding-bottom: 2.13pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$2,829 </span></div></td><td style="width: 6.6pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.6pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 37.5pt; padding-top: 0.51pt; padding-bottom: 2.13pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$</span><span style="padding-left: 10pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">2,829 </span></div></td></tr><tr><td style="width: 288pt; padding-top: 1.76pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20pt; text-align: left;">Total liabilities</div></td><td style="width: 6.61pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.61pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 37.5pt; padding-top: 1.76pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 22.5pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">— </span></div></td><td style="width: 6.61pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.61pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 1.76pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.83pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$— </span></div></td><td style="width: 6.61pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.61pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 27.5pt; padding-top: 1.76pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$2,829 </span></div></td><td style="width: 6.6pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.6pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 37.5pt; padding-top: 1.76pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 10pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">2,829</span></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 288pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.61pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.61pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 37.5pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.61pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.61pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 24.66pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.61pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.61pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 27.5pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.6pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.6pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 37.5pt;"><div style="font-size: 1pt;"> </div></td></tr></table><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">There were no changes in valuation techniques during the year ended December 31, 2025. </div><div class="BRDSX_h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 12pt; margin-left: 0pt; text-align: left;">Derivative Liability </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In May 2024, we entered into the K2HV Loan Agreement, as further described in Note 8, which provides up to $60.0 million principal in term loans. Pursuant to the terms of the K2HV Loan Agreement, the lenders thereto may elect, prior to the full repayment of the term loans, to convert up to $5.0 million of the outstanding principal of the term loans into shares of our common stock at a conversion price of the lesser of $6.3182 per share (the “Fixed Price Conversion”) and the lowest effective price per share of our first equity financing following the closing of the K2HV Loan Agreement (the “Variable Price Conversion”), subject to customary adjustments and 9.99% and 19.99% beneficial ownership limitations. The Fixed Price Conversion and Variable Price Conversion within the K2HV Loan Agreement are required to be bifurcated as a single compound embedded derivative carried at fair value, with subsequent changes in fair value recognized in the consolidated statements of operations. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;">The following table reconciles the change in fair value of the derivative liability based on Level 3 inputs: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 360pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 6.36pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 6.36pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="height: 6pt; width: 95.28pt;"><div style="font-size: 1pt;"> </div></td></tr><tr class="BRDSX_header"><td style="width: 360pt; padding-bottom: 1.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 6.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.36pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 95.28pt; padding-bottom: 1.88pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Year Ended December 31, </div></td></tr><tr class="BRDSX_header"><td style="width: 360pt; padding-top: 1.58pt; padding-bottom: 1.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 6.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.36pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 1.58pt; padding-bottom: 1.88pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025</div></td><td style="width: 6.36pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.36pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 1.58pt; padding-bottom: 1.88pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2024 </div></td></tr><tr class="BRDSX_header"><td style="width: 360pt; padding-top: 1.58pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 6.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.36pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 95.28pt; padding-top: 1.58pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(in thousands) </div></td></tr><tr><td style="width: 360pt; padding-top: 2.01pt; padding-bottom: 0.88pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Balance at beginning of period</div></td><td style="width: 6.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 2.01pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 5.22pt; text-align: left;">$<span style="padding-left: 3.33pt;">2,829 </span></div></td><td style="width: 6.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 2.01pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 5.22pt; text-align: left;">$<span style="padding-left: 15.83pt;">— </span></div></td></tr><tr><td style="width: 360pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Fair value of derivative liability at issuance of term loan</div></td><td style="width: 6.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 5.22pt; text-align: left;"><span style="padding-left: 20.83pt;">— </span></div></td><td style="width: 6.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 5.22pt; text-align: left;"><span style="padding-left: 8.33pt;">4,450 </span></div></td></tr><tr><td style="width: 360pt; padding-top: 0.51pt; padding-bottom: 2.13pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Change in fair value</div></td><td style="width: 6.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 0.51pt; padding-bottom: 2.13pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 5.22pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(2,070</span><span style="padding-bottom: 1.5pt;">)</span></div></td><td style="width: 6.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 0.51pt; padding-bottom: 2.13pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 5.22pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(1,621</span><span style="padding-bottom: 1.5pt;">) </span></div></td></tr><tr><td style="width: 360pt; padding-top: 1.76pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Balance at end of period</div></td><td style="width: 6.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 1.76pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 5.22pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 10.83pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">759 </span></div></td><td style="width: 6.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 1.76pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 5.22pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 3.33pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">2,829</span></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 360pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.36pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.36pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 41.28pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.36pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.36pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 41.28pt;"><div style="font-size: 1pt;"> </div></td></tr></table></div></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">The change in fair value of the derivative liability is included in other income, net in the accompanying consolidated statements of operations. We recognized gains of $2.1 million and $1.6 million related to change in fair value of the derivative liability during the years ended December 31, 2025 and 2024, respectively. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The fair value of the derivative liability in the term loan was estimated using the Monte Carlo model. A summary of the weighted-average significant unobservable inputs (Level 3 inputs) used in measuring the derivative liability in the term loan is as follows: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 372pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 10.25pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 10.25pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="height: 6pt; width: 75.5pt;"><div style="font-size: 1pt;"> </div></td></tr><tr class="BRDSX_header"><td style="width: 372pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 10.25pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 10.25pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 75.5pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December 31, </div></td></tr><tr class="BRDSX_header"><td style="width: 372pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 10.25pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 10.25pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 27.5pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025</div></td><td style="width: 10.25pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 10.25pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 27.5pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2024 </div></td></tr><tr><td style="width: 372pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Stock Price</div></td><td style="width: 10.25pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 10.25pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 27.5pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<span style="padding-left: 5pt;">0.63</span></div></td><td style="width: 10.25pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 10.25pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 27.5pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<span style="padding-left: 5pt;">1.48 </span></div></td></tr><tr><td style="width: 372pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Volatility</div></td><td style="width: 10.25pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 10.25pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 27.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 5pt;">105.0%</span></div></td><td style="width: 10.25pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 10.25pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 27.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 5pt;">103.0% </span></div></td></tr><tr><td style="width: 372pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Risk-free rate (continuous)</div></td><td style="width: 10.25pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 10.25pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 27.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 15pt;">3.5%</span></div></td><td style="width: 10.25pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 10.25pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 27.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 15pt;">4.2% </span></div></td></tr><tr><td style="width: 372pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Expected term (in years)</div></td><td style="width: 10.25pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 10.25pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 27.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 10pt;">0.25</span></div></td><td style="width: 10.25pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 10.25pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 27.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 10pt;">0.58 </span></div></td></tr><tr><td style="width: 372pt; padding-top: 1.01pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Dividend yield (continuous)</div></td><td style="width: 10.25pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 10.25pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 27.5pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 17.5pt;">—%</span></div></td><td style="width: 10.25pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 10.25pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 27.5pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 17.5pt;">—%</span></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 372pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 10.25pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 10.25pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 27.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 10.25pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 10.25pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 27.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td></tr></table> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;">Assets and liabilities measured at fair value on a recurring basis as of December 31, 2025 were as follows: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 288pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 32.5pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 24.66pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 24.66pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 32.5pt;"><div style="font-size: 1pt;"> </div></td></tr><tr class="BRDSX_header"><td style="width: 288pt; padding-bottom: 1.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.21pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-bottom: 1.88pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Level 1</div></td><td style="width: 8.21pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.21pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-bottom: 1.88pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Level 2</div></td><td style="width: 8.21pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.21pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-bottom: 1.88pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Level 3</div></td><td style="width: 8.21pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.21pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-bottom: 1.88pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Total </div></td></tr><tr class="BRDSX_header"><td style="width: 288pt; padding-top: 1.58pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td colspan="10" style="width: 163.58pt; padding-top: 1.58pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(in thousands) </div></td></tr><tr><td style="width: 288pt; padding-top: 2.01pt; padding-bottom: 0.88pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Assets:<br/></div></td><td style="width: 8.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 2.01pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 8.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 2.01pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 8.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 2.01pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 8.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 2.01pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td></tr><tr><td style="width: 288pt; padding-top: 0.51pt; padding-bottom: 2.13pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Money market funds</div></td><td style="width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 0.51pt; padding-bottom: 2.13pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$56,548 </span></div></td><td style="width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 0.51pt; padding-bottom: 2.13pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.83pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$— </span></div></td><td style="width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 0.51pt; padding-bottom: 2.13pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.33pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$</span><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">— </span></div></td><td style="width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 0.51pt; padding-bottom: 2.13pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$56,548 </span></div></td></tr><tr><td style="width: 288pt; padding-top: 1.76pt; padding-bottom: 3.13pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20pt; text-align: left;">Total assets</div></td><td style="width: 8.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.76pt; padding-bottom: 3.13pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$56,548 </span></div></td><td style="width: 8.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 1.76pt; padding-bottom: 3.13pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.83pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$— </span></div></td><td style="width: 8.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 1.76pt; padding-bottom: 3.13pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.33pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 5pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">— </span></div></td><td style="width: 8.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.76pt; padding-bottom: 3.13pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$56,548 </span></div></td></tr><tr><td style="width: 288pt; padding-top: 2.76pt; padding-bottom: 0.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Liabilities:<br/></div></td><td style="width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 2.76pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 2.76pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 2.76pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 2.76pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td></tr><tr><td style="width: 288pt; padding-top: 0.51pt; padding-bottom: 2.13pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Derivative liability</div></td><td style="width: 8.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 0.51pt; padding-bottom: 2.13pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$</span><span style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">— </span></div></td><td style="width: 8.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 0.51pt; padding-bottom: 2.13pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.83pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$— </span></div></td><td style="width: 8.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 0.51pt; padding-bottom: 2.13pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.33pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$759 </span></div></td><td style="width: 8.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 0.51pt; padding-bottom: 2.13pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$</span><span style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">759 </span></div></td></tr><tr><td style="width: 288pt; padding-top: 1.76pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20pt; text-align: left;">Total liabilities</div></td><td style="width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.76pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 17.5pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">— </span></div></td><td style="width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 1.76pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.83pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$— </span></div></td><td style="width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 1.76pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.33pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$759 </span></div></td><td style="width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.76pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 12.5pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">759</span></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 288pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 32.5pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 24.66pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 24.66pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 8.21pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 32.5pt;"><div style="font-size: 1pt;"> </div></td></tr></table><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">Assets and liabilities measured at fair value on a recurring basis as of December 31, 2024 were as follows: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 288pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 6.61pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 6.61pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 37.5pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 6.61pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 6.61pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 24.66pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 6.61pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 6.61pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 27.5pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 6.6pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 6.6pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 37.5pt;"><div style="font-size: 1pt;"> </div></td></tr><tr class="BRDSX_header"><td style="width: 288pt; padding-bottom: 1.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 6.61pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.61pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 37.5pt; padding-bottom: 1.88pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Level 1</div></td><td style="width: 6.61pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.61pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-bottom: 1.88pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Level 2</div></td><td style="width: 6.61pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.61pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 27.5pt; padding-bottom: 1.88pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Level 3</div></td><td style="width: 6.6pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.6pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 37.5pt; padding-bottom: 1.88pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Total </div></td></tr><tr class="BRDSX_header"><td style="width: 288pt; padding-top: 1.58pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 6.61pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.61pt;"><div style="font-size: 1pt;"> </div></td><td colspan="10" style="width: 166.8pt; padding-top: 1.58pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(in thousands) </div></td></tr><tr><td style="width: 288pt; padding-top: 2.01pt; padding-bottom: 0.88pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Assets:<br/></div></td><td style="width: 6.61pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.61pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 37.5pt; padding-top: 2.01pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 6.61pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.61pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 2.01pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 6.61pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.61pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 27.5pt; padding-top: 2.01pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 6.6pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.6pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 37.5pt; padding-top: 2.01pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td></tr><tr><td style="width: 288pt; padding-top: 0.51pt; padding-bottom: 2.13pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Money market funds</div></td><td style="width: 6.61pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.61pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 37.5pt; padding-top: 0.51pt; padding-bottom: 2.13pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$105,526 </span></div></td><td style="width: 6.61pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.61pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 0.51pt; padding-bottom: 2.13pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.83pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$— </span></div></td><td style="width: 6.61pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.61pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 27.5pt; padding-top: 0.51pt; padding-bottom: 2.13pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$</span><span style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">— </span></div></td><td style="width: 6.6pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.6pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 37.5pt; padding-top: 0.51pt; padding-bottom: 2.13pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$105,526 </span></div></td></tr><tr><td style="width: 288pt; padding-top: 1.76pt; padding-bottom: 3.13pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20pt; text-align: left;">Total assets</div></td><td style="width: 6.61pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.61pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 37.5pt; padding-top: 1.76pt; padding-bottom: 3.13pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$105,526 </span></div></td><td style="width: 6.61pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.61pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 1.76pt; padding-bottom: 3.13pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.83pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$— </span></div></td><td style="width: 6.61pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.61pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 27.5pt; padding-top: 1.76pt; padding-bottom: 3.13pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 12.5pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">— </span></div></td><td style="width: 6.6pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.6pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 37.5pt; padding-top: 1.76pt; padding-bottom: 3.13pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$105,526 </span></div></td></tr><tr><td style="width: 288pt; padding-top: 2.76pt; padding-bottom: 0.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Liabilities:<br/></div></td><td style="width: 6.61pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.61pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 37.5pt; padding-top: 2.76pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 6.61pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.61pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 2.76pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 6.61pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.61pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 27.5pt; padding-top: 2.76pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 6.6pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.6pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 37.5pt; padding-top: 2.76pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td></tr><tr><td style="width: 288pt; padding-top: 0.51pt; padding-bottom: 2.13pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Derivative liability</div></td><td style="width: 6.61pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.61pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 37.5pt; padding-top: 0.51pt; padding-bottom: 2.13pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$</span><span style="padding-left: 22.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">— </span></div></td><td style="width: 6.61pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.61pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 0.51pt; padding-bottom: 2.13pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.83pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$— </span></div></td><td style="width: 6.61pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.61pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 27.5pt; padding-top: 0.51pt; padding-bottom: 2.13pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$2,829 </span></div></td><td style="width: 6.6pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.6pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 37.5pt; padding-top: 0.51pt; padding-bottom: 2.13pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$</span><span style="padding-left: 10pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">2,829 </span></div></td></tr><tr><td style="width: 288pt; padding-top: 1.76pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20pt; text-align: left;">Total liabilities</div></td><td style="width: 6.61pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.61pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 37.5pt; padding-top: 1.76pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 22.5pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">— </span></div></td><td style="width: 6.61pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.61pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 1.76pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.83pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$— </span></div></td><td style="width: 6.61pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.61pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 27.5pt; padding-top: 1.76pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$2,829 </span></div></td><td style="width: 6.6pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.6pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 37.5pt; padding-top: 1.76pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 10pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">2,829</span></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 288pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.61pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.61pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 37.5pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.61pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.61pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 24.66pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.61pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.61pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 27.5pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.6pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.6pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 37.5pt;"><div style="font-size: 1pt;"> </div></td></tr></table> 56548000 0 0 56548000 56548000 0 0 56548000 0 0 759000 759000 0 0 759000 759000 105526000 0 0 105526000 105526000 0 0 105526000 0 0 2829000 2829000 0 0 2829000 2829000 60000000 5000000 6.3182 0.0999 0.1999 <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;">The following table reconciles the change in fair value of the derivative liability based on Level 3 inputs: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 360pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 6.36pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 6.36pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="height: 6pt; width: 95.28pt;"><div style="font-size: 1pt;"> </div></td></tr><tr class="BRDSX_header"><td style="width: 360pt; padding-bottom: 1.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 6.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.36pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 95.28pt; padding-bottom: 1.88pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Year Ended December 31, </div></td></tr><tr class="BRDSX_header"><td style="width: 360pt; padding-top: 1.58pt; padding-bottom: 1.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 6.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.36pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 1.58pt; padding-bottom: 1.88pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025</div></td><td style="width: 6.36pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.36pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 1.58pt; padding-bottom: 1.88pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2024 </div></td></tr><tr class="BRDSX_header"><td style="width: 360pt; padding-top: 1.58pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 6.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.36pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 95.28pt; padding-top: 1.58pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(in thousands) </div></td></tr><tr><td style="width: 360pt; padding-top: 2.01pt; padding-bottom: 0.88pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Balance at beginning of period</div></td><td style="width: 6.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 2.01pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 5.22pt; text-align: left;">$<span style="padding-left: 3.33pt;">2,829 </span></div></td><td style="width: 6.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 2.01pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 5.22pt; text-align: left;">$<span style="padding-left: 15.83pt;">— </span></div></td></tr><tr><td style="width: 360pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Fair value of derivative liability at issuance of term loan</div></td><td style="width: 6.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 5.22pt; text-align: left;"><span style="padding-left: 20.83pt;">— </span></div></td><td style="width: 6.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 5.22pt; text-align: left;"><span style="padding-left: 8.33pt;">4,450 </span></div></td></tr><tr><td style="width: 360pt; padding-top: 0.51pt; padding-bottom: 2.13pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Change in fair value</div></td><td style="width: 6.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 0.51pt; padding-bottom: 2.13pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 5.22pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(2,070</span><span style="padding-bottom: 1.5pt;">)</span></div></td><td style="width: 6.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 0.51pt; padding-bottom: 2.13pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 5.22pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(1,621</span><span style="padding-bottom: 1.5pt;">) </span></div></td></tr><tr><td style="width: 360pt; padding-top: 1.76pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Balance at end of period</div></td><td style="width: 6.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 1.76pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 5.22pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 10.83pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">759 </span></div></td><td style="width: 6.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 1.76pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 5.22pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 3.33pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">2,829</span></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 360pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.36pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.36pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 41.28pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.36pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.36pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 41.28pt;"><div style="font-size: 1pt;"> </div></td></tr></table> 2829000 0 0 4450000 2070000 1621000 759000 2829000 2100000 1600000 <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The fair value of the derivative liability in the term loan was estimated using the Monte Carlo model. A summary of the weighted-average significant unobservable inputs (Level 3 inputs) used in measuring the derivative liability in the term loan is as follows: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 372pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 10.25pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 10.25pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="height: 6pt; width: 75.5pt;"><div style="font-size: 1pt;"> </div></td></tr><tr class="BRDSX_header"><td style="width: 372pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 10.25pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 10.25pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 75.5pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December 31, </div></td></tr><tr class="BRDSX_header"><td style="width: 372pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 10.25pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 10.25pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 27.5pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025</div></td><td style="width: 10.25pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 10.25pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 27.5pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2024 </div></td></tr><tr><td style="width: 372pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Stock Price</div></td><td style="width: 10.25pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 10.25pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 27.5pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<span style="padding-left: 5pt;">0.63</span></div></td><td style="width: 10.25pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 10.25pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 27.5pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<span style="padding-left: 5pt;">1.48 </span></div></td></tr><tr><td style="width: 372pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Volatility</div></td><td style="width: 10.25pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 10.25pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 27.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 5pt;">105.0%</span></div></td><td style="width: 10.25pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 10.25pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 27.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 5pt;">103.0% </span></div></td></tr><tr><td style="width: 372pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Risk-free rate (continuous)</div></td><td style="width: 10.25pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 10.25pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 27.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 15pt;">3.5%</span></div></td><td style="width: 10.25pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 10.25pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 27.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 15pt;">4.2% </span></div></td></tr><tr><td style="width: 372pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Expected term (in years)</div></td><td style="width: 10.25pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 10.25pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 27.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 10pt;">0.25</span></div></td><td style="width: 10.25pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 10.25pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 27.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 10pt;">0.58 </span></div></td></tr><tr><td style="width: 372pt; padding-top: 1.01pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Dividend yield (continuous)</div></td><td style="width: 10.25pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 10.25pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 27.5pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 17.5pt;">—%</span></div></td><td style="width: 10.25pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 10.25pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 27.5pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 17.5pt;">—%</span></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 372pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 10.25pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 10.25pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 27.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 10.25pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 10.25pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 27.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td></tr></table> 0.63 1.48 1.05 1.03 0.035 0.042 0.25 0.58 0 0 <div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">6. Property and Equipment, Net </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7pt; margin-left: 0pt; text-align: left;">Property and equipment, net was comprised as follows: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 372pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 7.93pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 7.93pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="height: 6pt; width: 80.12pt;"><div style="font-size: 1pt;"> </div></td></tr><tr class="BRDSX_header"><td style="width: 372pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 7.93pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.93pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 80.12pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December 31, </div></td></tr><tr class="BRDSX_header"><td style="width: 372pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 7.93pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.93pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.13pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025</div></td><td style="width: 7.93pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.93pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.13pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2024 </div></td></tr><tr class="BRDSX_header"><td style="width: 372pt; padding-top: 2.08pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 7.93pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.93pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 80.12pt; padding-top: 2.08pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(in thousands) </div></td></tr><tr><td style="width: 372pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Leasehold improvements</div></td><td style="width: 7.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.13pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;">$<span style="padding-left: 4.63pt;">7,971</span></div></td><td style="width: 7.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.13pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;">$<span style="padding-left: 4.63pt;">7,971 </span></div></td></tr><tr><td style="width: 372pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Laboratory equipment</div></td><td style="width: 7.93pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.93pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.13pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><span style="padding-left: 9.63pt;">2,485</span></div></td><td style="width: 7.93pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.93pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.13pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><span style="padding-left: 9.63pt;">2,485 </span></div></td></tr><tr><td style="width: 372pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Computer equipment</div></td><td style="width: 7.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.13pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><span style="padding-left: 17.13pt;">539</span></div></td><td style="width: 7.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.13pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><span style="padding-left: 17.13pt;">539 </span></div></td></tr><tr><td style="width: 372pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Furniture and fixtures</div></td><td style="width: 7.93pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.93pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.13pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><span style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">311</span></div></td><td style="width: 7.93pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.93pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.13pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><span style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">311 </span></div></td></tr><tr><td style="width: 372pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Total property and equipment, gross</div></td><td style="width: 7.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.13pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><span style="padding-left: 5pt;">11,306</span></div></td><td style="width: 7.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.13pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><span style="padding-left: 5pt;">11,306 </span></div></td></tr><tr><td style="width: 372pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Less: accumulated depreciation</div></td><td style="width: 7.93pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.93pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.13pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><span style="padding-left: 6.3pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(6,618</span><span style="padding-bottom: 1.5pt;">)</span></div></td><td style="width: 7.93pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.93pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.13pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><span style="padding-left: 6.3pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(4,984</span><span style="padding-bottom: 1.5pt;">) </span></div></td></tr><tr><td style="width: 372pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Total property and equipment, net</div></td><td style="width: 7.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.13pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 4.63pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">4,688</span></div></td><td style="width: 7.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.13pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 4.63pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">6,322</span></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 372pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 7.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 7.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 32.13pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 7.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 7.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 32.13pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td></tr></table> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7pt; margin-left: 0pt; text-align: left;">Property and equipment, net was comprised as follows: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 372pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 7.93pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 7.93pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="height: 6pt; width: 80.12pt;"><div style="font-size: 1pt;"> </div></td></tr><tr class="BRDSX_header"><td style="width: 372pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 7.93pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.93pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 80.12pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December 31, </div></td></tr><tr class="BRDSX_header"><td style="width: 372pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 7.93pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.93pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.13pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025</div></td><td style="width: 7.93pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.93pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.13pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2024 </div></td></tr><tr class="BRDSX_header"><td style="width: 372pt; padding-top: 2.08pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 7.93pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.93pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 80.12pt; padding-top: 2.08pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(in thousands) </div></td></tr><tr><td style="width: 372pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Leasehold improvements</div></td><td style="width: 7.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.13pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;">$<span style="padding-left: 4.63pt;">7,971</span></div></td><td style="width: 7.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.13pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;">$<span style="padding-left: 4.63pt;">7,971 </span></div></td></tr><tr><td style="width: 372pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Laboratory equipment</div></td><td style="width: 7.93pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.93pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.13pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><span style="padding-left: 9.63pt;">2,485</span></div></td><td style="width: 7.93pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.93pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.13pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><span style="padding-left: 9.63pt;">2,485 </span></div></td></tr><tr><td style="width: 372pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Computer equipment</div></td><td style="width: 7.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.13pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><span style="padding-left: 17.13pt;">539</span></div></td><td style="width: 7.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.13pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><span style="padding-left: 17.13pt;">539 </span></div></td></tr><tr><td style="width: 372pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Furniture and fixtures</div></td><td style="width: 7.93pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.93pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.13pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><span style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">311</span></div></td><td style="width: 7.93pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.93pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.13pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><span style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">311 </span></div></td></tr><tr><td style="width: 372pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Total property and equipment, gross</div></td><td style="width: 7.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.13pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><span style="padding-left: 5pt;">11,306</span></div></td><td style="width: 7.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.13pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><span style="padding-left: 5pt;">11,306 </span></div></td></tr><tr><td style="width: 372pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Less: accumulated depreciation</div></td><td style="width: 7.93pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.93pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.13pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><span style="padding-left: 6.3pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(6,618</span><span style="padding-bottom: 1.5pt;">)</span></div></td><td style="width: 7.93pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.93pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.13pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><span style="padding-left: 6.3pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(4,984</span><span style="padding-bottom: 1.5pt;">) </span></div></td></tr><tr><td style="width: 372pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Total property and equipment, net</div></td><td style="width: 7.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.13pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 4.63pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">4,688</span></div></td><td style="width: 7.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.13pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 4.63pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">6,322</span></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 372pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 7.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 7.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 32.13pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 7.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 7.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 32.13pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td></tr></table> 7971000 7971000 2485000 2485000 539000 539000 311000 311000 11306000 11306000 6618000 4984000 4688000 6322000 <div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">7. Accrued Expenses and Other Current Liabilities </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7pt; margin-left: 0pt; text-align: left;">Accrued expenses and other current liabilities were comprised as follows: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 372pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 9pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 9pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="height: 6pt; width: 78pt;"><div style="font-size: 1pt;"> </div></td></tr><tr class="BRDSX_header"><td style="width: 372pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 9pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 78pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December 31, </div></td></tr><tr class="BRDSX_header"><td style="width: 372pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 9pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 27.5pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025</div></td><td style="width: 9pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 9pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2024 </div></td></tr><tr class="BRDSX_header"><td style="width: 372pt; padding-top: 2.08pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 9pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 78pt; padding-top: 2.08pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(in thousands) </div></td></tr><tr><td style="width: 372pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Contract research</div></td><td style="width: 9pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 9pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 27.5pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$2,376</div></td><td style="width: 9pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 9pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<span style="padding-left: 12.5pt;">820 </span></div></td></tr><tr><td style="width: 372pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Professional fees</div></td><td style="width: 9pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 27.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 5pt;">1,388</span></div></td><td style="width: 9pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 17.5pt;">747 </span></div></td></tr><tr><td style="width: 372pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Manufacturing</div></td><td style="width: 9pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 9pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 27.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 12.5pt;">928</span></div></td><td style="width: 9pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 9pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 10pt;">4,783 </span></div></td></tr><tr><td style="width: 372pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Employee compensation and benefits</div></td><td style="width: 9pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 27.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 12.5pt;">302</span></div></td><td style="width: 9pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 10pt;">3,616 </span></div></td></tr><tr><td style="width: 372pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Accrued interest</div></td><td style="width: 9pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 9pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 27.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 12.5pt;">266</span></div></td><td style="width: 9pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 9pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 17.5pt;">266 </span></div></td></tr><tr><td style="width: 372pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Other</div></td><td style="width: 9pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 27.5pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">147</span></div></td><td style="width: 9pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">356 </span></div></td></tr><tr><td style="width: 372pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Total accrued expenses and other current liabilities</div></td><td style="width: 9pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 9pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 27.5pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$5,407</span></div></td><td style="width: 9pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 9pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$10,588</span></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 372pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 9pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 9pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 27.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 9pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 9pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 32.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td></tr></table> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7pt; margin-left: 0pt; text-align: left;">Accrued expenses and other current liabilities were comprised as follows: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 372pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 9pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 9pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="height: 6pt; width: 78pt;"><div style="font-size: 1pt;"> </div></td></tr><tr class="BRDSX_header"><td style="width: 372pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 9pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 78pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December 31, </div></td></tr><tr class="BRDSX_header"><td style="width: 372pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 9pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 27.5pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025</div></td><td style="width: 9pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 9pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2024 </div></td></tr><tr class="BRDSX_header"><td style="width: 372pt; padding-top: 2.08pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 9pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 78pt; padding-top: 2.08pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(in thousands) </div></td></tr><tr><td style="width: 372pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Contract research</div></td><td style="width: 9pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 9pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 27.5pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$2,376</div></td><td style="width: 9pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 9pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<span style="padding-left: 12.5pt;">820 </span></div></td></tr><tr><td style="width: 372pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Professional fees</div></td><td style="width: 9pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 27.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 5pt;">1,388</span></div></td><td style="width: 9pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 17.5pt;">747 </span></div></td></tr><tr><td style="width: 372pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Manufacturing</div></td><td style="width: 9pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 9pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 27.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 12.5pt;">928</span></div></td><td style="width: 9pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 9pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 10pt;">4,783 </span></div></td></tr><tr><td style="width: 372pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Employee compensation and benefits</div></td><td style="width: 9pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 27.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 12.5pt;">302</span></div></td><td style="width: 9pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 10pt;">3,616 </span></div></td></tr><tr><td style="width: 372pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Accrued interest</div></td><td style="width: 9pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 9pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 27.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 12.5pt;">266</span></div></td><td style="width: 9pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 9pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 17.5pt;">266 </span></div></td></tr><tr><td style="width: 372pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Other</div></td><td style="width: 9pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 27.5pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">147</span></div></td><td style="width: 9pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">356 </span></div></td></tr><tr><td style="width: 372pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Total accrued expenses and other current liabilities</div></td><td style="width: 9pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 9pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 27.5pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$5,407</span></div></td><td style="width: 9pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 9pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$10,588</span></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 372pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 9pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 9pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 27.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 9pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 9pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 32.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td></tr></table> 2376000 820000 1388000 747000 928000 4783000 302000 3616000 266000 266000 147000 356000 5407000 10588000 <div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">8. Term Loan </div><div class="BRDSX_h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 7pt; margin-left: 0pt; text-align: left;">PWB Loan Agreement </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In April 2022, we entered into the PWB Loan Agreement with PWB and subsequently drew down an aggregate of $40.0 million in term loans. The term loans accrued interest on the outstanding daily balance at a floating annual rate equal to greater of (i) 0.5% above the prime rate then in effect or (ii) 4.5%. If the prime rate changed throughout the term, the interest rate would have been adjusted effective on the date of the prime rate change. All interest chargeable under the PWB Loan Agreement was computed on a 360-day year for the actual number of days elapsed, with interest payable monthly. We recognized interest expense related to the PWB Loan Agreement of $1.3 million during the year ended December 31, 2024. </div><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">In May 2024, we repaid all amounts outstanding under the PWB Loan Agreement, using $29.5 million in net loan proceeds received under the K2HV Loan Agreement, as described below, together with $10.5 million in existing cash. We recognized a total loss on extinguishment of debt in the amount of $0.6 million during the year ended December 31, 2024 primarily due to the write off of unamortized debt issuance costs. </div><div class="BRDSX_h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 14pt; margin-left: 0pt; text-align: left;">K2HV Loan Agreement </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In May 2024, we, as borrower, entered into the K2HV Loan Agreement with K2HV (together with any other lender from time to time, the “Lenders”); K2HV, as administrative agent for the Lenders; and Ankura Trust Company, LLC, as collateral trustee for the Lenders. The K2HV Loan Agreement provides up to $60.0 million principal in term loans. We received $30.0 million in gross loan proceeds at closing; $25.0 million from the first tranche commitment and $5.0 million from the second tranche commitment. A third tranche commitment of up to $10.0 million was available to be drawn at our option through June 30, 2025, subject to the achievement, as determined by the administrative agent in its discretion, of certain time-based, clinical and regulatory milestones and receipt of not less than $60.0 million in net cash proceeds from certain financing activities, with at least $50.0 million from a single offering of common stock. Our ability to draw upon the third tranche commitment expired on June 30, 2025 without being drawn upon. A fourth tranche commitment of up to $20.0 million is available to be drawn down at our option through May 1, 2026, subject to Lender’s review of our clinical, financial and operating plan and subject to the Lender’s consent in its sole and absolute discretion. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The term loan matures on May 1, 2028, and we are obligated to make interest only payments for the first 24 months, followed by interest and equal principal payments each month thereafter through the maturity date. The term loan bears a variable interest rate equal to the greater of (i) 10.3%, and (ii) the sum of (A) the prime rate last quoted in The Wall Street Journal (or a comparable replacement rate if The Wall Street Journal ceases to quote such rate) and (B) 1.8%. We may prepay, at our option, all, but not less than all, of the outstanding principal balance and all accrued and unpaid interest with respect to the principal balance being prepaid of the term loans, subject to a prepayment premium to which the Lenders are entitled and certain notice requirements. We are obligated to pay a final fee equal to 6.95% of the aggregate amount of the term loans funded, or the Final Fee, to occur upon the earliest of (i) the maturity date, (ii) the acceleration of the term loans, and (iii) the prepayment of the term loans. The Final Fee is being accreted to interest expense using the effective interest method over the life of the debt. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Lenders may elect prior to the full repayment of the term loans to convert up to $5.0 million of outstanding principal of the term loans into shares of our common stock, pursuant to the Fixed Price Conversion or the Variable Price Conversion, subject to customary adjustments and 9.99% and 19.99% beneficial ownership limitations. There will be no prepayment penalty for any principal amount converted into common stock. We determined that the Fixed Price Conversion and the Variable Price Conversion within the K2HV Loan Agreement are required to be bifurcated as an embedded derivative under ASC 815, <span style="font-style: italic;">Derivatives and Hedging</span> (“ASC 815”), at fair value, and recorded as a discount on the debt on the date of issuance, with subsequent changes in fair value recognized in the accompanying consolidated statements of operations. See Note 5 for further discussion on this derivative instrument. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">As security for our obligations under the K2HV Loan Agreement, we granted the Lenders a first priority security interest on substantially all of our assets (other than intellectual property), subject to certain exceptions. The K2HV Loan Agreement contains customary representations and warranties, events of default and affirmative and negative covenants, including covenants that limit or restrict our ability to, among other things, dispose of assets, make changes to our business, management, ownership or business locations, merge or consolidate, incur additional indebtedness, incur additional liens, pay dividends or other distributions or repurchase equity, make investments, and enter into certain transactions with affiliates, in each case subject to certain exceptions. Upon the occurrence of an event of default, a default interest rate of an additional 5.0% per annum may be applied to the outstanding loan balances, and the Lenders may declare all outstanding obligations immediately due and payable and exercise all of their rights and remedies as set forth in the K2HV Loan Agreement and under applicable law. As of December 31, 2025, we are in compliance with all covenants. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Subject to certain conditions, we granted the Lenders the right, prior to repayment of the term loans, to invest up to $5.0 million in the aggregate in future offerings of capital stock, at market terms, subject to certain exceptions and conditions. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">We incurred debt issuance costs of $0.7 million in connection with the term loans, composed of the facility fee of $0.4 million and other expenses paid to the Lenders of $0.2 million and external legal fees of $0.1 million. These debt issuance costs, together with the fair value of the embedded derivative of $4.5 million at inception of the K2HV Loan </div></div></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">Agreement, resulted in a debt discount of $5.1 million which is being amortized to interest expense over the term of the K2HV Loan Agreement using the effective interest method. As of December 31, 2025, the fair value of the term loan was estimated to be approximately $29.5 million. The fair value was measured using a discounted cash flow analysis, specifically the yield method, which requires the use of Level 3 inputs in the fair value hierarchy. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;">The outstanding term loans payable consists of the following: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 372pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="height: 6pt; width: 82.17pt;"><div style="font-size: 1pt;"> </div></td></tr><tr class="BRDSX_header"><td style="width: 372pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 82.17pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December 31, </div></td></tr><tr class="BRDSX_header"><td style="width: 372pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025</div></td><td style="width: 6.92pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2024 </div></td></tr><tr class="BRDSX_header"><td style="width: 372pt; padding-top: 2.08pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 82.17pt; padding-top: 2.08pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(in thousands) </div></td></tr><tr><td style="width: 372pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Note payable</div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<span style="padding-left: 3.33pt;">30,000 </span></div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$30,000 </div></td></tr><tr><td style="width: 372pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Unamortized debt discount and issuance costs</div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 10pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(1,764</span><span style="padding-bottom: 1.5pt;">)</span></div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 6.67pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(3,905</span><span style="padding-bottom: 1.5pt;">) </span></div></td></tr><tr><td style="width: 372pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Net carrying amount of note payable</div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 8.33pt;">28,236 </span></div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 5pt;">26,095 </span></div></td></tr><tr><td style="width: 372pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Less: current portion of note payable</div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(28,236</span><span style="padding-bottom: 1.5pt;">)</span></div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 22.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">— </span></div></td></tr><tr><td style="width: 372pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Note payable, net, less current portion</div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 20.83pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">— </span></div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$26,095</span></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 372pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 35.83pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 32.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td></tr></table><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The following table provides the components of interest expense related to the K2HV Loan Agreement: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 372pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 3.36pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 3.36pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="height: 6pt; width: 89.28pt;"><div style="font-size: 1pt;"> </div></td></tr><tr class="BRDSX_header"><td style="width: 372pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 3.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 3.36pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 89.28pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Year Ended December 31, </div></td></tr><tr class="BRDSX_header"><td style="width: 372pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 3.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 3.36pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025</div></td><td style="width: 3.36pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 3.36pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2024 </div></td></tr><tr class="BRDSX_header"><td style="width: 372pt; padding-top: 2.08pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 3.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 3.36pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 89.28pt; padding-top: 2.08pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(in thousands) </div></td></tr><tr><td style="width: 372pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Interest expense based on coupon interest rate (10.3%) of outstanding term loans</div></td><td style="width: 3.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 3.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.89pt; text-align: left;">$3,133 </div></td><td style="width: 3.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 3.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.89pt; text-align: left;">$2,094 </div></td></tr><tr><td style="width: 372pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Amortization of debt discount and accretion of Final Fee (8.94%)</div></td><td style="width: 3.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 3.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.89pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">2,141 </span></div></td><td style="width: 3.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 3.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.89pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">1,217 </span></div></td></tr><tr><td style="width: 372pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div style="-sec-ix-hidden: hidden-fact-5"><div class="BRDSX_fpara" style="-sec-ix-hidden: hidden-fact-4; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Total interest expense on effective rate (19.24%)</div></div></td><td style="width: 3.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 3.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.89pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$5,274 </span></div></td><td style="width: 3.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 3.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.89pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 0.37pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">3,311</span></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 372pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 3.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 3.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 41.28pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 3.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 3.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 41.28pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td></tr></table><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The following table presents the total principal payments and Final Fee contractually scheduled to become due during each of the years ended December 31 (in thousands): </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 408pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 13.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 13.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 32.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td></tr><tr><td style="width: 408pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">2026</div></td><td style="width: 13.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 13.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<span style="padding-left: 5pt;">9,600 </span></div></td></tr><tr><td style="width: 408pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">2027</div></td><td style="width: 13.75pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 13.75pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 5pt;">14,400 </span></div></td></tr><tr><td style="width: 408pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">2028</div></td><td style="width: 13.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 13.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 10pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">8,085 </span></div></td></tr><tr><td style="width: 408pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total principal payments and Final Fee</div></td><td style="width: 13.75pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 13.75pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$32,085</span></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 408pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 13.75pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 13.75pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 32.5pt;"><div style="font-size: 1pt;"> </div></td></tr></table><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">We have presented the full amount of the term loan payable, net of discount and issuance costs, as a current liability as of December 31, 2025, given the potential that the loan may be repaid in the subsequent twelve months. </div> 40000000 0.005 0.045 1300000 29500000 10500000 600000 60000000 30000000 25000000 5000000 10000000 60000000 50000000 20000000 P24M 0.103 0.018 0.0695 5000000 0.0999 0.1999 0.05 5000000 700000 400000 200000 100000 4500000 5100000 29500000 <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;">The outstanding term loans payable consists of the following: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 372pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="height: 6pt; width: 82.17pt;"><div style="font-size: 1pt;"> </div></td></tr><tr class="BRDSX_header"><td style="width: 372pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 82.17pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December 31, </div></td></tr><tr class="BRDSX_header"><td style="width: 372pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025</div></td><td style="width: 6.92pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2024 </div></td></tr><tr class="BRDSX_header"><td style="width: 372pt; padding-top: 2.08pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 82.17pt; padding-top: 2.08pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(in thousands) </div></td></tr><tr><td style="width: 372pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Note payable</div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<span style="padding-left: 3.33pt;">30,000 </span></div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$30,000 </div></td></tr><tr><td style="width: 372pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Unamortized debt discount and issuance costs</div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 10pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(1,764</span><span style="padding-bottom: 1.5pt;">)</span></div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 6.67pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(3,905</span><span style="padding-bottom: 1.5pt;">) </span></div></td></tr><tr><td style="width: 372pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Net carrying amount of note payable</div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 8.33pt;">28,236 </span></div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 5pt;">26,095 </span></div></td></tr><tr><td style="width: 372pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Less: current portion of note payable</div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(28,236</span><span style="padding-bottom: 1.5pt;">)</span></div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 22.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">— </span></div></td></tr><tr><td style="width: 372pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Note payable, net, less current portion</div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 20.83pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">— </span></div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$26,095</span></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 372pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 35.83pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 32.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td></tr></table> 30000000 30000000 1764000 3905000 28236000 26095000 28236000 0 0 26095000 <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The following table provides the components of interest expense related to the K2HV Loan Agreement: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 372pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 3.36pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 3.36pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="height: 6pt; width: 89.28pt;"><div style="font-size: 1pt;"> </div></td></tr><tr class="BRDSX_header"><td style="width: 372pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 3.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 3.36pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 89.28pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Year Ended December 31, </div></td></tr><tr class="BRDSX_header"><td style="width: 372pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 3.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 3.36pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025</div></td><td style="width: 3.36pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 3.36pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2024 </div></td></tr><tr class="BRDSX_header"><td style="width: 372pt; padding-top: 2.08pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 3.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 3.36pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 89.28pt; padding-top: 2.08pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(in thousands) </div></td></tr><tr><td style="width: 372pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Interest expense based on coupon interest rate (10.3%) of outstanding term loans</div></td><td style="width: 3.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 3.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.89pt; text-align: left;">$3,133 </div></td><td style="width: 3.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 3.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.89pt; text-align: left;">$2,094 </div></td></tr><tr><td style="width: 372pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Amortization of debt discount and accretion of Final Fee (8.94%)</div></td><td style="width: 3.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 3.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.89pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">2,141 </span></div></td><td style="width: 3.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 3.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.89pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">1,217 </span></div></td></tr><tr><td style="width: 372pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div style="-sec-ix-hidden: hidden-fact-5"><div class="BRDSX_fpara" style="-sec-ix-hidden: hidden-fact-4; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Total interest expense on effective rate (19.24%)</div></div></td><td style="width: 3.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 3.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.89pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$5,274 </span></div></td><td style="width: 3.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 3.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.89pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 0.37pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">3,311</span></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 372pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 3.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 3.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 41.28pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 3.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 3.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 41.28pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td></tr></table> 3133000 2094000 2141000 1217000 0.1924 5274000 3311000 <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The following table presents the total principal payments and Final Fee contractually scheduled to become due during each of the years ended December 31 (in thousands): </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 408pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 13.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 13.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 32.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td></tr><tr><td style="width: 408pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">2026</div></td><td style="width: 13.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 13.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<span style="padding-left: 5pt;">9,600 </span></div></td></tr><tr><td style="width: 408pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">2027</div></td><td style="width: 13.75pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 13.75pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 5pt;">14,400 </span></div></td></tr><tr><td style="width: 408pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">2028</div></td><td style="width: 13.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 13.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 10pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">8,085 </span></div></td></tr><tr><td style="width: 408pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total principal payments and Final Fee</div></td><td style="width: 13.75pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 13.75pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$32,085</span></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 408pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 13.75pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 13.75pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 32.5pt;"><div style="font-size: 1pt;"> </div></td></tr></table> 9600000 14400000 8085000 32085000 <div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 14pt; margin-left: 0pt; text-align: left;">9. Common and Preferred Stock </div><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 7pt; margin-left: 0pt; text-align: left;">Common Stock </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">We are authorized to issue 200,000,000 shares of common stock. Common stockholders are entitled to dividends if and when declared by our board of directors. As of December 31, 2025, no dividends on common stock had been declared by us. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">On May 10, 2022, we entered into a Sales Agreement (the “Sales Agreement”) with Leerink Partners, LLC (“Leerink Partners”), pursuant to which we are entitled to offer and sell shares of our common stock (the “ATM Offering”). The Sales Agreement provides that Leerink Partners will be entitled to a sales commission equal to 3.0% of the gross sales price per share of all shares sold under the ATM Offering. We were initially entitled to offer and sell shares of our common stock having an aggregate offering price of up to $50.0 million in the ATM Offering, which was subsequently increased in February 2024 to $75.0 million. On May 8, 2025, we filed a new Registration Statement on Form S-3 and filed a new prospectus covering the ATM Offering (the “Prospectus”) for the offer and sale of shares of our common stock with an aggregate offering price of up to $12.5 million in the ATM Offering as a result of being subject to General Instruction I.B.6 of Form S-3 (the “Baby Shelf Limitation”). As of December 31, 2025, we remain subject to the Baby Shelf Limitation. During the year ended December 31, 2025, we sold an aggregate of 3,626,701 shares under the ATM Offering at an average price of $1.77 per share for net proceeds of $5.9 million after deducting sales commissions and offering expenses. During the year ended December 31, 2024, we sold an aggregate of 5,272,538 shares under the ATM Offering at an average price of $4.71 per share for net proceeds of $23.5 million after deducting sales commissions and offering expenses. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">We have reserved shares of common stock for issuance as follows: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 360pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 4.5pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 4.5pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="height: 6pt; width: 99pt;"><div style="font-size: 1pt;"> </div></td></tr><tr class="BRDSX_header"><td style="width: 360pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 4.5pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.5pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 99pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">As of December 31, </div></td></tr><tr class="BRDSX_header"><td style="width: 360pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 4.5pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.5pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 45pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025</div></td><td style="width: 4.5pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.5pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 45pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2024 </div></td></tr><tr><td style="width: 360pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Shares reserved for exercises of outstanding stock options</div></td><td style="width: 4.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 45pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 5pt;">9,954,872</span></div></td><td style="width: 4.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 45pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 5pt;">7,634,937 </span></div></td></tr><tr><td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Shares reserved for exercises of warrants</div></td><td style="width: 4.5pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.5pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 45pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 35pt;">—</span></div></td><td style="width: 4.5pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.5pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 45pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 17.5pt;">58,904 </span></div></td></tr><tr><td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Shares reserved for issuance under the 2021 Employee Stock Purchase Plan</div></td><td style="width: 4.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 45pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 12.5pt;">560,929</span></div></td><td style="width: 4.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 45pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 12.5pt;">433,264 </span></div></td></tr><tr><td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Shares reserved for future issuance under the 2021 Stock Incentive Plan</div></td><td style="width: 4.5pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.5pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 45pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 5pt;">2,039,026</span></div></td><td style="width: 4.5pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.5pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 45pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 5pt;">1,919,921 </span></div></td></tr><tr><td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-indent: -10pt; text-align: left;">Shares reserved for future issuance as part of the K2HV Loan Agreement conversion feature</div></td><td style="width: 4.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 45pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">791,364</span></div></td><td style="width: 4.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 45pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">791,364 </span></div></td></tr><tr><td style="width: 360pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Total shares reserved for future issuance</div></td><td style="width: 4.5pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.5pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 45pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">13,346,191</span></div></td><td style="width: 4.5pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.5pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 45pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">10,838,390</span></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 360pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 4.5pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 4.5pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 45pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 4.5pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 4.5pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 45pt;"><div style="font-size: 1pt;"> </div></td></tr></table><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Preferred Stock </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">We are authorized to issue 5,000,000 shares of undesignated preferred stock in one or more series. As of December 31, 2025, no shares of preferred stock were issued or outstanding. </div> 200000000 0 0.03 50000000 75000000 12500000 3626701 1.77 5900000 5272538 4.71 23500000 <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">We have reserved shares of common stock for issuance as follows: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 360pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 4.5pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 4.5pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="height: 6pt; width: 99pt;"><div style="font-size: 1pt;"> </div></td></tr><tr class="BRDSX_header"><td style="width: 360pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 4.5pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.5pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 99pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">As of December 31, </div></td></tr><tr class="BRDSX_header"><td style="width: 360pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 4.5pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.5pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 45pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025</div></td><td style="width: 4.5pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.5pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 45pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2024 </div></td></tr><tr><td style="width: 360pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Shares reserved for exercises of outstanding stock options</div></td><td style="width: 4.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 45pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 5pt;">9,954,872</span></div></td><td style="width: 4.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 45pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 5pt;">7,634,937 </span></div></td></tr><tr><td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Shares reserved for exercises of warrants</div></td><td style="width: 4.5pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.5pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 45pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 35pt;">—</span></div></td><td style="width: 4.5pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.5pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 45pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 17.5pt;">58,904 </span></div></td></tr><tr><td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Shares reserved for issuance under the 2021 Employee Stock Purchase Plan</div></td><td style="width: 4.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 45pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 12.5pt;">560,929</span></div></td><td style="width: 4.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 45pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 12.5pt;">433,264 </span></div></td></tr><tr><td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Shares reserved for future issuance under the 2021 Stock Incentive Plan</div></td><td style="width: 4.5pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.5pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 45pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 5pt;">2,039,026</span></div></td><td style="width: 4.5pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.5pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 45pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 5pt;">1,919,921 </span></div></td></tr><tr><td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-indent: -10pt; text-align: left;">Shares reserved for future issuance as part of the K2HV Loan Agreement conversion feature</div></td><td style="width: 4.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 45pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">791,364</span></div></td><td style="width: 4.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 45pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">791,364 </span></div></td></tr><tr><td style="width: 360pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Total shares reserved for future issuance</div></td><td style="width: 4.5pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.5pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 45pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">13,346,191</span></div></td><td style="width: 4.5pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.5pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 45pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">10,838,390</span></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 360pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 4.5pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 4.5pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 45pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 4.5pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 4.5pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 45pt;"><div style="font-size: 1pt;"> </div></td></tr></table> 9954872 7634937 0 58904 560929 433264 2039026 1919921 791364 791364 13346191 10838390 5000000 0 0 <div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">10. Stock-based Compensation </div><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 7pt; margin-left: 0pt; text-align: left;">2017 Stock Incentive Plan </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In December 2017, we adopted the 2017 Stock Incentive Plan (the “2017 Plan”), as amended and restated, pursuant to which we have outstanding stock options. No future awards may be granted under the 2017 Plan. </div><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">2021 Stock Incentive Plan </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In April 2021, our board of directors adopted and our stockholders approved the 2021 Stock Incentive Plan (the “2021 Plan”), which became effective immediately prior to the effectiveness of our initial public offering (the “IPO”). As a result of the adoption of the 2021 Plan, no further awards will be made under the 2017 Plan. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The 2021 Plan provides for the grant of incentive stock options (“ISOs”), non-qualified stock options, RSAs, RSUs, stock appreciation rights and other stock-based awards. Our employees, officers, directors, consultants and advisors are eligible to receive awards under the 2021 Plan. The terms of awards, including vesting requirements, are determined by our board of directors, subject to the provisions of the 2021 Plan. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">We initially registered 3,352,725 shares of common stock under the 2021 Plan, pursuant to a Registration Statement on Form S-8 filed with the SEC on April 30, 2021, which was comprised of (i) 2,843,116 shares of common stock reserved for issuance under the 2021 Plan, (ii) 31,884 shares of common stock originally reserved for issuance under the 2017 Plan that became available for issuance under the 2021 Plan upon the completion of the IPO, and (iii) 477,725 shares of unvested restricted stock subject to repurchase by us that may become issuable under the 2021 Plan following such repurchase. The 2021 Plan also provides that an additional number of shares will be added annually to the shares authorized for issuance under the 2021 Plan on the first day of each fiscal year, beginning with the fiscal year ending December 31, 2022 and continuing until, and including, the fiscal year ending December 31, 2031. The number of shares added each year will be equal to the lesser of (i) 5% of the number of outstanding common stock on such date and (ii) such amount as determined by the board of directors. As of December 31, 2025, a total of 7,152,859 additional shares have been added to the total shares authorized for issuance under the 2021 Plan in accordance with these terms. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;">As of December 31, 2025, there were 2,039,026 shares available for future issuance under the 2021 Plan. </div><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">2021 Employee Stock Purchase Plan </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The 2021 ESPP permits eligible employees to purchase shares of our common stock at a discount and consists of consecutive six-month offering periods, each containing a single six-month purchase period. On the first day of each offering period, each employee who is enrolled in the 2021 ESPP will automatically receive an option to purchase up to a whole number of shares of our common stock. The purchase price of each of the shares purchased, in a given purchase period, will be equal to 85% of the lesser of the closing price of a share of our common stock on (i) the first day of the offering period, or (ii) the last day of the offering period. During the year ended December 31, 2025, 96,470 shares of our common stock were purchased by participants of the 2021 ESPP for total proceeds of $0.1 million. During the year ended December 31, 2024, 73,849 shares of our common stock were purchased by participants of the 2021 ESPP for total proceeds of $0.1 million. </div><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">Inducement Stock Option Awards </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">During the year ended December 31, 2025, we granted 201,720 Inducement Awards. No Inducement Awards were granted during the year ended December 31, 2024. The valuation assumptions and activity associated with Inducement Awards are included in the stock option activity described below. </div><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 19pt; margin-left: 0pt; text-align: left;">Stock-Based Compensation Expense </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7pt; margin-left: 0pt; text-align: left;">Total stock-based compensation expense recognized in the consolidated statements of operations was as follows: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 348pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 9.36pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 9.36pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="height: 6pt; width: 101.28pt;"><div style="font-size: 1pt;"> </div></td></tr><tr class="BRDSX_header"><td style="width: 348pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 9.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.36pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 101.28pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Year Ended December 31, </div></td></tr><tr class="BRDSX_header"><td style="width: 348pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 9.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.36pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025</div></td><td style="width: 9.36pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.36pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2024 </div></td></tr><tr class="BRDSX_header"><td style="width: 348pt; padding-top: 2.08pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 9.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.36pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 101.28pt; padding-top: 2.08pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(in thousands) </div></td></tr><tr><td style="width: 348pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Research and development</div></td><td style="width: 9.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.89pt; text-align: left;">$3,201 </div></td><td style="width: 9.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.89pt; text-align: left;">$4,606 </div></td></tr><tr><td style="width: 348pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">General and administrative</div></td><td style="width: 9.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.89pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">3,044 </span></div></td><td style="width: 9.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.89pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">4,220 </span></div></td></tr><tr><td style="width: 348pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Total stock-based compensation</div></td><td style="width: 9.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.89pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$6,245 </span></div></td><td style="width: 9.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.89pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$8,826</span></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 348pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 9.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 9.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 41.28pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 9.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 9.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 41.28pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td></tr></table><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 17.5pt; margin-left: 0pt; text-align: left;">RSU Activity </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">We have granted RSUs to our employees under the 2021 Plan. As of December 31, 2024, all RSUs granted to employees or non-employees had become fully vested or had been previously forfeited. No RSUs were granted during the year ended December 31, 2025. Accordingly, we had no unrecognized stock-based compensation expense related to unvested RSUs as of December 31, 2025. The aggregate fair value of RSUs that vested during the year ended December 31, 2024, based upon the fair value of the stock underlying the RSUs on the day of vesting was $1.0 million. </div><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 19.5pt; margin-left: 0pt; text-align: left;">Stock Option Activity </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The fair value of stock options granted during the years ended December 31, 2025 and 2024 was calculated on the date of grant using the following weighted-average assumptions: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 348pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 9.36pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 9.36pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="height: 6pt; width: 101.28pt;"><div style="font-size: 1pt;"> </div></td></tr><tr class="BRDSX_header"><td style="width: 348pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 9.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.36pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 101.28pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Year Ended December 31, </div></td></tr><tr class="BRDSX_header"><td style="width: 348pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 9.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.36pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025</div></td><td style="width: 9.36pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.36pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2024 </div></td></tr><tr><td style="width: 348pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Risk-free interest rate</div></td><td style="width: 9.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.89pt; text-align: left;"><span style="padding-left: 5pt;">4.4 %</span></div></td><td style="width: 9.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.89pt; text-align: left;"><span style="padding-left: 5pt;">4.0 % </span></div></td></tr><tr><td style="width: 348pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Expected term (in years)</div></td><td style="width: 9.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.89pt; text-align: left;"><span style="padding-left: 5pt;">5.9</span></div></td><td style="width: 9.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.89pt; text-align: left;"><span style="padding-left: 5pt;">6.0 </span></div></td></tr><tr><td style="width: 348pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Expected annual dividend yield</div></td><td style="width: 9.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.89pt; text-align: left;"><span style="padding-left: 7.5pt;">— %</span></div></td><td style="width: 9.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.89pt; text-align: left;"><span style="padding-left: 7.5pt;">— % </span></div></td></tr><tr><td style="width: 348pt; padding-top: 1.01pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Expected volatility</div></td><td style="width: 9.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.89pt; text-align: left;">95.4 %</div></td><td style="width: 9.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.89pt; text-align: left;">92.7 %</div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 348pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 9.36pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 9.36pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 41.28pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 9.36pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 9.36pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 41.28pt;"><div style="font-size: 1pt;"> </div></td></tr></table><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">The valuation assumptions were determined as follows: </div><table border="0" cellpadding="0" style="margin-top: 6pt; margin-left: 20pt; border-spacing: 0px;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">•</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><span style="font-style: italic;">Risk-free interest rate: </span>The yield on zero-coupon U.S. Treasury securities for a period that was commensurate with the expected term of the awards. </div></td></tr></table><table border="0" cellpadding="0" style="margin-top: 6pt; margin-left: 20pt; border-spacing: 0px;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">•</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><span style="font-style: italic;">Expected term (in years): </span>The expected term of the awards represents the period of time that the awards were expected to be outstanding. We use the simplified method to estimate the expected term due to a lack of sufficient historical exercise data to provide a reasonable basis on which to estimate the expected term. Under this method, the expected term equals the average of the vesting term and the original contractual term of the option. </div></td></tr></table><table border="0" cellpadding="0" style="margin-top: 6pt; margin-left: 20pt; border-spacing: 0px;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">•</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><span style="font-style: italic;">Expected annual dividend yield: </span>The estimated dividend yield was zero because we have no history of paying dividends, and do not intend to do so in the foreseeable future. </div></td></tr></table><table border="0" cellpadding="0" style="margin-top: 6pt; margin-left: 20pt; border-spacing: 0px;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">•</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><span style="font-style: italic;">Expected volatility: </span>The expected term of stock options granted by us is generally longer than the trading history of our common stock since the IPO on April 30, 2021. Accordingly, we estimated the expected volatility based on the historical volatility of a group of publicly-traded companies with similar characteristics to us, including stage of product development and therapeutic focus within the life sciences industry. The historical volatility of these companies was calculated over a period of time commensurate with the expected term of the stock option. </div></td></tr></table><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Using the Black-Scholes option pricing model, the weighted-average grant date fair value of stock options granted during the years ended December 31, 2025 and 2024 was $1.16 and $3.43 per share, respectively. </div></div></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">The following table summarizes stock option activity during the year ended December 31, 2025: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 192pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 8.32pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 8.32pt;"><div style="font-size: 1pt;"> </div></td><td colspan="10" style="height: 6pt; width: 259.35pt;"><div style="font-size: 1pt;"> </div></td></tr><tr class="BRDSX_header"><td style="width: 192pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 8.32pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.32pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td colspan="10" style="width: 259.35pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Options Outstanding </div></td></tr><tr class="BRDSX_header"><td style="width: 192pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 8.32pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.32pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 43.33pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Number of <br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Options</div></td><td style="width: 8.32pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.32pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 58.57pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Weighted-<br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Average Exercise <br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Price per Share</div></td><td style="width: 8.32pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.32pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 57.09pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Weighted-<br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Average <br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Remaining<br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Contractual Life<br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(in years)</div></td><td style="width: 8.32pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.32pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 50.44pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Aggregate <br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Intrinsic Value <br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(in millions) </div></td></tr><tr><td style="width: 192pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Outstanding at December 31, 2024</div></td><td style="width: 8.32pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.32pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 43.33pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 3.33pt;">7,634,937 </span></div></td><td style="width: 8.32pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.32pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 58.57pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.03pt; text-align: left;">$6.24 </div></td><td style="width: 8.32pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.32pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 57.09pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 8.32pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.32pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 50.44pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td></tr><tr><td style="width: 192pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Granted</div></td><td style="width: 8.32pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.32pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 43.33pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 3.33pt;">3,390,691 </span></div></td><td style="width: 8.32pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.32pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 58.57pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.03pt; text-align: left;">$1.49 </div></td><td style="width: 8.32pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.32pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 57.09pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 8.32pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.32pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 50.44pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td></tr><tr><td style="width: 192pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Exercised</div></td><td style="width: 8.32pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.32pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 43.33pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 33.33pt;">— </span></div></td><td style="width: 8.32pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.32pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 58.57pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.03pt; text-align: left;">$<span style="padding-left: 7.5pt;">— </span></div></td><td style="width: 8.32pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.32pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 57.09pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 8.32pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.32pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 50.44pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td></tr><tr><td style="width: 192pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Cancelled</div></td><td style="width: 8.32pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.32pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 43.33pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(1,070,756</span><span style="padding-bottom: 1.5pt;">)</span></div></td><td style="width: 8.32pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.32pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 58.57pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.03pt; text-align: left;">$5.43 </div></td><td style="width: 8.32pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.32pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 57.09pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 8.32pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.32pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 50.44pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td></tr><tr><td style="width: 192pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Outstanding, December 31, 2025</div></td><td style="width: 8.32pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.32pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 43.33pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 3.33pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">9,954,872 </span></div></td><td style="width: 8.32pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.32pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 58.57pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.03pt; text-align: left;">$4.71 </div></td><td style="width: 8.32pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.32pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 57.09pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 19.79pt; text-align: left;">7.16</div></td><td style="width: 8.32pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.32pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 50.44pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.72pt; text-align: left;">$— </div></td></tr><tr><td style="width: 192pt; padding-top: 3.26pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Exercisable at December 31, 2025</div></td><td style="width: 8.32pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.32pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 43.33pt; padding-top: 3.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 3.33pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">6,203,856 </span></div></td><td style="width: 8.32pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.32pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 58.57pt; padding-top: 3.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.03pt; text-align: left;">$6.19 </div></td><td style="width: 8.32pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.32pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 57.09pt; padding-top: 3.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 19.79pt; text-align: left;">6.26</div></td><td style="width: 8.32pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.32pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 50.44pt; padding-top: 3.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.72pt; text-align: left;">$—</div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 192pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 8.32pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 8.32pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 43.33pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 8.32pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 8.32pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 58.57pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 8.32pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 8.32pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 57.09pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 8.32pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 8.32pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 50.44pt;"><div style="font-size: 1pt;"> </div></td></tr></table><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">No stock options were exercised during the year ended December 31, 2025. The aggregate intrinsic fair value of stock options exercised during the year ended December 31, 2024 was nominal. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">As of December 31, 2025, we had unrecognized stock-based compensation expense related to unvested stock options of $5.4 million, which we expect to recognize over a weighted-average period of approximately 1.9 years. </div> 3352725 2843116 31884 477725 0.05 7152859 2039026 P6M P6M 0.85 96470 100000 73849 100000 201720 0 <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7pt; margin-left: 0pt; text-align: left;">Total stock-based compensation expense recognized in the consolidated statements of operations was as follows: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 348pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 9.36pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 9.36pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="height: 6pt; width: 101.28pt;"><div style="font-size: 1pt;"> </div></td></tr><tr class="BRDSX_header"><td style="width: 348pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 9.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.36pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 101.28pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Year Ended December 31, </div></td></tr><tr class="BRDSX_header"><td style="width: 348pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 9.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.36pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025</div></td><td style="width: 9.36pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.36pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2024 </div></td></tr><tr class="BRDSX_header"><td style="width: 348pt; padding-top: 2.08pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 9.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.36pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 101.28pt; padding-top: 2.08pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(in thousands) </div></td></tr><tr><td style="width: 348pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Research and development</div></td><td style="width: 9.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.89pt; text-align: left;">$3,201 </div></td><td style="width: 9.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.89pt; text-align: left;">$4,606 </div></td></tr><tr><td style="width: 348pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">General and administrative</div></td><td style="width: 9.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.89pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">3,044 </span></div></td><td style="width: 9.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.89pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">4,220 </span></div></td></tr><tr><td style="width: 348pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Total stock-based compensation</div></td><td style="width: 9.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.89pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$6,245 </span></div></td><td style="width: 9.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.89pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$8,826</span></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 348pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 9.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 9.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 41.28pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 9.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 9.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 41.28pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td></tr></table> 3201000 4606000 3044000 4220000 6245000 8826000 0 0 1000000 <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The fair value of stock options granted during the years ended December 31, 2025 and 2024 was calculated on the date of grant using the following weighted-average assumptions: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 348pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 9.36pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 9.36pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="height: 6pt; width: 101.28pt;"><div style="font-size: 1pt;"> </div></td></tr><tr class="BRDSX_header"><td style="width: 348pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 9.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.36pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 101.28pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Year Ended December 31, </div></td></tr><tr class="BRDSX_header"><td style="width: 348pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 9.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.36pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025</div></td><td style="width: 9.36pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.36pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2024 </div></td></tr><tr><td style="width: 348pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Risk-free interest rate</div></td><td style="width: 9.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.89pt; text-align: left;"><span style="padding-left: 5pt;">4.4 %</span></div></td><td style="width: 9.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.89pt; text-align: left;"><span style="padding-left: 5pt;">4.0 % </span></div></td></tr><tr><td style="width: 348pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Expected term (in years)</div></td><td style="width: 9.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.89pt; text-align: left;"><span style="padding-left: 5pt;">5.9</span></div></td><td style="width: 9.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.89pt; text-align: left;"><span style="padding-left: 5pt;">6.0 </span></div></td></tr><tr><td style="width: 348pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Expected annual dividend yield</div></td><td style="width: 9.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.89pt; text-align: left;"><span style="padding-left: 7.5pt;">— %</span></div></td><td style="width: 9.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.89pt; text-align: left;"><span style="padding-left: 7.5pt;">— % </span></div></td></tr><tr><td style="width: 348pt; padding-top: 1.01pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Expected volatility</div></td><td style="width: 9.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.89pt; text-align: left;">95.4 %</div></td><td style="width: 9.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.89pt; text-align: left;">92.7 %</div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 348pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 9.36pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 9.36pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 41.28pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 9.36pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 9.36pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 41.28pt;"><div style="font-size: 1pt;"> </div></td></tr></table> 0.044 0.04 P5Y10M24D P6Y 0 0 0.954 0.927 0 0 1.16 3.43 <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">The following table summarizes stock option activity during the year ended December 31, 2025: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 192pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 8.32pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 8.32pt;"><div style="font-size: 1pt;"> </div></td><td colspan="10" style="height: 6pt; width: 259.35pt;"><div style="font-size: 1pt;"> </div></td></tr><tr class="BRDSX_header"><td style="width: 192pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 8.32pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.32pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td colspan="10" style="width: 259.35pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Options Outstanding </div></td></tr><tr class="BRDSX_header"><td style="width: 192pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 8.32pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.32pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 43.33pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Number of <br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Options</div></td><td style="width: 8.32pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.32pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 58.57pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Weighted-<br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Average Exercise <br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Price per Share</div></td><td style="width: 8.32pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.32pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 57.09pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Weighted-<br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Average <br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Remaining<br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Contractual Life<br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(in years)</div></td><td style="width: 8.32pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.32pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 50.44pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Aggregate <br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Intrinsic Value <br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(in millions) </div></td></tr><tr><td style="width: 192pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Outstanding at December 31, 2024</div></td><td style="width: 8.32pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.32pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 43.33pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 3.33pt;">7,634,937 </span></div></td><td style="width: 8.32pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.32pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 58.57pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.03pt; text-align: left;">$6.24 </div></td><td style="width: 8.32pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.32pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 57.09pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 8.32pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.32pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 50.44pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td></tr><tr><td style="width: 192pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Granted</div></td><td style="width: 8.32pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.32pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 43.33pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 3.33pt;">3,390,691 </span></div></td><td style="width: 8.32pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.32pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 58.57pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.03pt; text-align: left;">$1.49 </div></td><td style="width: 8.32pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.32pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 57.09pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 8.32pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.32pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 50.44pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td></tr><tr><td style="width: 192pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Exercised</div></td><td style="width: 8.32pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.32pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 43.33pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 33.33pt;">— </span></div></td><td style="width: 8.32pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.32pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 58.57pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.03pt; text-align: left;">$<span style="padding-left: 7.5pt;">— </span></div></td><td style="width: 8.32pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.32pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 57.09pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 8.32pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.32pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 50.44pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td></tr><tr><td style="width: 192pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Cancelled</div></td><td style="width: 8.32pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.32pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 43.33pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(1,070,756</span><span style="padding-bottom: 1.5pt;">)</span></div></td><td style="width: 8.32pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.32pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 58.57pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.03pt; text-align: left;">$5.43 </div></td><td style="width: 8.32pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.32pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 57.09pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 8.32pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.32pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 50.44pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td></tr><tr><td style="width: 192pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Outstanding, December 31, 2025</div></td><td style="width: 8.32pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.32pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 43.33pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 3.33pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">9,954,872 </span></div></td><td style="width: 8.32pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.32pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 58.57pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.03pt; text-align: left;">$4.71 </div></td><td style="width: 8.32pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.32pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 57.09pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 19.79pt; text-align: left;">7.16</div></td><td style="width: 8.32pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.32pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 50.44pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.72pt; text-align: left;">$— </div></td></tr><tr><td style="width: 192pt; padding-top: 3.26pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Exercisable at December 31, 2025</div></td><td style="width: 8.32pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.32pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 43.33pt; padding-top: 3.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 3.33pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">6,203,856 </span></div></td><td style="width: 8.32pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.32pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 58.57pt; padding-top: 3.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.03pt; text-align: left;">$6.19 </div></td><td style="width: 8.32pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.32pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 57.09pt; padding-top: 3.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 19.79pt; text-align: left;">6.26</div></td><td style="width: 8.32pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.32pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 50.44pt; padding-top: 3.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.72pt; text-align: left;">$—</div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 192pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 8.32pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 8.32pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 43.33pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 8.32pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 8.32pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 58.57pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 8.32pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 8.32pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 57.09pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 8.32pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 8.32pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 50.44pt;"><div style="font-size: 1pt;"> </div></td></tr></table> 7634937 6.24 3390691 1.49 0 0 1070756 5.43 9954872 4.71 P7Y1M28D 0 6203856 6.19 P6Y3M3D 0 0 0 5400000 P1Y10M24D <div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">11. Commitments and Contingencies </div><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 7.5pt; margin-left: 0pt; text-align: left;">Leases </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7.5pt; margin-left: 0pt; text-align: left;">Our leases are as follows: </div><table border="0" cellpadding="0" style="margin-top: 6pt; margin-left: 20pt; border-spacing: 0px;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">•</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">An April 2019 operating lease for approximately 9,949 square feet of office and laboratory space which commenced in April 2019 and terminated in March 2024. The lease was subject to fixed-rate rent escalations and provided for a term extension option, which was not reasonably certain of exercise. In May 2022, we entered into a sublease agreement with Crossbow Therapeutics, Inc. (“Crossbow”), to sublease the entirety of this space. The total rent due to us for the subleased premises over the term of the sublease was approximately $2.1 million, which is greater than the annual rent paid by us to the landlord for the leased premises over the same term. Rent expense associated with the April 2019 operating lease was recognized net of the lease income generated from the sublease agreement. Lease income was allocated to either research and development expense or general and administrative expense in the same manner as the associated rent expense was allocated. Crossbow was obligated to pay all real estate taxes and costs related to the subleased premises, including cost of operations, maintenance, repair, replacement, and property management. The sublease with Crossbow terminated in March 2024 concurrently with the termination of the lease. </div></td></tr></table><table border="0" cellpadding="0" style="margin-top: 6pt; margin-left: 20pt; border-spacing: 0px;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">•</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">A June 2021 operating lease for approximately 25,778 square feet of office and laboratory space, which commenced in May 2022 and terminates in May 2030. The lease is subject to fixed-rate rent escalations and provided for $5.7 million in tenant improvements, which we fully utilized, and a term extension option, which was not reasonably certain of exercise. We provided the landlord with a security deposit in the form of a letter of credit in the amount of $1.0 million upon signing. In May 2025, the letter of credit was reduced to $0.7 million in accordance with the terms of the lease. The balance of the letter of credit is included in restricted cash and cash equivalents as of December 31, 2025 and 2024. </div></td></tr></table><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;">The following table summarizes operating lease costs: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 360pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 6.36pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 6.36pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="height: 6pt; width: 95.28pt;"><div style="font-size: 1pt;"> </div></td></tr><tr class="BRDSX_header"><td style="width: 360pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 6.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.36pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 95.28pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Year Ended December 31, </div></td></tr><tr class="BRDSX_header"><td style="width: 360pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 6.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.36pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025</div></td><td style="width: 6.36pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.36pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2024 </div></td></tr><tr class="BRDSX_header"><td style="width: 360pt; padding-top: 2.08pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 6.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.36pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 95.28pt; padding-top: 2.08pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(in thousands) </div></td></tr><tr><td style="width: 360pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Operating lease costs</div></td><td style="width: 6.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.89pt; text-align: left;">$1,565 </div></td><td style="width: 6.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.89pt; text-align: left;">$1,918 </div></td></tr><tr><td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Variable lease costs</div></td><td style="width: 6.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.89pt; text-align: left;"><span style="padding-left: 5pt;">1,073 </span></div></td><td style="width: 6.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.89pt; text-align: left;"><span style="padding-left: 5pt;">1,280 </span></div></td></tr><tr><td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Sublease income</div></td><td style="width: 6.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.89pt; text-align: left;"><span style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">— </span></div></td><td style="width: 6.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.89pt; text-align: left;"><span style="padding-left: 9.17pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(398</span><span style="padding-bottom: 1.5pt;">) </span></div></td></tr><tr><td style="width: 360pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Total</div></td><td style="width: 6.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.89pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$2,638 </span></div></td><td style="width: 6.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.89pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$2,800</span></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 360pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.36pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.36pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 41.28pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.36pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.36pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 41.28pt;"><div style="font-size: 1pt;"> </div></td></tr></table><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">Cash paid for amounts included in the measurement of lease liabilities were $2.3 million and $2.5 million for the years ended December 31, 2025 and 2024, respectively. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;">The following table summarizes the lease term and discount rate for operating leases: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 360pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 11.99pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 11.99pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="height: 6pt; width: 84.02pt;"><div style="font-size: 1pt;"> </div></td></tr><tr class="BRDSX_header"><td style="width: 360pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 11.99pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.99pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 84.02pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">As of December 31, </div></td></tr><tr class="BRDSX_header"><td style="width: 360pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 11.99pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.99pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 30.02pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025</div></td><td style="width: 11.99pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.99pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 30.02pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2024 </div></td></tr><tr><td style="width: 360pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Weighted-average remaining lease term (years)</div></td><td style="width: 11.99pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.99pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 30.02pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 8.76pt; text-align: left;">4.4</div></td><td style="width: 11.99pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.99pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 30.02pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 8.76pt; text-align: left;">5.4 </div></td></tr><tr><td style="width: 360pt; padding-top: 1.01pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Weighted-average discount rate</div></td><td style="width: 11.99pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.99pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 30.02pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 8.76pt; text-align: left;">8.0 %</div></td><td style="width: 11.99pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.99pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 30.02pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 8.76pt; text-align: left;">8.0 %</div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 360pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 11.99pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 11.99pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 30.02pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 11.99pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 11.99pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 30.02pt;"><div style="font-size: 1pt;"> </div></td></tr></table><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">As of December 31, 2025, the future minimum lease payments due under our lease for each of the next five years ended December 31, and thereafter are as follows (in thousands): </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 408pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 13.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 13.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 32.13pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td></tr><tr><td style="width: 408pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">2026</div></td><td style="width: 13.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 13.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.13pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;">$<span style="padding-left: 4.63pt;">2,403 </span></div></td></tr><tr><td style="width: 408pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">2027</div></td><td style="width: 13.93pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 13.93pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.13pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><span style="padding-left: 9.63pt;">2,471 </span></div></td></tr><tr><td style="width: 408pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">2028</div></td><td style="width: 13.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 13.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.13pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><span style="padding-left: 9.63pt;">2,542 </span></div></td></tr><tr><td style="width: 408pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">2029</div></td><td style="width: 13.93pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 13.93pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.13pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><span style="padding-left: 9.63pt;">2,614 </span></div></td></tr><tr><td style="width: 408pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">2030</div></td><td style="width: 13.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 13.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.13pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><span style="padding-left: 9.63pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">1,102 </span></div></td></tr><tr><td style="width: 408pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Total future minimum lease payments</div></td><td style="width: 13.93pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 13.93pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.13pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><span style="padding-left: 5pt;">11,132 </span></div></td></tr><tr><td style="width: 408pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Less: imputed interest</div></td><td style="width: 13.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 13.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.13pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><span style="padding-left: 6.3pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(1,697</span><span style="padding-bottom: 1.5pt;">) </span></div></td></tr><tr><td style="width: 408pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Total lease liability</div></td><td style="width: 13.93pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 13.93pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.13pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 4.63pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">9,435</span></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 408pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 13.93pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 13.93pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 32.13pt;"><div style="font-size: 1pt;"> </div></td></tr></table><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 18.5pt; margin-left: 0pt; text-align: left;">License Agreements </div><div class="BRDSX_h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 7.5pt; margin-left: 0pt; text-align: left;">Harpoon License </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In March 2018, we entered into an Assignment and License Agreement (the “Harpoon Agreement”) with Harpoon Therapeutics, Inc. (“Harpoon”), a clinical-stage immune-oncology company developing a novel class of T cell engagers to fight cancer and other diseases. Under the terms of the Harpoon Agreement, Harpoon granted us a license to use its intellectual property, solely to make, have made, use, sell, offer for sale and import covered products in the licensed field and Harpoon sold, assigned and transferred other specific patents to us (the “Harpoon License”). </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">On October 19, 2018, we entered into the First Amended and Restated Assignment and License Agreement with Harpoon, which amended certain terms of the original agreement, but did not change the terms of the license to us, patent assignments between the parties or payments due to Harpoon. Further, on December 20, 2019, the companies entered into the Second Amended and Restated Assignment and License Agreement, which also amended certain terms of the original agreement to expand the licenses and assignments for specific patents granted to us or by us to Harpoon. In exchange for these additional terms, Harpoon agreed to reimburse up to $75,000 of our legal costs. Additionally, we agreed to pay to Harpoon royalties on future net sales and pay minimum annual royalties of $250,000 upon achievement of our first commercial sale. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Under the terms of the Harpoon License, we paid an upfront fee of $500,000 in 2018 and are obligated to reimburse Harpoon for certain legal costs incurred by Harpoon. In addition, we are obligated to pay Harpoon royalties based on future net sales and have agreed to pay a minimum annual royalty payment at an amount in the low hundreds of thousands of dollars upon achievement of our first commercial sale. In 2018, we recorded the upfront fee as research and development expense upon payment as the intellectual property was acquired prior to regulatory approval and does not have an alternative future use. The royalty payments are contingent upon sales and, as such, the royalty payments made to Harpoon will be considered probable and estimable and treated as cost of sales when incurred. Accordingly, at the commencement of sales, we will account for the royalty payments as cost of sales equal to the greater of a percentage in the low-single digits of the net sales of the patent-covered products or a minimum annual royalty payment at an amount in the low hundreds of thousands of dollars. Any legal fees incurred in connection with the Harpoon Agreement will be expensed as incurred. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Harpoon License will expire on a country-by-country basis upon the expiration of the last to expire patent or patent application included in the licensed patents within the applicable country. We have the right to terminate the Harpoon License upon 30 days prior written notice to Harpoon, and either party may terminate for a material breach if such breach is not cured within a specified number of days. </div></div></div><div class="BRDSX_h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">Adimab 2018 License </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In March 2018, we entered into a Development and Option Agreement (the “Adimab Agreement”) with Adimab LLC (“Adimab”), a company specializing in antibody discovery, humanization and optimization. Under the terms of the Adimab Agreement, Adimab granted us the rights to initiate certain research initiatives on a specified number of targets. Adimab also granted us a license to certain Adimab core technologies, antibodies and products applicable to certain targets (“Adimab License”). </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In August 2020, we entered into Amendment One to the Development and Option Agreement with Adimab, which extended the period of time for us to evaluate candidate antibodies in advance of electing to exercise the option to acquire exclusive rights to licensed antibodies (the “Evaluation Term”), but did not otherwise change the terms of the Adimab License. The Evaluation Term was then further extended in December 2020 by entering into Amendment Two to the Development and Option Agreement, through delivery of a non-refundable payment of $100,000 by us to Adimab, which was creditable toward the option fee. The non-refundable payment was recorded immediately as research and development expense in the consolidated statements of operations. In July 2021, we entered into the First Amended and Restated Development and Option Agreement with Adimab to extend the target selection time period and to allow for us to add additional antibody discovery programs to be covered under the agreement, but otherwise retaining all other material provisions of the Adimab License. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Under the terms of the Adimab License, we must pay both an upfront fee and final fee of $200,000 for all research programs. We must also pay Adimab milestone fees with respect to each research program ranging from $150,000 to $200,000 based on the achievement of technical milestones by Adimab for the applicable research program. In order to exercise any options in the Adimab Agreement, we must pay a $500,000 fee for each target option exercised. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">For each target option exercised, we are also obligated to pay certain milestones ranging from $1.0 million to $4.0 million for certain clinical and commercialization achievements. Additionally, for licensed products sold during the applicable royalty term, we must pay Adimab royalties at percentages in the low-to-mid single digits. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Adimab Agreement will expire upon the expiration of any options or if an option is exercised, on a country-by-country and licensed product-by-licensed product basis on the expiration of the last royalty term for a licensed product in the particular country. As of December 31, 2025, we have exercised the target option for one target covered under the Adimab Agreement. As of December 31, 2025, we have not made any payments for clinical or sales-based milestones or royalties pursuant to the Adimab Agreement. </div><div class="BRDSX_h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 15pt; margin-left: 0pt; text-align: left;">Adimab 2022 Collaboration </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In November 2022, we entered into a Collaboration Agreement (the “Adimab Collaboration Agreement”) with Adimab. Under the terms of the Adimab Collaboration Agreement, Adimab has agreed to provide us with services to help discover, generate, optimize and/or engineer specified proteins. In addition, Adimab will provide us with a license to certain Adimab core technologies, patents and products applicable to certain targets (“Adimab Collaboration License”), separate from those provided in the 2018 Adimab Agreement. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Under the terms of the Adimab Collaboration Agreement, we must pay Adimab milestone fees with respect to each research program ranging from $500,000 to $1.5 million based on the achievement of certain clinical milestones by us. The Adimab Collaboration Agreement provides us with an option to obtain any development and commercialization licenses from Adimab used in products. To exercise an option, we must pay a $500,000 fee for each product option exercised. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">For each product sold, we are also obligated to pay certain milestones ranging from $1.0 million to $2.0 million based on the achievement of the first commercial sale in certain countries. Additionally, for licensed products sold during the applicable royalty term, we must pay Adimab royalties at percentages in the low-to-mid single digits. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Adimab Collaboration Agreement will expire upon the expiration of any options or if an option is exercised, on a country-by-country and licensed product-by-licensed product basis on the expiration of the last royalty term for a licensed product in the particular country. As of December 31, 2025, we have not exercised any options and have not made any payments for clinical or sales-based milestones or royalties pursuant to the Adimab Collaboration Agreement. </div> 9949 2100000 25778 5700000 1000000 700000 <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;">The following table summarizes operating lease costs: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 360pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 6.36pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 6.36pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="height: 6pt; width: 95.28pt;"><div style="font-size: 1pt;"> </div></td></tr><tr class="BRDSX_header"><td style="width: 360pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 6.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.36pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 95.28pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Year Ended December 31, </div></td></tr><tr class="BRDSX_header"><td style="width: 360pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 6.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.36pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025</div></td><td style="width: 6.36pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.36pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2024 </div></td></tr><tr class="BRDSX_header"><td style="width: 360pt; padding-top: 2.08pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 6.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.36pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 95.28pt; padding-top: 2.08pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(in thousands) </div></td></tr><tr><td style="width: 360pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Operating lease costs</div></td><td style="width: 6.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.89pt; text-align: left;">$1,565 </div></td><td style="width: 6.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.89pt; text-align: left;">$1,918 </div></td></tr><tr><td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Variable lease costs</div></td><td style="width: 6.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.89pt; text-align: left;"><span style="padding-left: 5pt;">1,073 </span></div></td><td style="width: 6.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.89pt; text-align: left;"><span style="padding-left: 5pt;">1,280 </span></div></td></tr><tr><td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Sublease income</div></td><td style="width: 6.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.89pt; text-align: left;"><span style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">— </span></div></td><td style="width: 6.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.36pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.89pt; text-align: left;"><span style="padding-left: 9.17pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(398</span><span style="padding-bottom: 1.5pt;">) </span></div></td></tr><tr><td style="width: 360pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Total</div></td><td style="width: 6.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.89pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$2,638 </span></div></td><td style="width: 6.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.36pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.28pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 6.89pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$2,800</span></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 360pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.36pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.36pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 41.28pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.36pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.36pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 41.28pt;"><div style="font-size: 1pt;"> </div></td></tr></table> 1565000 1918000 1073000 1280000 0 398000 2638000 2800000 2300000 2500000 <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;">The following table summarizes the lease term and discount rate for operating leases: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 360pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 11.99pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 11.99pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="height: 6pt; width: 84.02pt;"><div style="font-size: 1pt;"> </div></td></tr><tr class="BRDSX_header"><td style="width: 360pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 11.99pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.99pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 84.02pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">As of December 31, </div></td></tr><tr class="BRDSX_header"><td style="width: 360pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 11.99pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.99pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 30.02pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025</div></td><td style="width: 11.99pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.99pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 30.02pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2024 </div></td></tr><tr><td style="width: 360pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Weighted-average remaining lease term (years)</div></td><td style="width: 11.99pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.99pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 30.02pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 8.76pt; text-align: left;">4.4</div></td><td style="width: 11.99pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.99pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 30.02pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 8.76pt; text-align: left;">5.4 </div></td></tr><tr><td style="width: 360pt; padding-top: 1.01pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Weighted-average discount rate</div></td><td style="width: 11.99pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.99pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 30.02pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 8.76pt; text-align: left;">8.0 %</div></td><td style="width: 11.99pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.99pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 30.02pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 8.76pt; text-align: left;">8.0 %</div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 360pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 11.99pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 11.99pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 30.02pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 11.99pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 11.99pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 30.02pt;"><div style="font-size: 1pt;"> </div></td></tr></table> P4Y4M24D P5Y4M24D 0.08 0.08 <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">As of December 31, 2025, the future minimum lease payments due under our lease for each of the next five years ended December 31, and thereafter are as follows (in thousands): </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 408pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 13.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 13.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 32.13pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td></tr><tr><td style="width: 408pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">2026</div></td><td style="width: 13.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 13.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.13pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;">$<span style="padding-left: 4.63pt;">2,403 </span></div></td></tr><tr><td style="width: 408pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">2027</div></td><td style="width: 13.93pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 13.93pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.13pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><span style="padding-left: 9.63pt;">2,471 </span></div></td></tr><tr><td style="width: 408pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">2028</div></td><td style="width: 13.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 13.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.13pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><span style="padding-left: 9.63pt;">2,542 </span></div></td></tr><tr><td style="width: 408pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">2029</div></td><td style="width: 13.93pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 13.93pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.13pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><span style="padding-left: 9.63pt;">2,614 </span></div></td></tr><tr><td style="width: 408pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">2030</div></td><td style="width: 13.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 13.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.13pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><span style="padding-left: 9.63pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">1,102 </span></div></td></tr><tr><td style="width: 408pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Total future minimum lease payments</div></td><td style="width: 13.93pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 13.93pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.13pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><span style="padding-left: 5pt;">11,132 </span></div></td></tr><tr><td style="width: 408pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Less: imputed interest</div></td><td style="width: 13.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 13.93pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.13pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><span style="padding-left: 6.3pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(1,697</span><span style="padding-bottom: 1.5pt;">) </span></div></td></tr><tr><td style="width: 408pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Total lease liability</div></td><td style="width: 13.93pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 13.93pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.13pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.01pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 4.63pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">9,435</span></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 408pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 13.93pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 13.93pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 32.13pt;"><div style="font-size: 1pt;"> </div></td></tr></table> 2403000 2471000 2542000 2614000 1102000 11132000 1697000 9435000 75000 250000 500000 P30D 100000 100000 200000 150000 200000 500000 1000000 4000000 500000 1500000 500000 1000000 2000000 <div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 15pt; margin-left: 0pt; text-align: left;">12. Income Taxes </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">During the years ended December 31, 2025 and 2024, we recorded no current or deferred income tax expenses or benefits as we have incurred losses since inception and have provided a full valuation allowance against our deferred tax assets. </div><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">A reconciliation of the expected income tax expense (benefit) computed using the federal statutory income tax rate to our effective income tax rate after the adoption of ASU No. 2023-09 is as follows: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 348pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 4.86pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 4.86pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="height: 6pt; width: 110.28pt;"><div style="font-size: 1pt;"> </div></td></tr><tr class="BRDSX_header"><td style="width: 348pt; padding-bottom: 1.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 4.86pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.86pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 110.28pt; padding-bottom: 1.88pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Year Ended December 31, 2025 </div></td></tr><tr class="BRDSX_header"><td style="width: 348pt; padding-top: 1.58pt; padding-bottom: 1.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 4.86pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.86pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 55.17pt; padding-top: 1.58pt; padding-bottom: 1.88pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Amount</div></td><td style="width: 4.86pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.86pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 45.39pt; padding-top: 1.58pt; padding-bottom: 1.88pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Percent </div></td></tr><tr><td style="width: 348pt; padding-top: 1.51pt; padding-bottom: 0.88pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">U.S. federal statutory income tax rate</div></td><td style="width: 4.86pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.86pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 55.17pt; padding-top: 1.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.67pt; text-align: left;">$(12,773)</div></td><td style="width: 4.86pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.86pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 45.39pt; padding-top: 1.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.28pt; text-align: left;"><span style="padding-left: 3.33pt;">21.0 % </span></div></td></tr><tr><td style="width: 348pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Nontaxable or nondeductible items<br/></div></td><td style="width: 4.86pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.86pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 55.17pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 4.86pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.86pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 45.39pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td></tr><tr><td style="width: 348pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Stock-based compensation</div></td><td style="width: 4.86pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.86pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 55.17pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.67pt; text-align: left;"><span style="padding-left: 20.83pt;">442 </span></div></td><td style="width: 4.86pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.86pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 45.39pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.28pt; text-align: left;"><span style="padding-left: 5pt;">(0.7) </span></div></td></tr><tr><td style="width: 348pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Limitation of executive compensation</div></td><td style="width: 4.86pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.86pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 55.17pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.67pt; text-align: left;"><span style="padding-left: 20.83pt;">165 </span></div></td><td style="width: 4.86pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.86pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 45.39pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.28pt; text-align: left;"><span style="padding-left: 5pt;">(0.3) </span></div></td></tr><tr><td style="width: 348pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Other nontaxable or nondeductible items</div></td><td style="width: 4.86pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.86pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 55.17pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.67pt; text-align: left;"><span style="padding-left: 17.5pt;">(425)</span></div></td><td style="width: 4.86pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.86pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 45.39pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.28pt; text-align: left;"><span style="padding-left: 8.33pt;">0.7 </span></div></td></tr><tr><td style="width: 348pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">R&amp;D tax credits</div></td><td style="width: 4.86pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.86pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 55.17pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.67pt; text-align: left;"><span style="padding-left: 10pt;">(1,670)</span></div></td><td style="width: 4.86pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.86pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 45.39pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.28pt; text-align: left;"><span style="padding-left: 8.33pt;">2.8 </span></div></td></tr><tr><td style="width: 348pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Change in valuation allowance</div></td><td style="width: 4.86pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.86pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 55.17pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.67pt; text-align: left;"><span style="padding-left: 8.33pt;">14,345 </span></div></td><td style="width: 4.86pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.86pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 45.39pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.28pt; text-align: left;">(23.6) </div></td></tr><tr><td style="width: 348pt; padding-top: 0.51pt; padding-bottom: 2.13pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Other adjustments</div></td><td style="width: 4.86pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.86pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 55.17pt; padding-top: 0.51pt; padding-bottom: 2.13pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.67pt; text-align: left;"><span style="padding-left: 22.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(84</span><span style="padding-bottom: 1.5pt;">)</span></div></td><td style="width: 4.86pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.86pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 45.39pt; padding-top: 0.51pt; padding-bottom: 2.13pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.28pt; text-align: left;"><span style="padding-left: 8.33pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">0.1 </span></div></td></tr><tr><td style="width: 348pt; padding-top: 1.76pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Effective income tax rate</div></td><td style="width: 4.86pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.86pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 55.17pt; padding-top: 1.76pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.67pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 20.83pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">— </span></div></td><td style="width: 4.86pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.86pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 45.39pt; padding-top: 1.76pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.28pt; text-align: left;"><span style="padding-left: 8.33pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">0.0 </span><span style="padding-bottom: 0.5pt;">%</span></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 348pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 4.86pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 4.86pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 55.17pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 4.86pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 4.86pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 45.39pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td></tr></table><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">A reconciliation of the expected income tax expense (benefit) computed using the federal statutory income tax rate to our effective income tax rate for the period prior to the adoption of ASU No. 2023-09 is as follows: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 408pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 6.75pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 6.75pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 46.49pt;"><div style="font-size: 1pt;"> </div></td></tr><tr class="BRDSX_header"><td style="width: 408pt; padding-bottom: 1.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 6.75pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.75pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 46.49pt; padding-bottom: 1.88pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Year Ended <br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December 31, <br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2024 </div></td></tr><tr><td style="width: 408pt; padding-top: 1.51pt; padding-bottom: 0.88pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Income tax computed at federal statutory rate</div></td><td style="width: 6.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 46.49pt; padding-top: 1.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.84pt; text-align: left;"><span style="padding-left: 3.33pt;">21.0 % </span></div></td></tr><tr><td style="width: 408pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">State taxes</div></td><td style="width: 6.75pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.75pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 46.49pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.84pt; text-align: left;"><span style="padding-left: 8.33pt;">6.5 </span></div></td></tr><tr><td style="width: 408pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Change in valuation allowance</div></td><td style="width: 6.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 46.49pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.84pt; text-align: left;">(29.4) </div></td></tr><tr><td style="width: 408pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">R&amp;D credit carryovers</div></td><td style="width: 6.75pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.75pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 46.49pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.84pt; text-align: left;"><span style="padding-left: 8.33pt;">3.7 </span></div></td></tr><tr><td style="width: 408pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Stock-based compensation</div></td><td style="width: 6.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 46.49pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.84pt; text-align: left;"><span style="padding-left: 5pt;">(2.4) </span></div></td></tr><tr><td style="width: 408pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Permanent differences</div></td><td style="width: 6.75pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.75pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 46.49pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.84pt; text-align: left;"><span style="padding-left: 8.33pt;">0.5 </span></div></td></tr><tr><td style="width: 408pt; padding-top: 0.51pt; padding-bottom: 2.13pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Other</div></td><td style="width: 6.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 46.49pt; padding-top: 0.51pt; padding-bottom: 2.13pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.84pt; text-align: left;"><span style="padding-left: 8.33pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">0.1 </span></div></td></tr><tr><td style="width: 408pt; padding-top: 1.76pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Effective income tax rate</div></td><td style="width: 6.75pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.75pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 46.49pt; padding-top: 1.76pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.84pt; text-align: left;"><span style="padding-left: 8.33pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">0.0 </span><span style="padding-bottom: 0.5pt;">%</span></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 408pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.75pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.75pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 46.49pt;"><div style="font-size: 1pt;"> </div></td></tr></table><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.5pt; margin-left: 0pt; text-align: left;">Our deferred tax assets and liabilities consist of the following: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 360pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="height: 6pt; width: 89.84pt;"><div style="font-size: 1pt;"> </div></td></tr><tr class="BRDSX_header"><td style="width: 360pt; padding-bottom: 1.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.09pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 89.84pt; padding-bottom: 1.88pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">As of December 31, </div></td></tr><tr class="BRDSX_header"><td style="width: 360pt; padding-top: 1.58pt; padding-bottom: 1.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.09pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.58pt; padding-bottom: 1.88pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025</div></td><td style="width: 9.09pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.09pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.58pt; padding-bottom: 1.88pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2024 </div></td></tr><tr class="BRDSX_header"><td style="width: 360pt; padding-top: 1.58pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 89.84pt; padding-top: 1.58pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(in thousands) </div></td></tr><tr><td style="width: 360pt; padding-top: 2.01pt; padding-bottom: 0.88pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Deferred tax assets:<br/></div></td><td style="width: 9.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 2.01pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 9.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 2.01pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td></tr><tr><td style="width: 360pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Net operating losses</div></td><td style="width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;">$<span style="padding-left: 3.33pt;">57,515 </span></div></td><td style="width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;">$<span style="padding-left: 3.33pt;">32,781 </span></div></td></tr><tr><td style="width: 360pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Tax credit carryforwards</div></td><td style="width: 9.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 13.33pt;">8,155 </span></div></td><td style="width: 9.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 13.33pt;">6,141 </span></div></td></tr><tr><td style="width: 360pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Lease liability</div></td><td style="width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 13.33pt;">2,631 </span></div></td><td style="width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 13.33pt;">3,069 </span></div></td></tr><tr><td style="width: 360pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Other capitalized costs—net of amortization</div></td><td style="width: 9.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 20.83pt;">198 </span></div></td><td style="width: 9.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 20.83pt;">219 </span></div></td></tr><tr><td style="width: 360pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Reserves and accruals</div></td><td style="width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 25.83pt;">31 </span></div></td><td style="width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 20.83pt;">983 </span></div></td></tr><tr><td style="width: 360pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Stock-based compensation</div></td><td style="width: 9.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 13.33pt;">2,932 </span></div></td><td style="width: 9.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 13.33pt;">1,921 </span></div></td></tr><tr><td style="width: 360pt; padding-top: 0.51pt; padding-bottom: 2.13pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Capitalized research and experimental expenditures—net of amortization</div></td><td style="width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.51pt; padding-bottom: 2.13pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 8.33pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">17,187 </span></div></td><td style="width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.51pt; padding-bottom: 2.13pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 8.33pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">25,214 </span></div></td></tr><tr><td style="width: 360pt; padding-top: 1.76pt; padding-bottom: 2.13pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Deferred tax assets</div></td><td style="width: 9.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.76pt; padding-bottom: 2.13pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 8.33pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">88,649 </span></div></td><td style="width: 9.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.76pt; padding-bottom: 2.13pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 8.33pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">70,328 </span></div></td></tr><tr><td style="width: 360pt; padding-top: 1.76pt; padding-bottom: 2.13pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Valuation allowance</div></td><td style="width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.76pt; padding-bottom: 2.13pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(86,588</span><span style="padding-bottom: 1.5pt;">)</span></div></td><td style="width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.76pt; padding-bottom: 2.13pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(67,756</span><span style="padding-bottom: 1.5pt;">) </span></div></td></tr><tr><td style="width: 360pt; padding-top: 1.76pt; padding-bottom: 2.13pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Deferred tax assets</div></td><td style="width: 9.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.76pt; padding-bottom: 2.13pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 13.33pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">2,061 </span></div></td><td style="width: 9.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.76pt; padding-bottom: 2.13pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 13.33pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">2,572 </span></div></td></tr><tr><td style="width: 360pt; padding-top: 1.76pt; padding-bottom: 0.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Deferred tax liabilities:<br/></div></td><td style="width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.76pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.76pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td></tr><tr><td style="width: 360pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Right of use asset</div></td><td style="width: 9.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 10pt;">(1,455)</span></div></td><td style="width: 9.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 10pt;">(1,676) </span></div></td></tr><tr><td style="width: 360pt; padding-top: 0.51pt; padding-bottom: 2.13pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Fixed assets and depreciation</div></td><td style="width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.51pt; padding-bottom: 2.13pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(606</span><span style="padding-bottom: 1.5pt;">)</span></div></td><td style="width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.51pt; padding-bottom: 2.13pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(896</span><span style="padding-bottom: 1.5pt;">) </span></div></td></tr><tr><td style="width: 360pt; padding-top: 1.76pt; padding-bottom: 2.13pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20pt; text-align: left;">Deferred tax liabilities</div></td><td style="width: 9.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.76pt; padding-bottom: 2.13pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 10pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(2,061</span><span style="padding-bottom: 1.5pt;">)</span></div></td><td style="width: 9.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.76pt; padding-bottom: 2.13pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 10pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(2,572</span><span style="padding-bottom: 1.5pt;">) </span></div></td></tr><tr><td style="width: 360pt; padding-top: 1.76pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Net deferred taxes</div></td><td style="width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.76pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 20.83pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">— </span></div></td><td style="width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.76pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 20.83pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">—</span></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 360pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 35.83pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 35.83pt;"><div style="font-size: 1pt;"> </div></td></tr></table><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Tax Cuts and Jobs Act (“TCJA”) requires taxpayers to capitalize and amortize research and experimental (“R&amp;E”) expenditures under Section 174 for tax years beginning after December 31, 2021. For tax years prior to the year ended December 31, 2025, we amortized these costs for tax purposes over 5 years for research and development (“R&amp;D”) performed in the U.S. and over 15 years for R&amp;D performed outside the U.S. On July 4, 2025, the One Big Beautiful </div></div></div><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">Bill Act (“OBBBA”) was signed into law. The legislation includes significant corporate tax reforms, including the permanent reinstatement of the ability to deduct domestic R&amp;D expenditures as incurred beginning in tax year 2025, replacing the previous requirement to amortize these such expenditures over 5 years. The requirement to amortize R&amp;D expenditure incurred outside the U.S. over a period of 15 years was unchanged by the OBBBA. With respect to domestic R&amp;D expenditures capitalized prior to the enactment of the OBBBA, we have elected to amortize these costs for tax purposes at a rate of 50% of the total capitalized costs during the year ended December 31, 2025, and the remaining 50% is expected to be amortized during tax year 2026. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Following the enactment of the OBBBA, we capitalized R&amp;E expenditures totaling $6.8 million during the year ended December 31, 2025. Prior to the enactment of the OBBBA, we capitalized R&amp;E expenditures totaling $50.2 million during the year ended December 31, 2024. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">We evaluated the positive and negative evidence bearing upon our ability to realize the deferred tax assets as of December 31, 2025 and 2024. We considered our cumulative net losses and concluded as of December 31, 2025 and 2024, that it was more likely than not that we would not realize the benefits of the deferred tax assets. Accordingly, a full valuation allowance was established against the net deferred tax assets as of December 31, 2025 and 2024. The valuation allowance increased by $18.8 million during the year ended December 31, 2025 as the result of operating losses generated with no corresponding financial statement benefit and partially offset by a decrease in deferred assets related to capitalized R&amp;E expenditures as a result of the enactment of the OBBBA described above. The valuation allowance increased by $20.7 million during the year ended December 31, 2024 primarily due to an increase in deferred tax assets related to capitalized R&amp;E expenditures, and as the result of operating losses generated with no corresponding financial statement benefit. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">We have incurred net operating losses since inception. As of December 31, 2025 and 2024, we had federal net operating loss carryforwards of $215.3 million and $126.8 million, respectively, available to reduce future federal taxable income. The carryforwards generated from losses incurred prior to January 1, 2018 will expire in 2037. The carryforwards generated from losses incurred after December 31, 2017 do not expire. As of December 31, 2025, federal net operating loss carryforwards includes $215.2 million of carryforwards that do not expire. The TCJA enacted on December 22, 2017 limits a taxpayer’s ability to utilize a net operating loss deduction in a year to 80% taxable income for federal net operating losses arising in tax years beginning after December 31, 2017. As of December 31, 2025 and 2024, we had state net operating loss carryforwards of $153.7 million and $76.8 million, respectively, available to reduce future state taxable income, which expire at various dates beginning in 2037. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">As of December 31, 2025 and 2024, we had federal research and development tax credit carryforwards of $6.5 million and $4.9 million, respectively, available to reduce future federal tax liabilities, which expire at various dates beginning in 2042. We had state research and development tax credit carryforwards as of December 31, 2025 and 2024 of $1.6 million and $1.3 million, respectively, available to reduce future state tax liabilities, which expire at various dates beginning in 2034. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Utilization of our net operating loss carryforwards and research and development tax credit carryforwards may be subject to a substantial annual limitation under Section 382 of the Internal Revenue Code of 1986 due to ownership changes that have occurred previously or that could occur in the future. These ownership changes may limit the amount of carryforwards that can be utilized annually to offset future taxable income. In general, an ownership change, as defined by Section 382, results from transactions increasing the ownership of certain stockholders or public groups in the stock of a corporation by more than 50% over a three-year period. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">We completed a Section 382 study for the period of January 22, 2018, through December 31, 2022 and identified three ownership changes that occurred on June 10, 2019, August 2, 2019, and August 31, 2022 for Section 382 purposes. As we experienced these ownership changes, all pre-change net operating loss and research and development tax credit carryforwards are subject to limitation. Due to the unlimited carryover period for net operating losses generated after December 31, 2017, none of our federal net operating losses will expire unused. A portion of our state net operating losses, and federal and state research and development tax credits are expected to expire unused. We have analyzed the impact of these limitations on our attributes and included the impact of these limitations in our deferred tax assets as of December 31, 2025 and 2024. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">We have not recorded any reserves for uncertain tax positions as of December 31, 2025 and 2024. We have conducted a study of research and development tax credits for tax years 2018 through 2020. The amounts of federal and state research and development tax credit carryforwards presented above have reflected the results from the study. A full valuation allowance has been provided against our research and development credits. </div></div></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">We file tax returns as prescribed by the tax laws of the jurisdictions in which we operate. In the normal course of business, we are subject to examination by federal and state jurisdictions, where applicable. There are currently no pending tax examinations. The statute of limitations for assessment by the Internal Revenue Service, or IRS, and state tax authorities is closed for tax years prior to 2022, although carryforward attributes that were generated prior to 2022 may still be adjusted upon examination by the IRS or state tax authorities if they either have been or will be used in a future period. </div> 0 0 0 0 <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">A reconciliation of the expected income tax expense (benefit) computed using the federal statutory income tax rate to our effective income tax rate after the adoption of ASU No. 2023-09 is as follows: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 348pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 4.86pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 4.86pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="height: 6pt; width: 110.28pt;"><div style="font-size: 1pt;"> </div></td></tr><tr class="BRDSX_header"><td style="width: 348pt; padding-bottom: 1.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 4.86pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.86pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 110.28pt; padding-bottom: 1.88pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Year Ended December 31, 2025 </div></td></tr><tr class="BRDSX_header"><td style="width: 348pt; padding-top: 1.58pt; padding-bottom: 1.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 4.86pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.86pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 55.17pt; padding-top: 1.58pt; padding-bottom: 1.88pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Amount</div></td><td style="width: 4.86pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.86pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 45.39pt; padding-top: 1.58pt; padding-bottom: 1.88pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Percent </div></td></tr><tr><td style="width: 348pt; padding-top: 1.51pt; padding-bottom: 0.88pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">U.S. federal statutory income tax rate</div></td><td style="width: 4.86pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.86pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 55.17pt; padding-top: 1.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.67pt; text-align: left;">$(12,773)</div></td><td style="width: 4.86pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.86pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 45.39pt; padding-top: 1.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.28pt; text-align: left;"><span style="padding-left: 3.33pt;">21.0 % </span></div></td></tr><tr><td style="width: 348pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Nontaxable or nondeductible items<br/></div></td><td style="width: 4.86pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.86pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 55.17pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 4.86pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.86pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 45.39pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td></tr><tr><td style="width: 348pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Stock-based compensation</div></td><td style="width: 4.86pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.86pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 55.17pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.67pt; text-align: left;"><span style="padding-left: 20.83pt;">442 </span></div></td><td style="width: 4.86pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.86pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 45.39pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.28pt; text-align: left;"><span style="padding-left: 5pt;">(0.7) </span></div></td></tr><tr><td style="width: 348pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Limitation of executive compensation</div></td><td style="width: 4.86pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.86pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 55.17pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.67pt; text-align: left;"><span style="padding-left: 20.83pt;">165 </span></div></td><td style="width: 4.86pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.86pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 45.39pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.28pt; text-align: left;"><span style="padding-left: 5pt;">(0.3) </span></div></td></tr><tr><td style="width: 348pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Other nontaxable or nondeductible items</div></td><td style="width: 4.86pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.86pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 55.17pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.67pt; text-align: left;"><span style="padding-left: 17.5pt;">(425)</span></div></td><td style="width: 4.86pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.86pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 45.39pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.28pt; text-align: left;"><span style="padding-left: 8.33pt;">0.7 </span></div></td></tr><tr><td style="width: 348pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">R&amp;D tax credits</div></td><td style="width: 4.86pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.86pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 55.17pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.67pt; text-align: left;"><span style="padding-left: 10pt;">(1,670)</span></div></td><td style="width: 4.86pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.86pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 45.39pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.28pt; text-align: left;"><span style="padding-left: 8.33pt;">2.8 </span></div></td></tr><tr><td style="width: 348pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Change in valuation allowance</div></td><td style="width: 4.86pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.86pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 55.17pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.67pt; text-align: left;"><span style="padding-left: 8.33pt;">14,345 </span></div></td><td style="width: 4.86pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.86pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 45.39pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.28pt; text-align: left;">(23.6) </div></td></tr><tr><td style="width: 348pt; padding-top: 0.51pt; padding-bottom: 2.13pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Other adjustments</div></td><td style="width: 4.86pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.86pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 55.17pt; padding-top: 0.51pt; padding-bottom: 2.13pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.67pt; text-align: left;"><span style="padding-left: 22.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(84</span><span style="padding-bottom: 1.5pt;">)</span></div></td><td style="width: 4.86pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.86pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 45.39pt; padding-top: 0.51pt; padding-bottom: 2.13pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.28pt; text-align: left;"><span style="padding-left: 8.33pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">0.1 </span></div></td></tr><tr><td style="width: 348pt; padding-top: 1.76pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Effective income tax rate</div></td><td style="width: 4.86pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.86pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 55.17pt; padding-top: 1.76pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.67pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 20.83pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">— </span></div></td><td style="width: 4.86pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.86pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 45.39pt; padding-top: 1.76pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.28pt; text-align: left;"><span style="padding-left: 8.33pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">0.0 </span><span style="padding-bottom: 0.5pt;">%</span></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 348pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 4.86pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 4.86pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 55.17pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 4.86pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 4.86pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 45.39pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td></tr></table><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">A reconciliation of the expected income tax expense (benefit) computed using the federal statutory income tax rate to our effective income tax rate for the period prior to the adoption of ASU No. 2023-09 is as follows: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 408pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 6.75pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 6.75pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 46.49pt;"><div style="font-size: 1pt;"> </div></td></tr><tr class="BRDSX_header"><td style="width: 408pt; padding-bottom: 1.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 6.75pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.75pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 46.49pt; padding-bottom: 1.88pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Year Ended <br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December 31, <br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2024 </div></td></tr><tr><td style="width: 408pt; padding-top: 1.51pt; padding-bottom: 0.88pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Income tax computed at federal statutory rate</div></td><td style="width: 6.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 46.49pt; padding-top: 1.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.84pt; text-align: left;"><span style="padding-left: 3.33pt;">21.0 % </span></div></td></tr><tr><td style="width: 408pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">State taxes</div></td><td style="width: 6.75pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.75pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 46.49pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.84pt; text-align: left;"><span style="padding-left: 8.33pt;">6.5 </span></div></td></tr><tr><td style="width: 408pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Change in valuation allowance</div></td><td style="width: 6.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 46.49pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.84pt; text-align: left;">(29.4) </div></td></tr><tr><td style="width: 408pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">R&amp;D credit carryovers</div></td><td style="width: 6.75pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.75pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 46.49pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.84pt; text-align: left;"><span style="padding-left: 8.33pt;">3.7 </span></div></td></tr><tr><td style="width: 408pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Stock-based compensation</div></td><td style="width: 6.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 46.49pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.84pt; text-align: left;"><span style="padding-left: 5pt;">(2.4) </span></div></td></tr><tr><td style="width: 408pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Permanent differences</div></td><td style="width: 6.75pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.75pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 46.49pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.84pt; text-align: left;"><span style="padding-left: 8.33pt;">0.5 </span></div></td></tr><tr><td style="width: 408pt; padding-top: 0.51pt; padding-bottom: 2.13pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Other</div></td><td style="width: 6.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 46.49pt; padding-top: 0.51pt; padding-bottom: 2.13pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.84pt; text-align: left;"><span style="padding-left: 8.33pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">0.1 </span></div></td></tr><tr><td style="width: 408pt; padding-top: 1.76pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Effective income tax rate</div></td><td style="width: 6.75pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.75pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 46.49pt; padding-top: 1.76pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.84pt; text-align: left;"><span style="padding-left: 8.33pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">0.0 </span><span style="padding-bottom: 0.5pt;">%</span></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 408pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.75pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.75pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 46.49pt;"><div style="font-size: 1pt;"> </div></td></tr></table> -12773000 0.21 442000 -0.007 165000 -0.003 -425000 0.007 1670000 -0.028 14345000 -0.236 -84000 0.001 0 0 0.21 0.065 -0.294 -0.037 -0.024 0.005 0.001 0 <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.5pt; margin-left: 0pt; text-align: left;">Our deferred tax assets and liabilities consist of the following: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 360pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="height: 6pt; width: 89.84pt;"><div style="font-size: 1pt;"> </div></td></tr><tr class="BRDSX_header"><td style="width: 360pt; padding-bottom: 1.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.09pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 89.84pt; padding-bottom: 1.88pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">As of December 31, </div></td></tr><tr class="BRDSX_header"><td style="width: 360pt; padding-top: 1.58pt; padding-bottom: 1.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.09pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.58pt; padding-bottom: 1.88pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025</div></td><td style="width: 9.09pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.09pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.58pt; padding-bottom: 1.88pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2024 </div></td></tr><tr class="BRDSX_header"><td style="width: 360pt; padding-top: 1.58pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 89.84pt; padding-top: 1.58pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(in thousands) </div></td></tr><tr><td style="width: 360pt; padding-top: 2.01pt; padding-bottom: 0.88pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Deferred tax assets:<br/></div></td><td style="width: 9.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 2.01pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 9.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 2.01pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td></tr><tr><td style="width: 360pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Net operating losses</div></td><td style="width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;">$<span style="padding-left: 3.33pt;">57,515 </span></div></td><td style="width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;">$<span style="padding-left: 3.33pt;">32,781 </span></div></td></tr><tr><td style="width: 360pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Tax credit carryforwards</div></td><td style="width: 9.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 13.33pt;">8,155 </span></div></td><td style="width: 9.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 13.33pt;">6,141 </span></div></td></tr><tr><td style="width: 360pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Lease liability</div></td><td style="width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 13.33pt;">2,631 </span></div></td><td style="width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 13.33pt;">3,069 </span></div></td></tr><tr><td style="width: 360pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Other capitalized costs—net of amortization</div></td><td style="width: 9.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 20.83pt;">198 </span></div></td><td style="width: 9.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 20.83pt;">219 </span></div></td></tr><tr><td style="width: 360pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Reserves and accruals</div></td><td style="width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 25.83pt;">31 </span></div></td><td style="width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 20.83pt;">983 </span></div></td></tr><tr><td style="width: 360pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Stock-based compensation</div></td><td style="width: 9.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 13.33pt;">2,932 </span></div></td><td style="width: 9.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 13.33pt;">1,921 </span></div></td></tr><tr><td style="width: 360pt; padding-top: 0.51pt; padding-bottom: 2.13pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Capitalized research and experimental expenditures—net of amortization</div></td><td style="width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.51pt; padding-bottom: 2.13pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 8.33pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">17,187 </span></div></td><td style="width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.51pt; padding-bottom: 2.13pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 8.33pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">25,214 </span></div></td></tr><tr><td style="width: 360pt; padding-top: 1.76pt; padding-bottom: 2.13pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Deferred tax assets</div></td><td style="width: 9.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.76pt; padding-bottom: 2.13pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 8.33pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">88,649 </span></div></td><td style="width: 9.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.76pt; padding-bottom: 2.13pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 8.33pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">70,328 </span></div></td></tr><tr><td style="width: 360pt; padding-top: 1.76pt; padding-bottom: 2.13pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Valuation allowance</div></td><td style="width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.76pt; padding-bottom: 2.13pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(86,588</span><span style="padding-bottom: 1.5pt;">)</span></div></td><td style="width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.76pt; padding-bottom: 2.13pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(67,756</span><span style="padding-bottom: 1.5pt;">) </span></div></td></tr><tr><td style="width: 360pt; padding-top: 1.76pt; padding-bottom: 2.13pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Deferred tax assets</div></td><td style="width: 9.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.76pt; padding-bottom: 2.13pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 13.33pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">2,061 </span></div></td><td style="width: 9.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.76pt; padding-bottom: 2.13pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 13.33pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">2,572 </span></div></td></tr><tr><td style="width: 360pt; padding-top: 1.76pt; padding-bottom: 0.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Deferred tax liabilities:<br/></div></td><td style="width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.76pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.76pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td></tr><tr><td style="width: 360pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Right of use asset</div></td><td style="width: 9.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 10pt;">(1,455)</span></div></td><td style="width: 9.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.51pt; padding-bottom: 0.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 10pt;">(1,676) </span></div></td></tr><tr><td style="width: 360pt; padding-top: 0.51pt; padding-bottom: 2.13pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Fixed assets and depreciation</div></td><td style="width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.51pt; padding-bottom: 2.13pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(606</span><span style="padding-bottom: 1.5pt;">)</span></div></td><td style="width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.51pt; padding-bottom: 2.13pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(896</span><span style="padding-bottom: 1.5pt;">) </span></div></td></tr><tr><td style="width: 360pt; padding-top: 1.76pt; padding-bottom: 2.13pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20pt; text-align: left;">Deferred tax liabilities</div></td><td style="width: 9.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.76pt; padding-bottom: 2.13pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 10pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(2,061</span><span style="padding-bottom: 1.5pt;">)</span></div></td><td style="width: 9.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.76pt; padding-bottom: 2.13pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 10pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(2,572</span><span style="padding-bottom: 1.5pt;">) </span></div></td></tr><tr><td style="width: 360pt; padding-top: 1.76pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Net deferred taxes</div></td><td style="width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.76pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 20.83pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">— </span></div></td><td style="width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.76pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 20.83pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">—</span></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 360pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 35.83pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 9.09pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 35.83pt;"><div style="font-size: 1pt;"> </div></td></tr></table> 57515000 32781000 8155000 6141000 2631000 3069000 198000 219000 31000 983000 2932000 1921000 17187000 25214000 88649000 70328000 86588000 67756000 2061000 2572000 1455000 1676000 606000 896000 2061000 2572000 0 0 6800000 50200000 18800000 20700000 215300000 126800000 215200000 153700000 76800000 6500000 4900000 1600000 1300000 <div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 19.5pt; margin-left: 0pt; text-align: left;">13. Related Parties </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In May 2022, we entered into a sublease agreement with Crossbow, for which entities affiliated with MPM Capital (“MPM Capital”) are also beneficial owners, to sublease the entirety of our office and laboratory space in Cambridge, Massachusetts. Luke Evnin, Ph.D., the chair of our board of directors, co-founded MPM Capital and serves as Managing Director of MPM Capital. Briggs Morrison, who serves on our board of directors, serves as Executive Partner of MPM Capital and Chief Executive Officer of Crossbow. The term of the sublease agreement commenced in June 2022 and ended in March 2024, with no option to extend (see Note 11, <span style="font-style: italic;">Commitments and Contingencies</span>). We received cash payments under our sublease of $0.4 million during the year ended December 31, 2024. In addition, we received $0.2 million from Crossbow in June 2022 as a security deposit, which was remitted to Crossbow following the termination of the sublease. </div> 400000 200000 <div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 19.5pt; margin-left: 0pt; text-align: left;">14. Defined Contribution Benefit Plan </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">We sponsor a defined contribution benefit plan under Section 401(k) of the Internal Revenue Code (the “401(k) Plan”). The 401(k) Plan covers all employees who meet defined minimum age and service requirements, and allows participants to contribute a portion of their annual compensation, subject to statutory limitations. We match 50% of each participant’s contribution up to a maximum of 6% of such participant’s eligible compensation paid in a calendar year. We recognized expenses of $0.3 million related to matching contributions during each of the years ended December 31, 2025 and 2024. </div> 0.50 0.06 300000 300000 <div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 19.5pt; margin-left: 0pt; text-align: left;">15. Net Loss Attributable to Common Stockholders per Share </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">For purposes of the diluted net loss attributable to common stockholders per share calculation, outstanding stock options, the conversion option derivative under the K2HV Loan Agreement, common stock to be issued under the 2021 ESPP, and warrants to purchase common stock are considered to be potentially dilutive securities, however the following weighted-average amounts were excluded from the calculation of diluted net loss attributable to common stockholders per share because their effect would be anti-dilutive: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 348pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 8.75pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 8.75pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="height: 6pt; width: 102.5pt;"><div style="font-size: 1pt;"> </div></td></tr><tr class="BRDSX_header"><td style="width: 348pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 8.75pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.75pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 102.5pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December 31, </div></td></tr><tr class="BRDSX_header"><td style="width: 348pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 8.75pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.75pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 45pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025</div></td><td style="width: 8.75pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.75pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 40pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2024 </div></td></tr><tr><td style="width: 348pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Outstanding stock options</div></td><td style="width: 8.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 45pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 5pt;">9,954,872 </span></div></td><td style="width: 8.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 40pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">7,634,937 </div></td></tr><tr><td style="width: 348pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Warrants to purchase common stock</div></td><td style="width: 8.75pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.75pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 45pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 35pt;">— </span></div></td><td style="width: 8.75pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.75pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 40pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 12.5pt;">58,904 </span></div></td></tr><tr><td style="width: 348pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Common stock to be issued under the 2021 ESPP</div></td><td style="width: 8.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 45pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">85,368 </span></div></td><td style="width: 8.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 40pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">67,445 </span></div></td></tr><tr><td style="width: 348pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Total</div></td><td style="width: 8.75pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.75pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 45pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">10,040,240 </span></div></td><td style="width: 8.75pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.75pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 40pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">7,761,286</span></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 348pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 8.75pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 8.75pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 45pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 8.75pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 8.75pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 40pt;"><div style="font-size: 1pt;"> </div></td></tr></table><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Basic net loss per share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during the applicable period. In computing diluted net loss per share, only potential shares of common stock that are dilutive are included. We considered each issue or series of issues of potential shares of common stock separately when determining whether potential shares of common stock are dilutive or anti-dilutive. We made such determination in sequence from the most dilutive to the least dilutive and concluded that the conversion option derivative under the K2HV Loan Agreement is dilutive to net loss per share for the years ended December 31, 2025 and 2024. Pursuant to FASB ASC Topic 260, <span style="font-style: italic;">Earnings Per Share</span>, we applied the if-converted method to determine the effect of the conversion option derivative under the K2HV Loan Agreement on the diluted earnings per share calculations. Pursuant to such method, we adjusted the numerator for the gain recognized during each period in net loss due to the change in the fair value of the conversion option derivative liability under the K2HV Loan Agreement and the interest expense recognized during each period that is attributable to the portion of the term loan that is subject to the conversion option. We also increased the denominator to include the weighted-average number of additional shares of common stock that would have been outstanding if the conversion option derivative under the K2HV Loan Agreement </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">were converted at the beginning of the period or at the inception of the K2HV Loan Agreement for the years ended December 31, 2025 and 2024, respectively. The following table summarizes the computations of basic and diluted net loss per share as presented in our consolidated statements of operations: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 324pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 11pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 11pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="height: 6pt; width: 122pt;"><div style="font-size: 1pt;"> </div></td></tr><tr class="BRDSX_header"><td style="width: 324pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 122pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Year Ended<br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December 31, </div></td></tr><tr class="BRDSX_header"><td style="width: 324pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 50pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025</div></td><td style="width: 11pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 11pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 50pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2024 </div></td></tr><tr class="BRDSX_header"><td style="width: 324pt; padding-top: 1.33pt; padding-bottom: 2.13pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 122pt; padding-top: 1.33pt; padding-bottom: 2.13pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(in thousands, except share <br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">and per share amounts) </div></td></tr><tr><td style="width: 324pt; padding-top: 1.76pt; padding-bottom: 0.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Numerator<br/></div></td><td style="width: 11pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 50pt; padding-top: 1.76pt; padding-bottom: 0.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 11pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 50pt; padding-top: 1.76pt; padding-bottom: 0.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td></tr><tr><td style="width: 324pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Net loss</div></td><td style="width: 11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 50pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<span style="padding-left: 14.17pt;">(60,822)</span></div></td><td style="width: 11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 50pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<span style="padding-left: 14.17pt;">(70,515) </span></div></td></tr><tr><td style="width: 324pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Less: change in fair value of derivative liability</div></td><td style="width: 11pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 50pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 24.17pt;">(2,070)</span></div></td><td style="width: 11pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 50pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 24.17pt;">(1,621) </span></div></td></tr><tr><td style="width: 324pt; padding-top: 0.26pt; padding-bottom: 1.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Plus: interest expense on converted term loan</div></td><td style="width: 11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 50pt; padding-top: 0.26pt; padding-bottom: 1.88pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 35pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">776 </span></div></td><td style="width: 11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 50pt; padding-top: 0.26pt; padding-bottom: 1.88pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 35pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">493 </span></div></td></tr><tr><td style="width: 324pt; padding-top: 1.51pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Adjusted net loss</div></td><td style="width: 11pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 50pt; padding-top: 1.51pt; padding-bottom: 2.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 14.54pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">(62,116</span><span style="padding-bottom: 0.5pt;">)</span></div></td><td style="width: 11pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 50pt; padding-top: 1.51pt; padding-bottom: 2.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 14.17pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">(71,643</span><span style="padding-bottom: 0.5pt;">) </span></div></td></tr><tr><td style="width: 324pt; padding-top: 2.51pt; padding-bottom: 0.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Denominator<br/></div></td><td style="width: 11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 50pt; padding-top: 2.51pt; padding-bottom: 0.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 50pt; padding-top: 2.51pt; padding-bottom: 0.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td></tr><tr><td style="width: 324pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Weighted-average common stock outstanding, basic</div></td><td style="width: 11pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 50pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 5pt;">46,018,888 </span></div></td><td style="width: 11pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 50pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 5pt;">43,332,088 </span></div></td></tr><tr><td style="width: 324pt; padding-top: 0.26pt; padding-bottom: 1.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-indent: -10pt; text-align: left;">Dilutive effect of common stock issuable from assumed conversion of convertible term loan</div></td><td style="width: 11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 50pt; padding-top: 0.26pt; padding-bottom: 1.88pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">791,364 </span></div></td><td style="width: 11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 50pt; padding-top: 0.26pt; padding-bottom: 1.88pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">527,576 </span></div></td></tr><tr><td style="width: 324pt; padding-top: 1.51pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Weighted-average common stock outstanding, diluted</div></td><td style="width: 11pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 50pt; padding-top: 1.51pt; padding-bottom: 2.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">46,810,252 </span></div></td><td style="width: 11pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 50pt; padding-top: 1.51pt; padding-bottom: 2.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">43,859,664 </span></div></td></tr><tr><td style="width: 324pt; padding-top: 2.51pt; padding-bottom: 0.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Net loss per share<br/></div></td><td style="width: 11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 50pt; padding-top: 2.51pt; padding-bottom: 0.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 50pt; padding-top: 2.51pt; padding-bottom: 0.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td></tr><tr><td style="width: 324pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Basic</div></td><td style="width: 11pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 50pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<span style="padding-left: 24.17pt;">(1.32)</span></div></td><td style="width: 11pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 50pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<span style="padding-left: 24.17pt;">(1.63) </span></div></td></tr><tr><td style="width: 324pt; padding-top: 0.26pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Diluted</div></td><td style="width: 11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 50pt; padding-top: 0.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<span style="padding-left: 24.17pt;">(1.33)</span></div></td><td style="width: 11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 50pt; padding-top: 0.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<span style="padding-left: 24.17pt;">(1.63)</span></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 324pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 11pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 11pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 50pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 11pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 11pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 50pt;"><div style="font-size: 1pt;"> </div></td></tr></table> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">For purposes of the diluted net loss attributable to common stockholders per share calculation, outstanding stock options, the conversion option derivative under the K2HV Loan Agreement, common stock to be issued under the 2021 ESPP, and warrants to purchase common stock are considered to be potentially dilutive securities, however the following weighted-average amounts were excluded from the calculation of diluted net loss attributable to common stockholders per share because their effect would be anti-dilutive: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 348pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 8.75pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 8.75pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="height: 6pt; width: 102.5pt;"><div style="font-size: 1pt;"> </div></td></tr><tr class="BRDSX_header"><td style="width: 348pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 8.75pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.75pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 102.5pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December 31, </div></td></tr><tr class="BRDSX_header"><td style="width: 348pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 8.75pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.75pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 45pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025</div></td><td style="width: 8.75pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.75pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 40pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2024 </div></td></tr><tr><td style="width: 348pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Outstanding stock options</div></td><td style="width: 8.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 45pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 5pt;">9,954,872 </span></div></td><td style="width: 8.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 40pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">7,634,937 </div></td></tr><tr><td style="width: 348pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Warrants to purchase common stock</div></td><td style="width: 8.75pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.75pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 45pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 35pt;">— </span></div></td><td style="width: 8.75pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.75pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 40pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 12.5pt;">58,904 </span></div></td></tr><tr><td style="width: 348pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Common stock to be issued under the 2021 ESPP</div></td><td style="width: 8.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 45pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">85,368 </span></div></td><td style="width: 8.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 40pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">67,445 </span></div></td></tr><tr><td style="width: 348pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Total</div></td><td style="width: 8.75pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.75pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 45pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">10,040,240 </span></div></td><td style="width: 8.75pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.75pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 40pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">7,761,286</span></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 348pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 8.75pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 8.75pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 45pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 8.75pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 8.75pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 40pt;"><div style="font-size: 1pt;"> </div></td></tr></table> 9954872 7634937 0 58904 85368 67445 10040240 7761286 The following table summarizes the computations of basic and diluted net loss per share as presented in our consolidated statements of operations:<table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 324pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 11pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 11pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="height: 6pt; width: 122pt;"><div style="font-size: 1pt;"> </div></td></tr><tr class="BRDSX_header"><td style="width: 324pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 122pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Year Ended<br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December 31, </div></td></tr><tr class="BRDSX_header"><td style="width: 324pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 50pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025</div></td><td style="width: 11pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 11pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 50pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2024 </div></td></tr><tr class="BRDSX_header"><td style="width: 324pt; padding-top: 1.33pt; padding-bottom: 2.13pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 122pt; padding-top: 1.33pt; padding-bottom: 2.13pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(in thousands, except share <br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">and per share amounts) </div></td></tr><tr><td style="width: 324pt; padding-top: 1.76pt; padding-bottom: 0.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Numerator<br/></div></td><td style="width: 11pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 50pt; padding-top: 1.76pt; padding-bottom: 0.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 11pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 50pt; padding-top: 1.76pt; padding-bottom: 0.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td></tr><tr><td style="width: 324pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Net loss</div></td><td style="width: 11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 50pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<span style="padding-left: 14.17pt;">(60,822)</span></div></td><td style="width: 11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 50pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<span style="padding-left: 14.17pt;">(70,515) </span></div></td></tr><tr><td style="width: 324pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Less: change in fair value of derivative liability</div></td><td style="width: 11pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 50pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 24.17pt;">(2,070)</span></div></td><td style="width: 11pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 50pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 24.17pt;">(1,621) </span></div></td></tr><tr><td style="width: 324pt; padding-top: 0.26pt; padding-bottom: 1.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Plus: interest expense on converted term loan</div></td><td style="width: 11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 50pt; padding-top: 0.26pt; padding-bottom: 1.88pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 35pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">776 </span></div></td><td style="width: 11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 50pt; padding-top: 0.26pt; padding-bottom: 1.88pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 35pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">493 </span></div></td></tr><tr><td style="width: 324pt; padding-top: 1.51pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Adjusted net loss</div></td><td style="width: 11pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 50pt; padding-top: 1.51pt; padding-bottom: 2.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 14.54pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">(62,116</span><span style="padding-bottom: 0.5pt;">)</span></div></td><td style="width: 11pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 50pt; padding-top: 1.51pt; padding-bottom: 2.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 14.17pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">(71,643</span><span style="padding-bottom: 0.5pt;">) </span></div></td></tr><tr><td style="width: 324pt; padding-top: 2.51pt; padding-bottom: 0.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Denominator<br/></div></td><td style="width: 11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 50pt; padding-top: 2.51pt; padding-bottom: 0.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 50pt; padding-top: 2.51pt; padding-bottom: 0.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td></tr><tr><td style="width: 324pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Weighted-average common stock outstanding, basic</div></td><td style="width: 11pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 50pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 5pt;">46,018,888 </span></div></td><td style="width: 11pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 50pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 5pt;">43,332,088 </span></div></td></tr><tr><td style="width: 324pt; padding-top: 0.26pt; padding-bottom: 1.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-indent: -10pt; text-align: left;">Dilutive effect of common stock issuable from assumed conversion of convertible term loan</div></td><td style="width: 11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 50pt; padding-top: 0.26pt; padding-bottom: 1.88pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">791,364 </span></div></td><td style="width: 11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 50pt; padding-top: 0.26pt; padding-bottom: 1.88pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">527,576 </span></div></td></tr><tr><td style="width: 324pt; padding-top: 1.51pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Weighted-average common stock outstanding, diluted</div></td><td style="width: 11pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 50pt; padding-top: 1.51pt; padding-bottom: 2.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">46,810,252 </span></div></td><td style="width: 11pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 50pt; padding-top: 1.51pt; padding-bottom: 2.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">43,859,664 </span></div></td></tr><tr><td style="width: 324pt; padding-top: 2.51pt; padding-bottom: 0.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Net loss per share<br/></div></td><td style="width: 11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 50pt; padding-top: 2.51pt; padding-bottom: 0.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 50pt; padding-top: 2.51pt; padding-bottom: 0.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td></tr><tr><td style="width: 324pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Basic</div></td><td style="width: 11pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 50pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<span style="padding-left: 24.17pt;">(1.32)</span></div></td><td style="width: 11pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 50pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<span style="padding-left: 24.17pt;">(1.63) </span></div></td></tr><tr><td style="width: 324pt; padding-top: 0.26pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Diluted</div></td><td style="width: 11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 50pt; padding-top: 0.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<span style="padding-left: 24.17pt;">(1.33)</span></div></td><td style="width: 11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 50pt; padding-top: 0.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<span style="padding-left: 24.17pt;">(1.63)</span></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 324pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 11pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 11pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 50pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 11pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 11pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 50pt;"><div style="font-size: 1pt;"> </div></td></tr></table> -60822000 -70515000 2070000 1621000 776000 493000 -62116000 -71643000 46018888 43332088 791364 527576 46810252 43859664 -1.32 -1.63 -1.33 -1.63 <div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 18pt; margin-left: 0pt; text-align: left;">16. Segment Information </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">We have one reportable segment which focuses on the discovery and development of cancer therapeutics. The segment derives its revenues from the Collaboration Agreement with Jazz (see Note 4, <span style="font-style: italic;">Collaboration and License Agreement</span>). </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Our CODM manages our operations on an integrated basis for the purpose of allocating resources. When evaluating our financial performance, our CODM regularly reviews total expenses and expenses by function and makes decisions using this information based on the performance of the enterprise as a whole. Our CODM primarily evaluates the performance of the enterprise based on results that have a direct impact on our available cash and cash equivalents and accordingly places less significance on non-cash expenses such as stock-based compensation and depreciation expenses in determining how to allocate resources. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Segment assets regularly reviewed by our CODM include measures of liquidity, primarily available cash and cash equivalents, and are consistent with the presentation of cash and cash equivalents reported in our consolidated balance sheets. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;">The following is a summary of our segment and consolidated net loss, including significant segment expenses: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 336pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 15.09pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 15.09pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="height: 6pt; width: 101.84pt;"><div style="font-size: 1pt;"> </div></td></tr><tr class="BRDSX_header"><td style="width: 336pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 15.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 15.09pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 101.84pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Year Ended<br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December 31, </div></td></tr><tr class="BRDSX_header"><td style="width: 336pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 15.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 15.09pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025</div></td><td style="width: 15.09pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 15.09pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2024 </div></td></tr><tr class="BRDSX_header"><td style="width: 336pt; padding-top: 1.33pt; padding-bottom: 2.13pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 15.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 15.09pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 101.84pt; padding-top: 1.33pt; padding-bottom: 2.13pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(in thousands) </div></td></tr><tr><td style="width: 336pt; padding-top: 1.76pt; padding-bottom: 0.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Collaboration revenue</div></td><td style="width: 15.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 15.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.76pt; padding-bottom: 0.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;">$<span style="padding-left: 20.83pt;">— </span></div></td><td style="width: 15.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 15.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.76pt; padding-bottom: 0.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;">$<span style="padding-left: 8.33pt;">1,885 </span></div></td></tr><tr><td style="width: 336pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Less:</div></td><td style="width: 15.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 15.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 15.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 15.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td></tr><tr><td style="width: 336pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Clinical development</div></td><td style="width: 15.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 15.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 8.33pt;">19,187 </span></div></td><td style="width: 15.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 15.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 8.33pt;">16,361 </span></div></td></tr><tr><td style="width: 336pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Research and discovery</div></td><td style="width: 15.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 15.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 8.33pt;">12,660 </span></div></td><td style="width: 15.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 15.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 8.33pt;">14,389 </span></div></td></tr><tr><td style="width: 336pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">General and administrative support</div></td><td style="width: 15.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 15.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 8.33pt;">12,428 </span></div></td><td style="width: 15.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 15.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 8.33pt;">14,330 </span></div></td></tr><tr><td style="width: 336pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Manufacturing</div></td><td style="width: 15.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 15.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 13.33pt;">8,523 </span></div></td><td style="width: 15.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 15.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 8.33pt;">19,759 </span></div></td></tr><tr><td style="width: 336pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Other segment expenses^(a)</div></td><td style="width: 15.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 15.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 13.33pt;">7,879 </span></div></td><td style="width: 15.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 15.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 8.33pt;">10,640 </span></div></td></tr><tr><td style="width: 336pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Interest income</div></td><td style="width: 15.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 15.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 13.33pt;">3,108 </span></div></td><td style="width: 15.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 15.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 13.33pt;">6,673 </span></div></td></tr><tr><td style="width: 336pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Interest expense</div></td><td style="width: 15.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 15.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 10pt;">(5,274)</span></div></td><td style="width: 15.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 15.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 10pt;">(4,656) </span></div></td></tr><tr><td style="width: 336pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Loss on extinguishment of debt</div></td><td style="width: 15.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 15.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 25.83pt;">— </span></div></td><td style="width: 15.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 15.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 17.5pt;">(553) </span></div></td></tr><tr><td style="width: 336pt; padding-top: 0.26pt; padding-bottom: 1.88pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Other income, net</div></td><td style="width: 15.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 15.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.26pt; padding-bottom: 1.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 13.33pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">2,021 </span></div></td><td style="width: 15.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 15.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.26pt; padding-bottom: 1.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 13.33pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">1,615 </span></div></td></tr><tr><td style="width: 336pt; padding-top: 1.51pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Segment and consolidated net loss</div></td><td style="width: 15.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 15.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.51pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$(60,822</span><span style="padding-bottom: 0.5pt;">)</span></div></td><td style="width: 15.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 15.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.51pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$(70,515</span><span style="padding-bottom: 0.5pt;">)</span></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 336pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 15.09pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 15.09pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 35.83pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 15.09pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 15.09pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 35.83pt;"><div style="font-size: 1pt;"> </div></td></tr></table><div><div class="BRDSX_rule-partial" style="height: 0pt; width: 72pt; border-bottom: 1pt solid #000000; margin-bottom: 1pt; margin-right: auto; margin-left: 0pt; margin-top: 12.75pt;"> </div></div><table border="0" cellpadding="0" style="margin-top: 3pt; margin-left: 0pt; border-spacing: 0px;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">(a)<br/></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; text-align: left;">Other segment expenses includes non-cash expenses for stock-based compensation and depreciation expenses. </div></td></tr></table> 1 <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;">The following is a summary of our segment and consolidated net loss, including significant segment expenses: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 336pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 15.09pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 15.09pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="height: 6pt; width: 101.84pt;"><div style="font-size: 1pt;"> </div></td></tr><tr class="BRDSX_header"><td style="width: 336pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 15.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 15.09pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 101.84pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Year Ended<br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December 31, </div></td></tr><tr class="BRDSX_header"><td style="width: 336pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 15.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 15.09pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025</div></td><td style="width: 15.09pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 15.09pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.33pt; padding-bottom: 1.63pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2024 </div></td></tr><tr class="BRDSX_header"><td style="width: 336pt; padding-top: 1.33pt; padding-bottom: 2.13pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 15.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 15.09pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 101.84pt; padding-top: 1.33pt; padding-bottom: 2.13pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(in thousands) </div></td></tr><tr><td style="width: 336pt; padding-top: 1.76pt; padding-bottom: 0.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Collaboration revenue</div></td><td style="width: 15.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 15.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.76pt; padding-bottom: 0.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;">$<span style="padding-left: 20.83pt;">— </span></div></td><td style="width: 15.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 15.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.76pt; padding-bottom: 0.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;">$<span style="padding-left: 8.33pt;">1,885 </span></div></td></tr><tr><td style="width: 336pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Less:</div></td><td style="width: 15.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 15.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 15.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 15.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td></tr><tr><td style="width: 336pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Clinical development</div></td><td style="width: 15.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 15.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 8.33pt;">19,187 </span></div></td><td style="width: 15.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 15.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 8.33pt;">16,361 </span></div></td></tr><tr><td style="width: 336pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Research and discovery</div></td><td style="width: 15.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 15.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 8.33pt;">12,660 </span></div></td><td style="width: 15.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 15.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 8.33pt;">14,389 </span></div></td></tr><tr><td style="width: 336pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">General and administrative support</div></td><td style="width: 15.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 15.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 8.33pt;">12,428 </span></div></td><td style="width: 15.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 15.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 8.33pt;">14,330 </span></div></td></tr><tr><td style="width: 336pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Manufacturing</div></td><td style="width: 15.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 15.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 13.33pt;">8,523 </span></div></td><td style="width: 15.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 15.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 8.33pt;">19,759 </span></div></td></tr><tr><td style="width: 336pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Other segment expenses^(a)</div></td><td style="width: 15.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 15.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 13.33pt;">7,879 </span></div></td><td style="width: 15.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 15.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 8.33pt;">10,640 </span></div></td></tr><tr><td style="width: 336pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Interest income</div></td><td style="width: 15.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 15.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 13.33pt;">3,108 </span></div></td><td style="width: 15.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 15.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 13.33pt;">6,673 </span></div></td></tr><tr><td style="width: 336pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Interest expense</div></td><td style="width: 15.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 15.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 10pt;">(5,274)</span></div></td><td style="width: 15.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 15.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 10pt;">(4,656) </span></div></td></tr><tr><td style="width: 336pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Loss on extinguishment of debt</div></td><td style="width: 15.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 15.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 25.83pt;">— </span></div></td><td style="width: 15.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 15.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.26pt; padding-bottom: 0.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 17.5pt;">(553) </span></div></td></tr><tr><td style="width: 336pt; padding-top: 0.26pt; padding-bottom: 1.88pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Other income, net</div></td><td style="width: 15.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 15.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.26pt; padding-bottom: 1.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 13.33pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">2,021 </span></div></td><td style="width: 15.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 15.09pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 0.26pt; padding-bottom: 1.88pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 13.33pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">1,615 </span></div></td></tr><tr><td style="width: 336pt; padding-top: 1.51pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Segment and consolidated net loss</div></td><td style="width: 15.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 15.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.51pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$(60,822</span><span style="padding-bottom: 0.5pt;">)</span></div></td><td style="width: 15.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 15.09pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.51pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$(70,515</span><span style="padding-bottom: 0.5pt;">)</span></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 336pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 15.09pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 15.09pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 35.83pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 15.09pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 15.09pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 35.83pt;"><div style="font-size: 1pt;"> </div></td></tr></table><div><div class="BRDSX_rule-partial" style="height: 0pt; width: 72pt; border-bottom: 1pt solid #000000; margin-bottom: 1pt; margin-right: auto; margin-left: 0pt; margin-top: 12.75pt;"> </div></div><table border="0" cellpadding="0" style="margin-top: 3pt; margin-left: 0pt; border-spacing: 0px;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">(a)<br/></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; text-align: left;">Other segment expenses includes non-cash expenses for stock-based compensation and depreciation expenses. </div></td></tr></table> 0 1885000 19187000 16361000 12660000 14389000 12428000 14330000 8523000 19759000 7879000 10640000 3108000 6673000 5274000 4656000 0 -553000 2021000 1615000 -60822000 -70515000 21987000 57050000 905000 1536000 22892000 58586000 1263000 4688000 0 901000 0 5216000 0 5000 24155000 69396000 1939000 754000 5924000 5407000 0 1751000 0 28236000 7863000 36148000 0 7684000 0 759000 7863000 44591000 0.0001 0.0001 5000000 5000000 0 0 0 0 0 0 0.0001 0.0001 200000000 200000000 48599066 48599066 48596817 48596817 5000 5000 501559000 500210000 -485272000 -475410000 16292000 24805000 24155000 69396000 21000000 0 21000000 0 6162000 13143000 14343000 26263000 7680000 4399000 12770000 9270000 13842000 17542000 27113000 35533000 7158000 -17542000 -6113000 -35533000 277000 850000 710000 1847000 475000 1301000 1843000 2564000 -3354000 0 -3354000 0 64000 11000 738000 179000 -3488000 -440000 -3749000 -538000 3670000 -17982000 -9862000 -36071000 0.08 0.08 -0.4 -0.4 -0.2 -0.2 -0.8 -0.8 48597534 48597534 44981746 44981746 48597177 48597177 44904880 44904880 48596817 5000 500210000 -475410000 24805000 929000 929000 -13532000 -13532000 48596817 5000 501139000 -488942000 12202000 2249 1000 1000 419000 419000 3670000 3670000 48599066 5000 501559000 -485272000 16292000 44827159 5000 487973000 -414588000 73390000 2006000 2006000 -18089000 -18089000 44827159 5000 489979000 -432677000 57307000 255000 421766 305000 305000 86340 41000 41000 1793000 1793000 -17982000 -17982000 45335265 5000 492118000 -450659000 41464000 -9862000 -36071000 1348000 3799000 2850000 832000 -159000 0 771000 1010000 307000 381000 -3354000 0 707000 190000 1142000 0 -636000 574000 1702000 -2348000 -3384000 -951000 -3968000 -34112000 416000 0 416000 0 32413000 0 0 347000 1000 41000 -32412000 388000 -35964000 -33724000 57951000 112215000 21987000 78491000 21987000 77596000 0 895000 21987000 78491000 1338000 1562000 4909000 0 0 126000 <div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">1. Nature of Business </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Werewolf Therapeutics, Inc. was incorporated in the state of Delaware in October 2017. As used throughout these unaudited, condensed consolidated financial statements, the terms “Werewolf,” the “Company,” “we,” “us,” and “our” refer to the business of Werewolf Therapeutics, Inc., and its wholly owned subsidiary. We are an innovative biopharmaceutical company pioneering the development of therapeutics engineered to stimulate the body’s immune system for the treatment of cancer and other immune-mediated conditions. Our headquarters are located in Watertown, Massachusetts. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Since inception, we have devoted substantially all of our efforts and financial resources to organizing and staffing the company; business planning; raising capital; developing and optimizing our platform technology; identifying potential product candidates; enhancing our intellectual property portfolio; undertaking research, preclinical studies, and clinical trials; and enabling manufacturing for our development programs. We are subject to risks and uncertainties common to early-stage companies in the biotechnology industry including, but not limited to, technical risks associated with the successful research, development and manufacturing of product candidates, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations and the ability to secure additional capital to fund operations. Current and future programs will require significant research and development efforts, including extensive preclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure. Even if our product development efforts are successful, it is uncertain when, if ever, we will realize significant revenue from product sales. </div> <div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">2. Strategic Review and Liquidity </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In February 2026, we adopted a restructuring plan to extend our capital resources (the “2026 Restructuring”) in connection with initiating a process to explore a full range of strategic alternatives to advance our promising platform and drug development pipeline to maximize stockholder value. We have engaged Piper Sandler &amp; Co. (“Piper Sandler”) to serve as exclusive financial advisor to assist in the strategic review process. Measures contemplated during the strategic review process include the asset purchase agreement described in Note 4, and may also include, among other options, a sale of the Company, a business combination or merger, a sale of our assets, licensing or collaboration arrangements, or other strategic transactions. There can be no assurance that the strategic review process will result in any agreement or transaction that will enhance stockholder value, or any agreement or transaction at all. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">As part of the 2026 Restructuring, our board of directors approved a reduction in force in February 2026, representing 64% of our workforce to better align our resources with our pursuit of strategic alternatives. In May 2026, an additional reduction in force occurred, representing 36% of our workforce at that time. See Note 12 for further discussion of the impact of the 2026 Restructuring. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">We had cash and cash equivalents of $22.0 million at June 30, 2026. The outcome of our strategic review process will inform future development plans and the costs associated with those efforts. We expect to incur substantial operating losses and negative cash flows from operations for the foreseeable future as we continue to execute on our strategic review process. Our ability to maintain ongoing operations is dependent on our ability to obtain additional financing, as to which we can make no assurance. These conditions raise substantial doubt about our ability to continue as a going concern for at least twelve months from the date these condensed consolidated financial statements are issued in this Quarterly Report. There can be no assurance that the strategic review process will result in any agreement or transaction that will mitigate the conditions which raise substantial doubt about our ability to continue as a going concern, or at all. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Our condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and settlement of liabilities and commitments in the ordinary course of business. Our condensed consolidated financial statements do not include any adjustments that might result from the outcome of the conditions described above. </div> 0.64 0.36 22000000 <div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">3. Summary of Significant Accounting Policies </div><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 7pt; margin-left: 0pt; text-align: left;">Basis of Presentation and Consolidation </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The accompanying condensed consolidated financial statements as of June 30, 2026 and December 31, 2025, and for the three and six months ended June 30, 2026 and 2025, have been prepared in accordance with the rules and regulations </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">of the Securities and Exchange Commission (the “SEC”) and generally accepted accounting principles in the United States of America (“GAAP”) as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”) for condensed consolidated financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, these condensed consolidated financial statements reflect all normal recurring adjustments which are necessary for a fair presentation of our financial position and results of our operations, as of and for the periods presented. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on March 27, 2026 (the “2025 Annual Report”). </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The information presented in the condensed consolidated financial statements and related notes as of June 30, 2026, and for the three and six months ended June 30, 2026 and 2025, is unaudited. The December 31, 2025 condensed consolidated balance sheet included herein was derived from the audited financial statements as of that date, but does not include all disclosures, including notes, required by GAAP for complete financial statements. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Interim results for the three and six months ended June 30, 2026 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2026, or any future period. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The accompanying condensed consolidated financial statements include the accounts of Werewolf Therapeutics, Inc. and its wholly owned subsidiary, Werewolf Therapeutics Mass Securities, Inc. All intercompany transactions and balances have been eliminated in consolidation. </div><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 14pt; margin-left: 0pt; text-align: left;">Summary of Significant Accounting Policies </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The significant accounting policies and estimates used in the preparation of the condensed consolidated financial statements are described in our audited financial statements as of and for the year ended December 31, 2025, and the notes thereto, which are included in our 2025 Annual Report. Other than as set forth below, there have been no material changes in our significant accounting policies during the six months ended June 30, 2026. </div><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 14pt; margin-left: 0pt; text-align: left;">Use of Estimates </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, those related to accrued expenses and assumptions used in the valuation of stock-based compensation expense and the fair value of the derivative liability. Actual results could differ from those estimates. </div><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 13.5pt; margin-left: 0pt; text-align: left;">Recent Accounting Pronouncements </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In November 2024, the FASB issued ASU No. 2024-03, <span style="font-style: italic;">Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-04) </span>(“ASU No. 2024-03”), which requires the disclosure of additional information about specific expense categories in the notes to the consolidated financial statements at interim and annual reporting periods. The provisions of ASU No. 2024-03 are effective for annual reporting periods beginning after December 31, 2026, with early adoption permitted. We are currently evaluating the impact that this standard will have on our consolidated financial statements. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on our consolidated financial statements upon adoption. </div><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 13.5pt; margin-left: 0pt; text-align: left;">Subsequent Events </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">We have evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements were issued. Other than as described in Note 13, we did not identify any subsequent events that require adjustment or disclosure in the condensed consolidated financial statements. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 7pt; margin-left: 0pt; text-align: left;">Basis of Presentation and Consolidation </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The accompanying condensed consolidated financial statements as of June 30, 2026 and December 31, 2025, and for the three and six months ended June 30, 2026 and 2025, have been prepared in accordance with the rules and regulations </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">of the Securities and Exchange Commission (the “SEC”) and generally accepted accounting principles in the United States of America (“GAAP”) as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”) for condensed consolidated financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, these condensed consolidated financial statements reflect all normal recurring adjustments which are necessary for a fair presentation of our financial position and results of our operations, as of and for the periods presented. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on March 27, 2026 (the “2025 Annual Report”). </div> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The accompanying condensed consolidated financial statements include the accounts of Werewolf Therapeutics, Inc. and its wholly owned subsidiary, Werewolf Therapeutics Mass Securities, Inc. All intercompany transactions and balances have been eliminated in consolidation. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 14pt; margin-left: 0pt; text-align: left;">Use of Estimates </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, those related to accrued expenses and assumptions used in the valuation of stock-based compensation expense and the fair value of the derivative liability. Actual results could differ from those estimates. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 13.5pt; margin-left: 0pt; text-align: left;">Recent Accounting Pronouncements </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In November 2024, the FASB issued ASU No. 2024-03, <span style="font-style: italic;">Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-04) </span>(“ASU No. 2024-03”), which requires the disclosure of additional information about specific expense categories in the notes to the consolidated financial statements at interim and annual reporting periods. The provisions of ASU No. 2024-03 are effective for annual reporting periods beginning after December 31, 2026, with early adoption permitted. We are currently evaluating the impact that this standard will have on our consolidated financial statements. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on our consolidated financial statements upon adoption. </div> <div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 13.5pt; margin-left: 0pt; text-align: left;">Subsequent Events </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">We have evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements were issued. Other than as described in Note 13, we did not identify any subsequent events that require adjustment or disclosure in the condensed consolidated financial statements. </div> <div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 13.5pt; margin-left: 0pt; text-align: left;">4. Collaboration Revenue </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In April 2022, we entered into an exclusive global collaboration and license agreement (the “Collaboration Agreement”) with Jazz Pharmaceuticals Ireland Limited (“Jazz”) pursuant to which we granted Jazz certain licenses to develop and commercialize products containing our Interferon alpha (“IFNα”) INDUKINE™ molecule, </div><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">JZP898 (the “898 Program”), as well as products containing certain isolated recombinant polypeptides comprising IFNα that meet specified criteria (each such product, a “Licensed Product”). Under the Collaboration Agreement, we were responsible for certain preclinical development activities with respect to JZP898 and other development activities specified in mutually agreed upon development plans. Jazz had generally reimbursed us for the cost of such activities. Jazz is responsible for all other development and commercialization activities conducted to exploit the Licensed Products, including submission of an investigational new drug application (“IND”) to the U.S. Food and Drug Administration (the “FDA”). In June 2024, we executed a transfer agreement (the “Transfer Agreement”) to assign our rights in a development agreement with a contract manufacturer of JZP898 to Jazz. The execution of this Transfer Agreement was the last material performance obligation required of us under the Collaboration Agreement. We were eligible to receive up to $515.0 million in development and regulatory milestones, and up to $740.0 million in sales-based milestones for all Licensed Products upon meeting certain conditions. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">On May 6, 2026 (the “Closing”), we entered into an asset purchase agreement (the “Purchase Agreement”) with Jazz. Subject to the terms and conditions of the Purchase Agreement, we sold to Jazz the 898 Program for the development, manufacturing, commercialization, use and other exploitation of the Licensed Product. Pursuant to the Purchase Agreement and related ancillary agreements, in consideration for all material assets, properties, rights and interests used or held for use in the conduct of the 898 Program, Jazz paid us upfront consideration of $21.0 million, and has agreed to pay an additional $2.0 million upon the consent to the partial assignment of a certain license agreement, as and to the extent such agreement relates to the conduct of the 898 Program. Jazz also assumed certain liabilities of ours relating to the 898 Program arising after the Closing. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Purchase Agreement contains customary representations, warranties and covenants of each of us and Jazz. The Purchase Agreement further provides that, subject to certain limitations, we and Jazz will each indemnify the other for certain losses arising from such breaches of representations, warranties and covenants and liabilities allocated to such party pursuant to the terms of the Purchase Agreement. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In addition, the Purchase Agreement contains a non-competition covenant pursuant to which we agreed not to exploit any IFNα or variant thereof, or any product containing any IFNα or variant thereof, for a period of eighteen (18) months after the Closing, subject to customary exceptions for change of control transactions. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Effective as of the Closing, the Collaboration Agreement was terminated, and as a result, we are no longer eligible to receive payment for meeting the conditions of the development and regulatory milestones or sales-based milestones for any Licensed Products. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Concurrently with the Purchase Agreement, we also entered into a license agreement (the “New License Agreement”) with Jazz to license to them certain patents and “know-how” (the “Licensed Patents” and “Licensed Know-How,” respectively). The Licensed Patents and the Licensed Know-How are necessary in the development of the 898 Program, however are not exclusive to the 898 Program. </div><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 18pt; margin-left: 0pt; text-align: left;">Accounting Analysis under ASC 606 </div><div class="BRDSX_h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 7pt; margin-left: 0pt; text-align: left;">Identification of the Contracts(s) </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">We have previously concluded that the Collaboration Agreement represents a contract with a customer within the scope of ASC Topic 606, <span style="font-style: italic;">Revenue from Contracts with Customers</span> (“ASC 606”). </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">We have assessed the Purchase Agreement and the New License Agreement, and have concluded that they represent a single combined arrangement due to the fact that they were negotiated as a package with a single commercial objective. We have further concluded that the Purchase Agreement and the New License Agreement represent a modification to the Collaboration Agreement within the scope of ASC 606. </div><div class="BRDSX_h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 18pt; margin-left: 0pt; text-align: left;">Identification of Promises and Performance Obligations </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Previously, we have concluded that the license granted to Jazz under the Collaboration Agreement, and the corresponding “know-how” are not capable of being distinct from the other promises within the contract, and as such, determined that the license and the “know-how” combined with the other research and development services and supply represent a single combined performance obligation. Under the Purchase Agreement and the New License Agreement, Jazz continues to have rights to the same patents and “know-how” that were granted under the Collaboration Agreement. However, under the Purchase Agreement, we transferred ownership of certain patents and “know-how” to Jazz. At the time of the Closing, our performance obligation to Jazz had been fulfilled. </div></div></div><div class="BRDSX_h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">Determination of Transaction Price </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">We have assessed the Purchase Agreement and the New License Agreement, and have concluded that they represent a modification that results in an increase in the overall transaction price of the contract with Jazz. We’ve determined that the upfront consideration included in the Purchase Agreement of $21.0 million should be added to the overall transaction price. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Purchase Agreement also includes a $2.0 million contingent payment that is payable to us upon the successful partial assignment of a certain license agreement. We’ve determined that this contingent payment represents variable consideration that should not be included in the transaction price. We used the most likely amount method to estimate variable consideration and estimated that the most likely amount of the contingent payment was zero at the Closing as the success of completing the partial assignment of the license agreement is highly susceptible to factors outside of our control. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Collaboration Agreement included various development and regulatory and sales-based milestones. The payments associated with these milestones represented variable consideration that were excluded from the overall transaction price at the inception of the Collaboration Agreement. As of the Closing, we are no longer entitled to receipt of payment for any of the unpaid milestones included in the Collaboration Agreement. Accordingly, the unpaid milestone payments are no longer considered for inclusion in the overall transaction price as of the Closing. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">We re-evaluate the transaction price at the end of each reporting period and as uncertain events are resolved or other changes in circumstances occur, and adjust the transaction price as necessary. During the period from the Closing through June 30, 2026, we did not recognize any adjustment to the transaction price associated with the contingent payment. </div><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">Revenue Recognition </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">As noted above, we have no remaining performance obligation to Jazz as of the Closing. Accordingly, we have recognized revenue of $21.0 million during the three and six months ended June 30, 2026 related to the increase in the overall transaction price described above. As of June 30, 2026, all consideration included in the overall transaction price has been recognized as revenue. </div> 515000000 740000000 21000000 2000000 P18M 21000000 2000000 0 21000000 21000000 <div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">5. Financial Instruments and Fair Value Measurements </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Our assets that are required to be measured at fair value on a recurring basis consist of money market funds classified as cash and cash equivalents on our condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Our liabilities that are required to be measured at fair value on a recurring basis consist of a derivative liability pursuant to a loan and security agreement (the “K2HV Loan Agreement”) with K2 HealthVentures LLC (“K2HV”) (see Note 7, <span style="font-style: italic;">Term Loan</span>) on our condensed consolidated balance sheet as of December 31, 2025. We do not have any liabilities that are required to be measured at fair value on a recurring basis as of June 30, 2026. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The carrying amounts reflected in the condensed consolidated balance sheets for cash, prepaid expenses and other current assets, accounts payable and accrued expenses approximate their fair values, due to their short-term nature. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;">Assets measured at fair value on a recurring basis as of June 30, 2026 were as follows: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 264pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 32.5pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 24.66pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 24.66pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 32.5pt;"><div style="font-size: 1pt;"> </div></td></tr><tr class="BRDSX_header"><td style="width: 264pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Level 1</div></td><td style="width: 11.21pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Level 2</div></td><td style="width: 11.21pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Level 3</div></td><td style="width: 11.21pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Total </div></td></tr><tr class="BRDSX_header"><td style="width: 264pt; padding-top: 2.08pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td colspan="10" style="width: 181.58pt; padding-top: 2.08pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(in thousands) </div></td></tr><tr><td style="width: 264pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Assets:<br/></div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td></tr><tr><td style="width: 264pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Money market funds</div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$21,489 </span></div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.83pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$— </span></div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.83pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$— </span></div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$21,489 </span></div></td></tr><tr><td style="width: 264pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20pt; text-align: left;">Total assets</div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$21,489 </span></div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.83pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$— </span></div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.83pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$— </span></div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$21,489</span></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 264pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 32.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 24.66pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 24.66pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 32.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td></tr></table><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">Assets and liabilities measured at fair value on a recurring basis as of December 31, 2025 were as follows: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 264pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 32.5pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 24.66pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 24.66pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 32.5pt;"><div style="font-size: 1pt;"> </div></td></tr><tr class="BRDSX_header"><td style="width: 264pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Level 1</div></td><td style="width: 11.21pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Level 2</div></td><td style="width: 11.21pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Level 3</div></td><td style="width: 11.21pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Total </div></td></tr><tr class="BRDSX_header"><td style="width: 264pt; padding-top: 2.08pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td colspan="10" style="width: 181.58pt; padding-top: 2.08pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(in thousands) </div></td></tr><tr><td style="width: 264pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Assets:<br/></div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td></tr><tr><td style="width: 264pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Money market funds</div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$56,548 </span></div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.83pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$— </span></div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.33pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$</span><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">— </span></div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$56,548 </span></div></td></tr><tr><td style="width: 264pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20pt; text-align: left;">Total assets</div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$56,548 </span></div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.83pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$— </span></div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.33pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 5pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">— </span></div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$56,548 </span></div></td></tr><tr><td style="width: 264pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td></tr><tr><td style="width: 264pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Liabilities:<br/></div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td></tr><tr><td style="width: 264pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Derivative liability</div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$</span><span style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">— </span></div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.83pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$— </span></div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.33pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$759 </span></div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$</span><span style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">759 </span></div></td></tr><tr><td style="width: 264pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20pt; text-align: left;">Total liabilities</div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 17.5pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">— </span></div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.83pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$— </span></div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.33pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$759 </span></div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 12.5pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">759</span></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 264pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 32.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 24.66pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 24.66pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 32.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td></tr></table><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.5pt; margin-left: 0pt; text-align: left;">There were no changes in valuation techniques used during the three or six months ended June 30, 2026. </div><div class="BRDSX_h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">Derivative Liability </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In May 2024, we entered into the K2HV Loan Agreement, as further described in Note 7, which provided up to $60.0 million principal in term loans. Pursuant to the terms of the K2HV Loan Agreement, the lenders thereto could elect, prior to the full repayment of the term loans, to convert up to $5.0 million of the outstanding principal of the term loans into shares of our common stock at a conversion price of the lesser of $6.3182 per share (the “Fixed Price Conversion”) and the lowest effective price per share of our first equity financing following the closing of the K2HV Loan Agreement (the “Variable Price Conversion”), subject to customary adjustments and 9.99% and 19.99% beneficial ownership limitations. The Fixed Price Conversion and Variable Price Conversion within the K2HV Loan Agreement were required to be bifurcated as a single compound embedded derivative carried at fair value, with subsequent changes in fair value recognized in the condensed consolidated statements of operations. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In May 2026, we repaid all amounts owed under K2HV Loan Agreement, as described in Note 7. Upon repayment of the outstanding principal of the term loan, the lenders’ ability to exercise the conversion option expired. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;">The following table reconciles the change in fair value of the derivative liability based on Level 3 inputs: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 336pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 11.11pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 11.11pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="height: 6pt; width: 109.77pt;"><div style="font-size: 1pt;"> </div></td></tr><tr class="BRDSX_header"><td style="width: 336pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 11.11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.11pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 109.77pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Six Months Ended June 30, </div></td></tr><tr class="BRDSX_header"><td style="width: 336pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 11.11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.11pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.69pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2026</div></td><td style="width: 11.11pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.11pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 45.86pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025 </div></td></tr><tr class="BRDSX_header"><td style="width: 336pt; padding-top: 2.08pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 11.11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.11pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 109.77pt; padding-top: 2.08pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(in thousands) </div></td></tr><tr><td style="width: 336pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Balance at beginning of period</div></td><td style="width: 11.11pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.11pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.69pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.18pt; text-align: left;">$<span style="padding-left: 3.33pt;">759 </span></div></td><td style="width: 11.11pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.11pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 45.86pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.18pt; text-align: left;">$2,829 </div></td></tr><tr><td style="width: 336pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Change in fair value</div></td><td style="width: 11.11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.69pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.18pt; text-align: left;"><span style="padding-left: 5pt;">(707)</span></div></td><td style="width: 11.11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 45.86pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.18pt; text-align: left;"><span style="padding-left: 9.17pt;">(190) </span></div></td></tr><tr><td style="width: 336pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Extinguishment of note payable</div></td><td style="width: 11.11pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.11pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.69pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.18pt; text-align: left;"><span style="padding-left: 10pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(52</span><span style="padding-bottom: 1.5pt;">)</span></div></td><td style="width: 11.11pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.11pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 45.86pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.18pt; text-align: left;"><span style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">— </span></div></td></tr><tr><td style="width: 336pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Balance at end of period</div></td><td style="width: 11.11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.69pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.18pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 8.33pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">— </span></div></td><td style="width: 11.11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 45.86pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.18pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$2,639</span></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 336pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 11.11pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 11.11pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 41.69pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 11.11pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 11.11pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 45.86pt;"><div style="font-size: 1pt;"> </div></td></tr></table><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The change in fair value of the derivative liability is included in other income, net in the accompanying condensed consolidated statements of operations. We recognized nominal gains related to change in fair value of the derivative liability during the three months ended June 30, 2026 and 2025. We recognized gains of $0.7 million and $0.2 million related to change in fair value of the derivative liability during the six months ended June 30, 2026 and 2025, respectively. The fair value of the derivative liability immediately prior to repayment of the amounts owed under K2HV Loan Agreement was written off and is included in the loss on extinguishment of note payable in the accompanying condensed consolidated statement of operations in the amount of $0.1 million for the three and six months ended June 30, 2026. </div></div></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">The fair value of the derivative liability in the term loan was estimated using the Monte Carlo and the Black-Scholes models, each weighted based on the probable outcomes of various scenarios. A summary of the weighted-average significant unobservable inputs (Level 3 inputs) used in measuring the derivative liability in the term loan as of December 31, 2025 is as follows: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 420pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 10.25pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 10.25pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 27.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td></tr><tr><td style="width: 420pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Stock price</div></td><td style="width: 10.25pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 10.25pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 27.5pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<span style="padding-left: 5pt;">0.63 </span></div></td></tr><tr><td style="width: 420pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Volatility</div></td><td style="width: 10.25pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 10.25pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 27.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 5pt;">105.0% </span></div></td></tr><tr><td style="width: 420pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Risk-free rate (continuous)</div></td><td style="width: 10.25pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 10.25pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 27.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 15pt;">3.5% </span></div></td></tr><tr><td style="width: 420pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Expected term (in years)</div></td><td style="width: 10.25pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 10.25pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 27.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 10pt;">0.25 </span></div></td></tr><tr><td style="width: 420pt; padding-top: 1.01pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Dividend yield (continuous)</div></td><td style="width: 10.25pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 10.25pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 27.5pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 17.5pt;">—%</span></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 420pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 10.25pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 10.25pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 27.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td></tr></table> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;">Assets measured at fair value on a recurring basis as of June 30, 2026 were as follows: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 264pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 32.5pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 24.66pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 24.66pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 32.5pt;"><div style="font-size: 1pt;"> </div></td></tr><tr class="BRDSX_header"><td style="width: 264pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Level 1</div></td><td style="width: 11.21pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Level 2</div></td><td style="width: 11.21pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Level 3</div></td><td style="width: 11.21pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Total </div></td></tr><tr class="BRDSX_header"><td style="width: 264pt; padding-top: 2.08pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td colspan="10" style="width: 181.58pt; padding-top: 2.08pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(in thousands) </div></td></tr><tr><td style="width: 264pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Assets:<br/></div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td></tr><tr><td style="width: 264pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Money market funds</div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$21,489 </span></div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.83pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$— </span></div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.83pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$— </span></div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$21,489 </span></div></td></tr><tr><td style="width: 264pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20pt; text-align: left;">Total assets</div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$21,489 </span></div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.83pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$— </span></div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.83pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$— </span></div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$21,489</span></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 264pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 32.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 24.66pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 24.66pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 32.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td></tr></table><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 264pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 32.5pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 24.66pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 24.66pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 32.5pt;"><div style="font-size: 1pt;"> </div></td></tr><tr class="BRDSX_header"><td style="width: 264pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Level 1</div></td><td style="width: 11.21pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Level 2</div></td><td style="width: 11.21pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Level 3</div></td><td style="width: 11.21pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Total </div></td></tr><tr class="BRDSX_header"><td style="width: 264pt; padding-top: 2.08pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td colspan="10" style="width: 181.58pt; padding-top: 2.08pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(in thousands) </div></td></tr><tr><td style="width: 264pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Assets:<br/></div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td></tr><tr><td style="width: 264pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Money market funds</div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$56,548 </span></div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.83pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$— </span></div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.33pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$</span><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">— </span></div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$56,548 </span></div></td></tr><tr><td style="width: 264pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20pt; text-align: left;">Total assets</div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$56,548 </span></div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.83pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$— </span></div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.33pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 5pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">— </span></div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$56,548 </span></div></td></tr><tr><td style="width: 264pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 3.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td></tr><tr><td style="width: 264pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Liabilities:<br/></div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td></tr><tr><td style="width: 264pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Derivative liability</div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$</span><span style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">— </span></div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.83pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$— </span></div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.33pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$759 </span></div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">$</span><span style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">759 </span></div></td></tr><tr><td style="width: 264pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 20pt; text-align: left;">Total liabilities</div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 17.5pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">— </span></div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.83pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$— </span></div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 24.66pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 2.33pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$759 </span></div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 12.5pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">759</span></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 264pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 32.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 24.66pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 24.66pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 11.21pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 32.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td></tr></table> 21489000 0 0 21489000 21489000 0 0 21489000 56548000 0 0 56548000 56548000 0 0 56548000 0 0 759000 759000 0 0 759000 759000 60000000 5000000 6.3182 0.0999 0.1999 <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;">The following table reconciles the change in fair value of the derivative liability based on Level 3 inputs: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 336pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 11.11pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 11.11pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="height: 6pt; width: 109.77pt;"><div style="font-size: 1pt;"> </div></td></tr><tr class="BRDSX_header"><td style="width: 336pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 11.11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.11pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 109.77pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Six Months Ended June 30, </div></td></tr><tr class="BRDSX_header"><td style="width: 336pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 11.11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.11pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.69pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2026</div></td><td style="width: 11.11pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.11pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 45.86pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025 </div></td></tr><tr class="BRDSX_header"><td style="width: 336pt; padding-top: 2.08pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 11.11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.11pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 109.77pt; padding-top: 2.08pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(in thousands) </div></td></tr><tr><td style="width: 336pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Balance at beginning of period</div></td><td style="width: 11.11pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.11pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.69pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.18pt; text-align: left;">$<span style="padding-left: 3.33pt;">759 </span></div></td><td style="width: 11.11pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.11pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 45.86pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.18pt; text-align: left;">$2,829 </div></td></tr><tr><td style="width: 336pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Change in fair value</div></td><td style="width: 11.11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.69pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.18pt; text-align: left;"><span style="padding-left: 5pt;">(707)</span></div></td><td style="width: 11.11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 45.86pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.18pt; text-align: left;"><span style="padding-left: 9.17pt;">(190) </span></div></td></tr><tr><td style="width: 336pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Extinguishment of note payable</div></td><td style="width: 11.11pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.11pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.69pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.18pt; text-align: left;"><span style="padding-left: 10pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(52</span><span style="padding-bottom: 1.5pt;">)</span></div></td><td style="width: 11.11pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.11pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 45.86pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.18pt; text-align: left;"><span style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">— </span></div></td></tr><tr><td style="width: 336pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Balance at end of period</div></td><td style="width: 11.11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 41.69pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.18pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 8.33pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">— </span></div></td><td style="width: 11.11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.11pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 45.86pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.18pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$2,639</span></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 336pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 11.11pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 11.11pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 41.69pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 11.11pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 11.11pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 45.86pt;"><div style="font-size: 1pt;"> </div></td></tr></table> 759000 2829000 -707000 -190000 -52000 0 0 2639000 0 0 -700000 -200000 -100000 -100000 <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">The fair value of the derivative liability in the term loan was estimated using the Monte Carlo and the Black-Scholes models, each weighted based on the probable outcomes of various scenarios. A summary of the weighted-average significant unobservable inputs (Level 3 inputs) used in measuring the derivative liability in the term loan as of December 31, 2025 is as follows: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 420pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 10.25pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 10.25pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 27.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td></tr><tr><td style="width: 420pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Stock price</div></td><td style="width: 10.25pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 10.25pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 27.5pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<span style="padding-left: 5pt;">0.63 </span></div></td></tr><tr><td style="width: 420pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Volatility</div></td><td style="width: 10.25pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 10.25pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 27.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 5pt;">105.0% </span></div></td></tr><tr><td style="width: 420pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Risk-free rate (continuous)</div></td><td style="width: 10.25pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 10.25pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 27.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 15pt;">3.5% </span></div></td></tr><tr><td style="width: 420pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Expected term (in years)</div></td><td style="width: 10.25pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 10.25pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 27.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 10pt;">0.25 </span></div></td></tr><tr><td style="width: 420pt; padding-top: 1.01pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Dividend yield (continuous)</div></td><td style="width: 10.25pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 10.25pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 27.5pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 17.5pt;">—%</span></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 420pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 10.25pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 10.25pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 27.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td></tr></table> 0.63 1.05 0.035 0.25 0 <div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">6. Accrued Expenses and Other Current Liabilities </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7pt; margin-left: 0pt; text-align: left;">Accrued expenses and other current liabilities were comprised as follows: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 360pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 8.26pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 8.26pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 28.45pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 8.26pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 8.26pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 46.49pt;"><div style="font-size: 1pt;"> </div></td></tr><tr class="BRDSX_header"><td style="width: 360pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 8.26pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.26pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 28.45pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">June 30,<br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2026</div></td><td style="width: 8.26pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.26pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 46.49pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December 31,<br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025 </div></td></tr><tr class="BRDSX_header"><td style="width: 360pt; padding-top: 2.08pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 8.26pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.26pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 91.46pt; padding-top: 2.08pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(in thousands) </div></td></tr><tr><td style="width: 360pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Contract research</div></td><td style="width: 8.26pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.26pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 28.45pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.47pt; text-align: left;">$3,189</div></td><td style="width: 8.26pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.26pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 46.49pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.5pt; text-align: left;">$2,376 </div></td></tr><tr><td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Professional fees</div></td><td style="width: 8.26pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.26pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 28.45pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.47pt; text-align: left;"><span style="padding-left: 5pt;">2,316</span></div></td><td style="width: 8.26pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.26pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 46.49pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.5pt; text-align: left;"><span style="padding-left: 5pt;">1,388 </span></div></td></tr><tr><td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Employee compensation and benefits</div></td><td style="width: 8.26pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.26pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 28.45pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.47pt; text-align: left;"><span style="padding-left: 12.87pt;">211</span></div></td><td style="width: 8.26pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.26pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 46.49pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.5pt; text-align: left;"><span style="padding-left: 12.5pt;">302 </span></div></td></tr><tr><td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Manufacturing</div></td><td style="width: 8.26pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.26pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 28.45pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.47pt; text-align: left;"><span style="padding-left: 17.5pt;">90</span></div></td><td style="width: 8.26pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.26pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 46.49pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.5pt; text-align: left;"><span style="padding-left: 12.5pt;">928 </span></div></td></tr><tr><td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Restructuring costs</div></td><td style="width: 8.26pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.26pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 28.45pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.47pt; text-align: left;"><span style="padding-left: 17.5pt;">34 </span></div></td><td style="width: 8.26pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.26pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 46.49pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.5pt; text-align: left;"><span style="padding-left: 17.5pt;">— </span></div></td></tr><tr><td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Accrued interest</div></td><td style="width: 8.26pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.26pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 28.45pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.47pt; text-align: left;"><span style="padding-left: 17.5pt;">— </span></div></td><td style="width: 8.26pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.26pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 46.49pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.5pt; text-align: left;"><span style="padding-left: 12.5pt;">266 </span></div></td></tr><tr><td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Other</div></td><td style="width: 8.26pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.26pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 28.45pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.47pt; text-align: left;"><span style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">84 </span></div></td><td style="width: 8.26pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.26pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 46.49pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.5pt; text-align: left;"><span style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">147 </span></div></td></tr><tr><td style="width: 360pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Total accrued expenses and other current liabilities</div></td><td style="width: 8.26pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.26pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 28.45pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.47pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$5,924</span></div></td><td style="width: 8.26pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.26pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 46.49pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.5pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$5,407</span></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 360pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 8.26pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 8.26pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 28.45pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 8.26pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 8.26pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 46.49pt;"><div style="font-size: 1pt;"> </div></td></tr></table> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7pt; margin-left: 0pt; text-align: left;">Accrued expenses and other current liabilities were comprised as follows: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 360pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 8.26pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 8.26pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 28.45pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 8.26pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 8.26pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 46.49pt;"><div style="font-size: 1pt;"> </div></td></tr><tr class="BRDSX_header"><td style="width: 360pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 8.26pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.26pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 28.45pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">June 30,<br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2026</div></td><td style="width: 8.26pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.26pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 46.49pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December 31,<br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025 </div></td></tr><tr class="BRDSX_header"><td style="width: 360pt; padding-top: 2.08pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 8.26pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.26pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 91.46pt; padding-top: 2.08pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(in thousands) </div></td></tr><tr><td style="width: 360pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Contract research</div></td><td style="width: 8.26pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.26pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 28.45pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.47pt; text-align: left;">$3,189</div></td><td style="width: 8.26pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.26pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 46.49pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.5pt; text-align: left;">$2,376 </div></td></tr><tr><td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Professional fees</div></td><td style="width: 8.26pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.26pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 28.45pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.47pt; text-align: left;"><span style="padding-left: 5pt;">2,316</span></div></td><td style="width: 8.26pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.26pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 46.49pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.5pt; text-align: left;"><span style="padding-left: 5pt;">1,388 </span></div></td></tr><tr><td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Employee compensation and benefits</div></td><td style="width: 8.26pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.26pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 28.45pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.47pt; text-align: left;"><span style="padding-left: 12.87pt;">211</span></div></td><td style="width: 8.26pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.26pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 46.49pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.5pt; text-align: left;"><span style="padding-left: 12.5pt;">302 </span></div></td></tr><tr><td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Manufacturing</div></td><td style="width: 8.26pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.26pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 28.45pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.47pt; text-align: left;"><span style="padding-left: 17.5pt;">90</span></div></td><td style="width: 8.26pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.26pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 46.49pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.5pt; text-align: left;"><span style="padding-left: 12.5pt;">928 </span></div></td></tr><tr><td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Restructuring costs</div></td><td style="width: 8.26pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.26pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 28.45pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.47pt; text-align: left;"><span style="padding-left: 17.5pt;">34 </span></div></td><td style="width: 8.26pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.26pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 46.49pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.5pt; text-align: left;"><span style="padding-left: 17.5pt;">— </span></div></td></tr><tr><td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Accrued interest</div></td><td style="width: 8.26pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.26pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 28.45pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.47pt; text-align: left;"><span style="padding-left: 17.5pt;">— </span></div></td><td style="width: 8.26pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.26pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 46.49pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.5pt; text-align: left;"><span style="padding-left: 12.5pt;">266 </span></div></td></tr><tr><td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Other</div></td><td style="width: 8.26pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.26pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 28.45pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.47pt; text-align: left;"><span style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">84 </span></div></td><td style="width: 8.26pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.26pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 46.49pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.5pt; text-align: left;"><span style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">147 </span></div></td></tr><tr><td style="width: 360pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Total accrued expenses and other current liabilities</div></td><td style="width: 8.26pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.26pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 28.45pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.47pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$5,924</span></div></td><td style="width: 8.26pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.26pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 46.49pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 9.5pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$5,407</span></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 360pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 8.26pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 8.26pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 28.45pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 8.26pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 8.26pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 46.49pt;"><div style="font-size: 1pt;"> </div></td></tr></table> 3189000 2376000 2316000 1388000 211000 302000 90000 928000 34000 0 0 266000 84000 147000 5924000 5407000 <div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">7. Term Loan </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In May 2024, we, as borrower, entered into the K2HV Loan Agreement with K2HV (together with any other lender from time to time, the “Lenders”); K2HV, as administrative agent for the Lenders (in such capacity, together with its successors, the “Administrative Agent”); and Ankura Trust Company, LLC, as collateral trustee for the Lenders (the “Collateral Trustee”). The K2HV Loan Agreement provided up to $60.0 million principal in term loans. We received $30.0 million in gross loan proceeds at closing; $25.0 million from the first tranche commitment and $5.0 million from the second tranche commitment. A third tranche commitment of up to $10.0 million was available to be drawn at our option through June 30, 2025, subject to the achievement, as determined by the Administrative Agent in its discretion, of certain time-based, clinical and regulatory milestones and receipt of not less than $60.0 million in net cash proceeds from certain financing activities, with at least $50.0 million from a single offering of common stock. Our ability to draw upon the third tranche commitment expired on June 30, 2025 without being drawn upon. A fourth tranche commitment of up to $20.0 million was available to be drawn at our option through May 1, 2026, subject to Lender’s review of our clinical, financial and operating plan and subject to the Lender’s consent in its sole and absolute discretion. Our ability to draw upon the fourth tranche commitment expired on May 1, 2026 without being drawn upon. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The term loan was scheduled to mature on May 1, 2028, and we were obligated to make interest only payments for the first 24 months followed by equal interest and principal payments each month thereafter through the maturity date. The term loan bore a variable interest rate equal to the greater of (i) 10.3%, and (ii) the sum of (A) the prime rate last quoted in The Wall Street Journal (or a comparable replacement rate if The Wall Street Journal ceases to quote such rate) and (B) 1.8%. We could prepay, at our option, all, but not less than all, of the outstanding principal balance and all accrued and unpaid interest with respect to the principal balance being prepaid of the term loans, subject to a prepayment premium to which the Lenders were entitled and certain notice requirements. We were obligated to pay a final fee equal to 6.95% of the aggregate amount of the term loans funded (the “Final Fee”) to occur upon the earliest of (i) the maturity date, (ii) the acceleration of the term loans, and (iii) the prepayment of the term loans. The Final Fee was being accreted to interest expense using the effective interest method over the life of the debt. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Lenders had the option, prior to the full repayment of the term loans, to convert up to $5.0 million of outstanding principal of the term loans into shares of our common stock, pursuant to the Fixed Price Conversion or the Variable Price Conversion, subject to customary adjustments and 9.99% and 19.99% beneficial ownership limitations. There would </div><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">have been no prepayment penalty for any principal amount converted into common stock. We determined that the Fixed Price Conversion and the Variable Price Conversion within the K2HV Loan Agreement were required to be bifurcated as an embedded derivative under ASC Topic 815, <span style="font-style: italic;">Derivatives and Hedging</span> (“ASC 815”), at fair value, and recorded as a discount on the debt on the date of issuance, with subsequent changes in fair value recognized in the accompanying condensed consolidated statements of operations. See Note 5 for further discussion on this derivative instrument. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">As security for our obligations under the K2HV Loan Agreement, we granted the Lenders a first priority security interest on substantially all of our assets (other than intellectual property), subject to certain exceptions. The K2HV Loan Agreement contained customary representations and warranties, events of default and affirmative and negative covenants, including covenants that limited or restricted our ability to, among other things, dispose of assets, make changes to our business, management, ownership or business locations, merge or consolidate, incur additional indebtedness, incur additional liens, pay dividends or other distributions or repurchase equity, make investments, and enter into certain transactions with affiliates, in each case subject to certain exceptions. Upon the occurrence of an event of default, a default interest rate of an additional 5.0% per annum may have been applied to the outstanding loan balances, and the Lenders may have declared all outstanding obligations immediately due and payable and exercised all of their rights and remedies as set forth in the K2HV Loan Agreement and under applicable law. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Subject to certain conditions, we granted the Lenders the right, prior to repayment of the term loans, to invest up to $5.0 million in the aggregate in future offerings of capital stock, at market terms, subject to certain exceptions and conditions. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">We incurred debt issuance costs of $0.7 million in connection with the term loans, composed of the facility fee of $0.4 million and other expenses paid to the Lenders of $0.2 million and external legal fees of $0.1 million. These debt issuance costs, together with the fair value of the embedded derivative of $4.5 million at inception of the K2HV Loan Agreement, resulted in a debt discount of $5.1 million which was being amortized to interest expense over the term of the K2HV Loan Agreement using the effective interest method. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">On May 6, 2026, we entered into a letter agreement providing for the repayment by us of all amounts owed under the K2HV Loan Agreement. On May 6, 2026, upon payment by us of $31.4 million, all of our indebtedness and obligations to the Collateral Trustee and the Lenders under the K2HV Loan Agreement and any other related loan and collateral security documents was deemed paid and discharged in full. During the three and six months ended June 30, 2026, we recognized a loss on the extinguishment of debt in the amount of $3.4 million, primarily due to the write off of unamortized debt issuance costs and the unaccreted balance of the Final Fee. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;">The outstanding note payable consisted of the following as of December 31, 2025 (in thousands) : </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 408pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 13.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 13.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 32.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td></tr><tr><td style="width: 408pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Note payable</div></td><td style="width: 13.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 13.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$30,000 </div></td></tr><tr><td style="width: 408pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Unamortized debt discount and issuance costs</div></td><td style="width: 13.75pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 13.75pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 6.67pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(1,764</span><span style="padding-bottom: 1.5pt;">) </span></div></td></tr><tr><td style="width: 408pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Net carrying amount of note payable</div></td><td style="width: 13.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 13.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$28,236</span></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 408pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 13.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 13.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 32.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td></tr></table><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.5pt; margin-left: 0pt; text-align: left;">The following table provides the components of interest expense related to the K2HV Loan Agreement: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 288pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 7.02pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 7.02pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="height: 6pt; width: 80.78pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 7.02pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 7.02pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="height: 6pt; width: 71.14pt;"><div style="font-size: 1pt;"> </div></td></tr><tr class="BRDSX_header"><td style="width: 288pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 7.02pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 80.78pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Three Months Ended<br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">June 30,</div></td><td style="width: 7.02pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 71.14pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Six Months Ended<br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">June 30, </div></td></tr><tr class="BRDSX_header"><td style="width: 288pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 7.02pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 29.62pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2026</div></td><td style="width: 7.02pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 37.12pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025</div></td><td style="width: 7.02pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 28.55pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2026</div></td><td style="width: 7.02pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 28.55pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025 </div></td></tr><tr class="BRDSX_header"><td style="width: 288pt; padding-top: 2.08pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 7.02pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt;"><div style="font-size: 1pt;"> </div></td><td colspan="10" style="width: 165.96pt; padding-top: 2.08pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(in thousands) </div></td></tr><tr><td style="width: 288pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-indent: -10pt; text-align: left;">Interest expense based on coupon interest rate (10.3%) of outstanding term loans</div></td><td style="width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 29.62pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.81pt; text-align: left;">$299 </div></td><td style="width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 37.12pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.8pt; text-align: left;">$<span style="padding-left: 7.5pt;">781 </span></div></td><td style="width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 28.55pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.53pt; text-align: left;">$1,072 </div></td><td style="width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 28.55pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.52pt; text-align: left;">$1,554 </div></td></tr><tr><td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Amortization of debt discount and accretion of Final Fee (8.94%)</div></td><td style="width: 7.02pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 29.62pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.81pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">176 </span></div></td><td style="width: 7.02pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 37.12pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.8pt; text-align: left;"><span style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">520 </span></div></td><td style="width: 7.02pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 28.55pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.53pt; text-align: left;"><span style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">771 </span></div></td><td style="width: 7.02pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 28.55pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.52pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">1,010 </span></div></td></tr><tr><td style="width: 288pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Total interest expense on effective rate (19.24%)</div></td><td style="width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 29.62pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.81pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$475 </span></div></td><td style="width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 37.12pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.8pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$1,301 </span></div></td><td style="width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 28.55pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.53pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$1,843 </span></div></td><td style="width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 28.55pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.52pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$2,564</span></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 288pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 29.62pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 37.12pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 28.55pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 28.55pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td></tr></table><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">We had presented the full amount of the term loan payable, net of discount and issuance costs, as a current liability as of December 31, 2025 based on our assessment that repayment of the loan was probable in the subsequent twelve months of December 31, 2025. </div></div></div> 60000000 30000000 25000000 5000000 10000000 60000000 50000000 20000000 P24M 0.103 0.018 0.0695 5000000 0.0999 0.1999 0.05 5000000 700000 400000 200000 100000 4500000 5100000 31400000 3400000 3400000 <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;">The outstanding note payable consisted of the following as of December 31, 2025 (in thousands) : </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 408pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 13.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 13.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 32.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td></tr><tr><td style="width: 408pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Note payable</div></td><td style="width: 13.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 13.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$30,000 </div></td></tr><tr><td style="width: 408pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Unamortized debt discount and issuance costs</div></td><td style="width: 13.75pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 13.75pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 6.67pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(1,764</span><span style="padding-bottom: 1.5pt;">) </span></div></td></tr><tr><td style="width: 408pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Net carrying amount of note payable</div></td><td style="width: 13.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 13.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$28,236</span></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 408pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 13.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 13.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 32.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td></tr></table> 30000000 1764000 28236000 <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.5pt; margin-left: 0pt; text-align: left;">The following table provides the components of interest expense related to the K2HV Loan Agreement: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 288pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 7.02pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 7.02pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="height: 6pt; width: 80.78pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 7.02pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 7.02pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="height: 6pt; width: 71.14pt;"><div style="font-size: 1pt;"> </div></td></tr><tr class="BRDSX_header"><td style="width: 288pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 7.02pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 80.78pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Three Months Ended<br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">June 30,</div></td><td style="width: 7.02pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 71.14pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Six Months Ended<br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">June 30, </div></td></tr><tr class="BRDSX_header"><td style="width: 288pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 7.02pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 29.62pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2026</div></td><td style="width: 7.02pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 37.12pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025</div></td><td style="width: 7.02pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 28.55pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2026</div></td><td style="width: 7.02pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 28.55pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025 </div></td></tr><tr class="BRDSX_header"><td style="width: 288pt; padding-top: 2.08pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 7.02pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt;"><div style="font-size: 1pt;"> </div></td><td colspan="10" style="width: 165.96pt; padding-top: 2.08pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(in thousands) </div></td></tr><tr><td style="width: 288pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-indent: -10pt; text-align: left;">Interest expense based on coupon interest rate (10.3%) of outstanding term loans</div></td><td style="width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 29.62pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.81pt; text-align: left;">$299 </div></td><td style="width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 37.12pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.8pt; text-align: left;">$<span style="padding-left: 7.5pt;">781 </span></div></td><td style="width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 28.55pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.53pt; text-align: left;">$1,072 </div></td><td style="width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 28.55pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.52pt; text-align: left;">$1,554 </div></td></tr><tr><td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Amortization of debt discount and accretion of Final Fee (8.94%)</div></td><td style="width: 7.02pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 29.62pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.81pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">176 </span></div></td><td style="width: 7.02pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 37.12pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.8pt; text-align: left;"><span style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">520 </span></div></td><td style="width: 7.02pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 28.55pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.53pt; text-align: left;"><span style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">771 </span></div></td><td style="width: 7.02pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 28.55pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.52pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">1,010 </span></div></td></tr><tr><td style="width: 288pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Total interest expense on effective rate (19.24%)</div></td><td style="width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 29.62pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.81pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$475 </span></div></td><td style="width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 37.12pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.8pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$1,301 </span></div></td><td style="width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 28.55pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.53pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$1,843 </span></div></td><td style="width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 28.55pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.52pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$2,564</span></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 288pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 29.62pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 37.12pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 28.55pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 28.55pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td></tr></table> -0.103 299000 781000 1072000 1554000 -0.0894 176000 520000 771000 1010000 0.1924 475000 1301000 1843000 2564000 <div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">8. Common and Preferred Stock </div><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 7pt; margin-left: 0pt; text-align: left;">Common Stock </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">We are authorized to issue 200,000,000 shares of common stock. Common stockholders are entitled to dividends if and when declared by our board of directors. As of June 30, 2026, no dividends on common stock had been declared by us. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">On May 10, 2022, we entered into a Sales Agreement (the “Sales Agreement”) with Leerink Partners LLC (“Leerink Partners”), pursuant to which we are entitled to offer and sell shares of our common stock (the “ATM Offering”). The Sales Agreement provides that Leerink Partners will be entitled to a sales commission equal to 3.0% of the gross sales price per share of all shares sold under the ATM Offering. We were initially entitled to offer and sell shares of our common stock having an aggregate offering price of up to $50.0 million in the ATM Offering, which was subsequently increased in February 2024 to $75.0 million. On May 8, 2025, we filed a new Registration Statement on Form S-3 and filed a new prospectus covering the ATM Offering (the “Prospectus”) for the offer and sale of shares of our common stock with an aggregate offering price of up to $12.5 million in the ATM Offering as a result of being subject to General Instruction I.B.6 of Form S-3 (the “Baby Shelf Limitation”). As of June 30, 2026, we remain subject to the Baby Shelf Limitation. During the six months ended June 30, 2026, we did not sell any shares of our common stock under the ATM Offering. During the six months ended June 30, 2025, we sold 421,766 shares of our common stock at an average price of $1.33 per share for net proceeds of $0.3 million after deducting sales commissions and offering expenses. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;">We have reserved shares of common stock for issuance as follows: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 312pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 10.49pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 10.49pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 47.99pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 10.49pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 10.49pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 66.04pt;"><div style="font-size: 1pt;"> </div></td></tr><tr class="BRDSX_header"><td style="width: 312pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 10.49pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 10.49pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 47.99pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">As of June 30, <br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2026</div></td><td style="width: 10.49pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 10.49pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 66.04pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">As of December 31, <br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025 </div></td></tr><tr><td style="width: 312pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Shares reserved for exercises of outstanding stock options</div></td><td style="width: 10.49pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 10.49pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 47.99pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.5pt; text-align: left;"><span style="padding-left: 5pt;">8,206,431</span></div></td><td style="width: 10.49pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 10.49pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 66.04pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.52pt; text-align: left;"><span style="padding-left: 5pt;">9,954,872 </span></div></td></tr><tr><td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Shares reserved for issuance under the 2021 Employee Stock Purchase Plan</div></td><td style="width: 10.49pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 10.49pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 47.99pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.5pt; text-align: left;"><span style="padding-left: 5pt;">1,044,648</span></div></td><td style="width: 10.49pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 10.49pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 66.04pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.52pt; text-align: left;"><span style="padding-left: 12.5pt;">560,929 </span></div></td></tr><tr><td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Shares reserved for issuance under the 2021 Stock Incentive Plan</div></td><td style="width: 10.49pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 10.49pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 47.99pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.5pt; text-align: left;"><span style="padding-left: 5pt;">6,070,054</span></div></td><td style="width: 10.49pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 10.49pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 66.04pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.52pt; text-align: left;"><span style="padding-left: 5pt;">2,039,026 </span></div></td></tr><tr><td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-indent: -10pt; text-align: left;">Shares reserved for issuance as part of the K2HV Loan Agreement conversion feature</div></td><td style="width: 10.49pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 10.49pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 47.99pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.5pt; text-align: left;"><span style="padding-left: 35pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">—</span></div></td><td style="width: 10.49pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 10.49pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 66.04pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.52pt; text-align: left;"><span style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">791,364 </span></div></td></tr><tr><td style="width: 312pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Total shares reserved for future issuance</div></td><td style="width: 10.49pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 10.49pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 47.99pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.5pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">15,321,133</span></div></td><td style="width: 10.49pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 10.49pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 66.04pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.52pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">13,346,191</span></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 312pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 10.49pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 10.49pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 47.99pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 10.49pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 10.49pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 66.04pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td></tr></table><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 15pt; margin-left: 0pt; text-align: left;">Preferred Stock </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">We are authorized to issue 5,000,000 shares of undesignated preferred stock in one or more series. As of June 30, 2026, no shares of preferred stock were issued or outstanding. </div> 200000000 0 0.03 50000000 75000000 12500000 0 421766 1.33 300000 <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;">We have reserved shares of common stock for issuance as follows: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 312pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 10.49pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 10.49pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 47.99pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 10.49pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 10.49pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 66.04pt;"><div style="font-size: 1pt;"> </div></td></tr><tr class="BRDSX_header"><td style="width: 312pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 10.49pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 10.49pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 47.99pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">As of June 30, <br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2026</div></td><td style="width: 10.49pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 10.49pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 66.04pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">As of December 31, <br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025 </div></td></tr><tr><td style="width: 312pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Shares reserved for exercises of outstanding stock options</div></td><td style="width: 10.49pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 10.49pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 47.99pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.5pt; text-align: left;"><span style="padding-left: 5pt;">8,206,431</span></div></td><td style="width: 10.49pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 10.49pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 66.04pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.52pt; text-align: left;"><span style="padding-left: 5pt;">9,954,872 </span></div></td></tr><tr><td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Shares reserved for issuance under the 2021 Employee Stock Purchase Plan</div></td><td style="width: 10.49pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 10.49pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 47.99pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.5pt; text-align: left;"><span style="padding-left: 5pt;">1,044,648</span></div></td><td style="width: 10.49pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 10.49pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 66.04pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.52pt; text-align: left;"><span style="padding-left: 12.5pt;">560,929 </span></div></td></tr><tr><td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Shares reserved for issuance under the 2021 Stock Incentive Plan</div></td><td style="width: 10.49pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 10.49pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 47.99pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.5pt; text-align: left;"><span style="padding-left: 5pt;">6,070,054</span></div></td><td style="width: 10.49pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 10.49pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 66.04pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.52pt; text-align: left;"><span style="padding-left: 5pt;">2,039,026 </span></div></td></tr><tr><td style="width: 312pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-indent: -10pt; text-align: left;">Shares reserved for issuance as part of the K2HV Loan Agreement conversion feature</div></td><td style="width: 10.49pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 10.49pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 47.99pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.5pt; text-align: left;"><span style="padding-left: 35pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">—</span></div></td><td style="width: 10.49pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 10.49pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 66.04pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.52pt; text-align: left;"><span style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">791,364 </span></div></td></tr><tr><td style="width: 312pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Total shares reserved for future issuance</div></td><td style="width: 10.49pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 10.49pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 47.99pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 1.5pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">15,321,133</span></div></td><td style="width: 10.49pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 10.49pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 66.04pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10.52pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">13,346,191</span></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 312pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 10.49pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 10.49pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 47.99pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 10.49pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 10.49pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 66.04pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td></tr></table> 8206431 9954872 1044648 560929 6070054 2039026 0 791364 15321133 13346191 5000000 0 0 <div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 17pt; margin-left: 0pt; text-align: left;">9. Stock-based Compensation </div><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 7pt; margin-left: 0pt; text-align: left;">2017 Stock Incentive Plan </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In December 2017, we adopted the 2017 Stock Incentive Plan (the “2017 Plan”), as amended and restated, pursuant to which we have outstanding stock options. No future awards may be granted under the 2017 Plan. </div><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 17.5pt; margin-left: 0pt; text-align: left;">2021 Stock Incentive Plan </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In April 2021, our board of directors adopted and our stockholders approved the 2021 Stock Incentive Plan (the “2021 Plan”), which became effective immediately prior to the effectiveness of our initial public offering (the “IPO”). As a result of the adoption of the 2021 Plan, no further awards will be made under the 2017 Plan. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The 2021 Plan provides for the grant of incentive stock options (“ISOs”), non-qualified stock options, restricted stock awards (“RSAs”), restricted stock units (“RSUs”), stock appreciation rights and other stock-based awards. Our employees, officers, directors, consultants and advisors are eligible to receive awards under the 2021 Plan. The terms of awards, including vesting requirements, are determined by our board of directors, subject to the provisions of the 2021 Plan. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">We initially registered 3,352,725 shares of common stock under the 2021 Plan, pursuant to a Registration Statement on Form S-8 filed with the SEC on April 30, 2021, which was comprised of (i) 2,843,116 shares of common stock reserved for issuance under the 2021 Plan, (ii) 31,884 shares of common stock originally reserved for issuance under the 2017 Plan that became available for issuance under the 2021 Plan upon the completion of the IPO, and (iii) 477,725 shares of unvested restricted stock subject to repurchase by us that may become issuable under the 2021 </div><div class="BRDSX_page-content"><div class="BRDSX_block-main" style="width: 468pt; margin-left: 0pt;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">Plan following such repurchase. The 2021 Plan also provides that an additional number of shares will be added annually to the shares authorized for issuance under the 2021 Plan on the first day of each fiscal year, beginning with the fiscal year ending December 31, 2022 and continuing until, and including, the fiscal year ending December 31, 2031. The number of shares added each year will be equal to the lesser of (i) 5% of the number of shares of outstanding common stock on such date and (ii) such amount as determined by our board of directors. As of June 30, 2026, a cumulative total of 9,582,699 additional shares have been added to the total shares authorized for issuance under the 2021 Plan in accordance with these terms. </div><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 15pt; margin-left: 0pt; text-align: left;">2021 Employee Stock Purchase Plan </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The 2021 Employee Stock Purchase Plan (“2021 ESPP”) permits eligible employees to purchase shares of our common stock at a discount and consists of consecutive six-month offering periods, each containing a single six-month purchase period. On the first day of each offering period, each employee who is enrolled in the 2021 ESPP will automatically receive an option to purchase up to a whole number of shares of our common stock. The purchase price of each of the shares purchased, in a given purchase period, will be equal to 85% of the lesser of the closing price of a share of our common stock on (i) the first day of the offering period, or (ii) the last day of the offering period. During the six months ended June 30, 2026 and 2025, 2,249 and 39,853 shares of our common stock, respectively, were purchased by participants of the 2021 ESPP. </div><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 15pt; margin-left: 0pt; text-align: left;">Stock-Based Compensation Expense </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Total stock-based compensation expense recognized in our condensed consolidated statements of operations was as follows: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 288pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 7.02pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 7.02pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="height: 6pt; width: 80.78pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 7.02pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 7.02pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="height: 6pt; width: 71.14pt;"><div style="font-size: 1pt;"> </div></td></tr><tr class="BRDSX_header"><td style="width: 288pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 7.02pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 80.78pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Three Months Ended<br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">June 30,</div></td><td style="width: 7.02pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 71.14pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Six Months Ended<br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">June 30, </div></td></tr><tr class="BRDSX_header"><td style="width: 288pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 7.02pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 29.62pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2026</div></td><td style="width: 7.02pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 37.12pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025</div></td><td style="width: 7.02pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 28.55pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2026</div></td><td style="width: 7.02pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 28.55pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025 </div></td></tr><tr class="BRDSX_header"><td style="width: 288pt; padding-top: 2.08pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 7.02pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt;"><div style="font-size: 1pt;"> </div></td><td colspan="10" style="width: 165.96pt; padding-top: 2.08pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(in thousands) </div></td></tr><tr><td style="width: 288pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Research and development</div></td><td style="width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 29.62pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.81pt; text-align: left;">$<span style="padding-left: 5pt;">83 </span></div></td><td style="width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 37.12pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.8pt; text-align: left;">$<span style="padding-left: 7.5pt;">973 </span></div></td><td style="width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 28.55pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.53pt; text-align: left;">$<span style="padding-left: 7.5pt;">586 </span></div></td><td style="width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 28.55pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.52pt; text-align: left;">$2,028 </div></td></tr><tr><td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">General and administrative</div></td><td style="width: 7.02pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 29.62pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.81pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">336 </span></div></td><td style="width: 7.02pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 37.12pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.8pt; text-align: left;"><span style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">820 </span></div></td><td style="width: 7.02pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 28.55pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.53pt; text-align: left;"><span style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">762 </span></div></td><td style="width: 7.02pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 28.55pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.52pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">1,771 </span></div></td></tr><tr><td style="width: 288pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Total stock-based compensation</div></td><td style="width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 29.62pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.81pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$419 </span></div></td><td style="width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 37.12pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.8pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$1,793 </span></div></td><td style="width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 28.55pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.53pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$1,348 </span></div></td><td style="width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 28.55pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.52pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$3,799</span></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 288pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 29.62pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 37.12pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 28.55pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 28.55pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td></tr></table><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">As part of the severance benefits offered to former employees impacted by the 2026 Restructuring described in Note 2 (the “Former Employees”), the forfeiture conditions of outstanding stock options belonging to the Former Employees were modified such that the Former Employees will retain their rights to exercise their stock options through the original expiration dates of each respective stock option to the extent that such stock options had become vested at the time that the Former Employees’ employment with us was terminated. Absent these modifications, the impacted stock options would have been forfeited by the Former Employees after a period of 90 days following the termination of their employment with us, if not exercised sooner. The expiration date for all stock options impacted by these modifications will occur on the <span style="-sec-ix-hidden: hidden-fact-6">tenth</span> anniversary of the grant date of each respective stock option. For the three and six months ended June 30, 2026, the stock-based compensation expense above includes $0.1 million and $0.7 million, respectively, of expense recognized related to these modifications. </div><div class="BRDSX_h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 15pt; margin-left: 0pt; text-align: left;">Stock Option Activity </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">No stock options were granted during the three or six months ended June 30, 2026. The fair value of stock options granted during the three and six months ended June 30, 2025 were calculated on the date of grant using the following weighted-average assumptions: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 288pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 11.04pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 11.04pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 72.74pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 11.04pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 11.04pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 63.11pt;"><div style="font-size: 1pt;"> </div></td></tr><tr class="BRDSX_header"><td style="width: 288pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 11.04pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.04pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 72.74pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Three Months Ended<br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">June 30, 2025</div></td><td style="width: 11.04pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.04pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 63.11pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Six Months Ended<br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">June 30, 2025 </div></td></tr><tr><td style="width: 288pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Risk-free interest rate</div></td><td style="width: 11.04pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.04pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 72.74pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 27.62pt; text-align: left;"><span style="padding-left: 5pt;">4.0%</span></div></td><td style="width: 11.04pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.04pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 63.11pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 22.8pt; text-align: left;"><span style="padding-left: 5pt;">4.4% </span></div></td></tr><tr><td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Expected term (in years)</div></td><td style="width: 11.04pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.04pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 72.74pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 27.62pt; text-align: left;"><span style="padding-left: 5pt;">5.8</span></div></td><td style="width: 11.04pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.04pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 63.11pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 22.8pt; text-align: left;"><span style="padding-left: 5pt;">5.9 </span></div></td></tr><tr><td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Expected annual dividend yield</div></td><td style="width: 11.04pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.04pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 72.74pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 27.62pt; text-align: left;"><span style="padding-left: 7.5pt;">— %</span></div></td><td style="width: 11.04pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.04pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 63.11pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 22.8pt; text-align: left;"><span style="padding-left: 7.5pt;">—% </span></div></td></tr><tr><td style="width: 288pt; padding-top: 1.01pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Expected volatility</div></td><td style="width: 11.04pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.04pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 72.74pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 27.62pt; text-align: left;">95.2%</div></td><td style="width: 11.04pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.04pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 63.11pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 22.8pt; text-align: left;">95.3%</div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 288pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 11.04pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 11.04pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 72.74pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 11.04pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 11.04pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 63.11pt;"><div style="font-size: 1pt;"> </div></td></tr></table><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Using the Black-Scholes option pricing model, the weighted-average grant date fair value of stock options granted during the three and six months ended June 30, 2025 was $0.82 and $1.17 per share, respectively. </div></div></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">The following table summarizes stock option activity during the six months ended June 30, 2026: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 204pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 6.82pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 6.82pt;"><div style="font-size: 1pt;"> </div></td><td colspan="10" style="height: 6pt; width: 250.35pt;"><div style="font-size: 1pt;"> </div></td></tr><tr class="BRDSX_header"><td style="width: 204pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 6.82pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.82pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td colspan="10" style="width: 250.35pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Options Outstanding </div></td></tr><tr class="BRDSX_header"><td style="width: 204pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 6.82pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.82pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 43.33pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Number of <br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Options</div></td><td style="width: 6.82pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.82pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 58.57pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Weighted-<br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Average Exercise <br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Price per Share</div></td><td style="width: 6.82pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.82pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 57.09pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Weighted-<br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Average <br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Remaining<br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Contractual Life<br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(in years)</div></td><td style="width: 6.82pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.82pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 50.44pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Aggregate <br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Intrinsic Value <br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(in millions) </div></td></tr><tr><td style="width: 204pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Outstanding at December 31, 2025</div></td><td style="width: 6.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 43.33pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 3.33pt;">9,954,872 </span></div></td><td style="width: 6.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 58.57pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.03pt; text-align: left;">$4.71 </div></td><td style="width: 6.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 57.09pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 6.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 50.44pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td></tr><tr><td style="width: 204pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Granted</div></td><td style="width: 6.82pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.82pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 43.33pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 33.33pt;">— </span></div></td><td style="width: 6.82pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.82pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 58.57pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.03pt; text-align: left;">$<span style="padding-left: 7.5pt;">— </span></div></td><td style="width: 6.82pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.82pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 57.09pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 6.82pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.82pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 50.44pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td></tr><tr><td style="width: 204pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Exercised</div></td><td style="width: 6.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 43.33pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 33.33pt;">— </span></div></td><td style="width: 6.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 58.57pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.03pt; text-align: left;">$<span style="padding-left: 7.5pt;">— </span></div></td><td style="width: 6.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 57.09pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 6.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 50.44pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td></tr><tr><td style="width: 204pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Cancelled</div></td><td style="width: 6.82pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.82pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 43.33pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(1,748,441</span><span style="padding-bottom: 1.5pt;">)</span></div></td><td style="width: 6.82pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.82pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 58.57pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.03pt; text-align: left;">$2.23 </div></td><td style="width: 6.82pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.82pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 57.09pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 6.82pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.82pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 50.44pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td></tr><tr><td style="width: 204pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Outstanding at June 30, 2026</div></td><td style="width: 6.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 43.33pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 3.33pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">8,206,431 </span></div></td><td style="width: 6.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 58.57pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.03pt; text-align: left;">$5.24 </div></td><td style="width: 6.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 57.09pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 19.79pt; text-align: left;">6.35</div></td><td style="width: 6.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 50.44pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.72pt; text-align: left;">$— </div></td></tr><tr><td style="width: 204pt; padding-top: 3.26pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Exercisable at June 30, 2026</div></td><td style="width: 6.82pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.82pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 43.33pt; padding-top: 3.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 3.33pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">6,948,699 </span></div></td><td style="width: 6.82pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.82pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 58.57pt; padding-top: 3.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.03pt; text-align: left;">$5.77 </div></td><td style="width: 6.82pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.82pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 57.09pt; padding-top: 3.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 19.79pt; text-align: left;">6.02</div></td><td style="width: 6.82pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.82pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 50.44pt; padding-top: 3.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.72pt; text-align: left;">$—</div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 204pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.82pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.82pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 43.33pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.82pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.82pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 58.57pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.82pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.82pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 57.09pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.82pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.82pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 50.44pt;"><div style="font-size: 1pt;"> </div></td></tr></table><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.5pt; margin-left: 0pt; text-align: left;">No stock options were exercised during the three and six months ended June 30, 2026 and 2025. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">As of June 30, 2026, we had unrecognized stock-based compensation expense related to unvested stock options of $2.0 million, which we expect to recognize over a weighted-average period of approximately 1.7 years. </div> 3352725 2843116 31884 477725 0.05 9582699 P6M P6M 0.85 2249 39853 <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Total stock-based compensation expense recognized in our condensed consolidated statements of operations was as follows: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 288pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 7.02pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 7.02pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="height: 6pt; width: 80.78pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 7.02pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 7.02pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="height: 6pt; width: 71.14pt;"><div style="font-size: 1pt;"> </div></td></tr><tr class="BRDSX_header"><td style="width: 288pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 7.02pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 80.78pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Three Months Ended<br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">June 30,</div></td><td style="width: 7.02pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 71.14pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Six Months Ended<br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">June 30, </div></td></tr><tr class="BRDSX_header"><td style="width: 288pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 7.02pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 29.62pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2026</div></td><td style="width: 7.02pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 37.12pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025</div></td><td style="width: 7.02pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 28.55pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2026</div></td><td style="width: 7.02pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 28.55pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025 </div></td></tr><tr class="BRDSX_header"><td style="width: 288pt; padding-top: 2.08pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 7.02pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt;"><div style="font-size: 1pt;"> </div></td><td colspan="10" style="width: 165.96pt; padding-top: 2.08pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(in thousands) </div></td></tr><tr><td style="width: 288pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Research and development</div></td><td style="width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 29.62pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.81pt; text-align: left;">$<span style="padding-left: 5pt;">83 </span></div></td><td style="width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 37.12pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.8pt; text-align: left;">$<span style="padding-left: 7.5pt;">973 </span></div></td><td style="width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 28.55pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.53pt; text-align: left;">$<span style="padding-left: 7.5pt;">586 </span></div></td><td style="width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 28.55pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.52pt; text-align: left;">$2,028 </div></td></tr><tr><td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">General and administrative</div></td><td style="width: 7.02pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 29.62pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.81pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">336 </span></div></td><td style="width: 7.02pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 37.12pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.8pt; text-align: left;"><span style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">820 </span></div></td><td style="width: 7.02pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 28.55pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.53pt; text-align: left;"><span style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">762 </span></div></td><td style="width: 7.02pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 28.55pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.52pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">1,771 </span></div></td></tr><tr><td style="width: 288pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Total stock-based compensation</div></td><td style="width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 29.62pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.81pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$419 </span></div></td><td style="width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 37.12pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 4.8pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$1,793 </span></div></td><td style="width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 28.55pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.53pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$1,348 </span></div></td><td style="width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 28.55pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0.52pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$3,799</span></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 288pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 29.62pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 37.12pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 28.55pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 7.02pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 28.55pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td></tr></table> 83000 973000 586000 2028000 336000 820000 762000 1771000 419000 1793000 1348000 3799000 P90D 100000 700000 0 0 The fair value of stock options granted during the three and six months ended June 30, 2025 were calculated on the date of grant using the following weighted-average assumptions:<table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 288pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 11.04pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 11.04pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 72.74pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 11.04pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 11.04pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 63.11pt;"><div style="font-size: 1pt;"> </div></td></tr><tr class="BRDSX_header"><td style="width: 288pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 11.04pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.04pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 72.74pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Three Months Ended<br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">June 30, 2025</div></td><td style="width: 11.04pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.04pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 63.11pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Six Months Ended<br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">June 30, 2025 </div></td></tr><tr><td style="width: 288pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Risk-free interest rate</div></td><td style="width: 11.04pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.04pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 72.74pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 27.62pt; text-align: left;"><span style="padding-left: 5pt;">4.0%</span></div></td><td style="width: 11.04pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.04pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 63.11pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 22.8pt; text-align: left;"><span style="padding-left: 5pt;">4.4% </span></div></td></tr><tr><td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Expected term (in years)</div></td><td style="width: 11.04pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.04pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 72.74pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 27.62pt; text-align: left;"><span style="padding-left: 5pt;">5.8</span></div></td><td style="width: 11.04pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.04pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 63.11pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 22.8pt; text-align: left;"><span style="padding-left: 5pt;">5.9 </span></div></td></tr><tr><td style="width: 288pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Expected annual dividend yield</div></td><td style="width: 11.04pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.04pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 72.74pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 27.62pt; text-align: left;"><span style="padding-left: 7.5pt;">— %</span></div></td><td style="width: 11.04pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.04pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 63.11pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 22.8pt; text-align: left;"><span style="padding-left: 7.5pt;">—% </span></div></td></tr><tr><td style="width: 288pt; padding-top: 1.01pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Expected volatility</div></td><td style="width: 11.04pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.04pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 72.74pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 27.62pt; text-align: left;">95.2%</div></td><td style="width: 11.04pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 11.04pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 63.11pt; padding-top: 1.01pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 22.8pt; text-align: left;">95.3%</div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 288pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 11.04pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 11.04pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 72.74pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 11.04pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 11.04pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 63.11pt;"><div style="font-size: 1pt;"> </div></td></tr></table> 0.04 0.044 P5Y9M18D P5Y10M24D 0 0 0.952 0.953 0.82 1.17 <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">The following table summarizes stock option activity during the six months ended June 30, 2026: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 204pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 6.82pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 6.82pt;"><div style="font-size: 1pt;"> </div></td><td colspan="10" style="height: 6pt; width: 250.35pt;"><div style="font-size: 1pt;"> </div></td></tr><tr class="BRDSX_header"><td style="width: 204pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 6.82pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.82pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td colspan="10" style="width: 250.35pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Options Outstanding </div></td></tr><tr class="BRDSX_header"><td style="width: 204pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 6.82pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.82pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 43.33pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Number of <br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Options</div></td><td style="width: 6.82pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.82pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 58.57pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Weighted-<br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Average Exercise <br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Price per Share</div></td><td style="width: 6.82pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.82pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 57.09pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Weighted-<br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Average <br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Remaining<br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Contractual Life<br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(in years)</div></td><td style="width: 6.82pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.82pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 50.44pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Aggregate <br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Intrinsic Value <br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(in millions) </div></td></tr><tr><td style="width: 204pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Outstanding at December 31, 2025</div></td><td style="width: 6.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 43.33pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 3.33pt;">9,954,872 </span></div></td><td style="width: 6.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 58.57pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.03pt; text-align: left;">$4.71 </div></td><td style="width: 6.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 57.09pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 6.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 50.44pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td></tr><tr><td style="width: 204pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Granted</div></td><td style="width: 6.82pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.82pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 43.33pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 33.33pt;">— </span></div></td><td style="width: 6.82pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.82pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 58.57pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.03pt; text-align: left;">$<span style="padding-left: 7.5pt;">— </span></div></td><td style="width: 6.82pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.82pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 57.09pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 6.82pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.82pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 50.44pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td></tr><tr><td style="width: 204pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Exercised</div></td><td style="width: 6.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 43.33pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 33.33pt;">— </span></div></td><td style="width: 6.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 58.57pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.03pt; text-align: left;">$<span style="padding-left: 7.5pt;">— </span></div></td><td style="width: 6.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 57.09pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 6.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 50.44pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td></tr><tr><td style="width: 204pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Cancelled</div></td><td style="width: 6.82pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.82pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 43.33pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(1,748,441</span><span style="padding-bottom: 1.5pt;">)</span></div></td><td style="width: 6.82pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.82pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 58.57pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.03pt; text-align: left;">$2.23 </div></td><td style="width: 6.82pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.82pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 57.09pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 6.82pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.82pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 50.44pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td></tr><tr><td style="width: 204pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Outstanding at June 30, 2026</div></td><td style="width: 6.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 43.33pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 3.33pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">8,206,431 </span></div></td><td style="width: 6.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 58.57pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.03pt; text-align: left;">$5.24 </div></td><td style="width: 6.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 57.09pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 19.79pt; text-align: left;">6.35</div></td><td style="width: 6.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.82pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 50.44pt; padding-top: 2.26pt; padding-bottom: 3.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.72pt; text-align: left;">$— </div></td></tr><tr><td style="width: 204pt; padding-top: 3.26pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Exercisable at June 30, 2026</div></td><td style="width: 6.82pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.82pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 43.33pt; padding-top: 3.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 3.33pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">6,948,699 </span></div></td><td style="width: 6.82pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.82pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 58.57pt; padding-top: 3.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.03pt; text-align: left;">$5.77 </div></td><td style="width: 6.82pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.82pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 57.09pt; padding-top: 3.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 19.79pt; text-align: left;">6.02</div></td><td style="width: 6.82pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.82pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 50.44pt; padding-top: 3.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 17.72pt; text-align: left;">$—</div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 204pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.82pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.82pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 43.33pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.82pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.82pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 58.57pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.82pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.82pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 57.09pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.82pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.82pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 50.44pt;"><div style="font-size: 1pt;"> </div></td></tr></table> 9954872 4.71 0 0 0 0 1748441 2.23 8206431 5.24 P6Y4M6D 0 6948699 5.77 P6Y7D 0 0 0 0 0 2000000 P1Y8M12D <div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">10. Net Income (Loss) Attributable to Common Stockholders per Share </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">We reported net income for the three months ended June 30, 2026 and net losses for the six months ended June 30, 2026 and for the three and six months ended June 30, 2025. For purposes of the diluted net income (loss) attributable to common stockholders per share calculation, outstanding stock options, common stock to be issued under the 2021 ESPP, and the conversion option derivative under the K2HV Loan Agreement are considered to be potentially dilutive securities; however, the following amounts were excluded from the weighted-average common stock outstanding in the calculation of diluted net income (loss) attributable to common stockholders per share because their effect would have been anti-dilutive: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 360pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 5.75pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 5.75pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="height: 6pt; width: 96.5pt;"><div style="font-size: 1pt;"> </div></td></tr><tr class="BRDSX_header"><td style="width: 360pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 5.75pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 5.75pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 96.5pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">June 30, </div></td></tr><tr class="BRDSX_header"><td style="width: 360pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 5.75pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 5.75pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 40pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2026</div></td><td style="width: 5.75pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 5.75pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 45pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025 </div></td></tr><tr><td style="width: 360pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Outstanding stock options</div></td><td style="width: 5.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 5.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 40pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">8,206,431 </div></td><td style="width: 5.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 5.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 45pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">10,461,702 </div></td></tr><tr><td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Common stock to be issued under the 2021 ESPP</div></td><td style="width: 5.75pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 5.75pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 40pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 30pt;">— </span></div></td><td style="width: 5.75pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 5.75pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 45pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 17.5pt;">70,602 </span></div></td></tr><tr><td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-indent: -10pt; text-align: left;">Common stock to be issued upon exercise of the K2HV Loan Agreement conversion feature</div></td><td style="width: 5.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 5.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 40pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 30pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">— </span></div></td><td style="width: 5.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 5.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 45pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">791,364 </span></div></td></tr><tr><td style="width: 360pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Total</div></td><td style="width: 5.75pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 5.75pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 40pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">8,206,431 </span></div></td><td style="width: 5.75pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 5.75pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 45pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 0.37pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">11,323,668</span></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 360pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 5.75pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 5.75pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 40pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 5.75pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 5.75pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 45pt;"><div style="font-size: 1pt;"> </div></td></tr></table> <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">We reported net income for the three months ended June 30, 2026 and net losses for the six months ended June 30, 2026 and for the three and six months ended June 30, 2025. For purposes of the diluted net income (loss) attributable to common stockholders per share calculation, outstanding stock options, common stock to be issued under the 2021 ESPP, and the conversion option derivative under the K2HV Loan Agreement are considered to be potentially dilutive securities; however, the following amounts were excluded from the weighted-average common stock outstanding in the calculation of diluted net income (loss) attributable to common stockholders per share because their effect would have been anti-dilutive: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 360pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 5.75pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 5.75pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="height: 6pt; width: 96.5pt;"><div style="font-size: 1pt;"> </div></td></tr><tr class="BRDSX_header"><td style="width: 360pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 5.75pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 5.75pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 96.5pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">June 30, </div></td></tr><tr class="BRDSX_header"><td style="width: 360pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 5.75pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 5.75pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 40pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2026</div></td><td style="width: 5.75pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 5.75pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 45pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025 </div></td></tr><tr><td style="width: 360pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Outstanding stock options</div></td><td style="width: 5.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 5.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 40pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">8,206,431 </div></td><td style="width: 5.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 5.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 45pt; padding-top: 2.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">10,461,702 </div></td></tr><tr><td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Common stock to be issued under the 2021 ESPP</div></td><td style="width: 5.75pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 5.75pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 40pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 30pt;">— </span></div></td><td style="width: 5.75pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 5.75pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 45pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 17.5pt;">70,602 </span></div></td></tr><tr><td style="width: 360pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-indent: -10pt; text-align: left;">Common stock to be issued upon exercise of the K2HV Loan Agreement conversion feature</div></td><td style="width: 5.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 5.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 40pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 30pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">— </span></div></td><td style="width: 5.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 5.75pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 45pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">791,364 </span></div></td></tr><tr><td style="width: 360pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Total</div></td><td style="width: 5.75pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 5.75pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 40pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">8,206,431 </span></div></td><td style="width: 5.75pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 5.75pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 45pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 0.37pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">11,323,668</span></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 360pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 5.75pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 5.75pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 40pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 5.75pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 5.75pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 45pt;"><div style="font-size: 1pt;"> </div></td></tr></table> 8206431 10461702 0 70602 0 791364 8206431 11323668 <div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 18.5pt; margin-left: 0pt; text-align: left;">11. Segment Information </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">We have one reportable segment which focuses on the discovery and development of cancer therapeutics. The segment derives its revenue from the Purchase Agreement with Jazz (see Note 4, <span style="font-style: italic;">Collaboration Revenue</span>). </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Our chief operating decision maker (“CODM”) manages our operations on an integrated basis for the purpose of allocating resources. When evaluating our financial performance, our CODM regularly reviews total expenses and expenses by function and makes decisions using this information based on the performance of the enterprise as a whole. Our CODM primarily evaluates the performance of the enterprise based on results that have a direct impact on our available cash and cash equivalents and accordingly places less significance on non-cash expenses such as stock-based compensation and depreciation expenses in determining how to allocate resources. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Segment assets regularly reviewed by our CODM include measures of liquidity, primarily available cash and cash equivalents, and are consistent with the presentation of cash and cash equivalents reported in our condensed consolidated balance sheets. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">The following is a summary of our segment and consolidated net income (loss), including significant segment expenses: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 276pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="height: 6pt; width: 82.17pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="height: 6pt; width: 82.17pt;"><div style="font-size: 1pt;"> </div></td></tr><tr class="BRDSX_header"><td style="width: 276pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 82.17pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Three Months Ended<br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">June 30,</div></td><td style="width: 6.92pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 82.17pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Six Months Ended<br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">June 30, </div></td></tr><tr class="BRDSX_header"><td style="width: 276pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2026</div></td><td style="width: 6.92pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025</div></td><td style="width: 6.92pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2026</div></td><td style="width: 6.92pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025 </div></td></tr><tr class="BRDSX_header"><td style="width: 276pt; padding-top: 2.08pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td colspan="10" style="width: 178.18pt; padding-top: 2.08pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(in thousands) </div></td></tr><tr><td style="width: 276pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Collaboration revenue</div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$21,000 </div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<span style="padding-left: 20.83pt;">— </span></div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$21,000 </div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<span style="padding-left: 20.83pt;">— </span></div></td></tr><tr><td style="width: 276pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Less:<br/></div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td></tr><tr><td style="width: 276pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">General and administrative support</div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 10pt;">6,678 </span></div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 13.33pt;">3,486 </span></div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 5.37pt;">11,250 </span></div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 13.33pt;">7,309 </span></div></td></tr><tr><td style="width: 276pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Clinical development</div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 10pt;">3,047 </span></div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 13.33pt;">5,710 </span></div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 10pt;">6,690 </span></div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 8.33pt;">10,039 </span></div></td></tr><tr><td style="width: 276pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Research and discovery</div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 10pt;">1,028 </span></div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 13.33pt;">3,537 </span></div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 10pt;">3,183 </span></div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 13.33pt;">6,856 </span></div></td></tr><tr><td style="width: 276pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Manufacturing</div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 17.5pt;">218 </span></div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 13.33pt;">2,610 </span></div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 10pt;">1,792 </span></div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 13.33pt;">6,698 </span></div></td></tr><tr><td style="width: 276pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Other segment expenses^(a)</div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 10pt;">2,871 </span></div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 13.33pt;">2,199 </span></div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 10pt;">4,198 </span></div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 13.33pt;">4,631 </span></div></td></tr><tr><td style="width: 276pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td></tr><tr><td style="width: 276pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Interest income</div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 17.5pt;">277 </span></div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 20.83pt;">850 </span></div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 17.5pt;">710 </span></div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 13.33pt;">1,847 </span></div></td></tr><tr><td style="width: 276pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Interest expense</div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 14.17pt;">(475)</span></div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 10pt;">(1,301)</span></div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 6.67pt;">(1,843)</span></div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 10pt;">(2,564) </span></div></td></tr><tr><td style="width: 276pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Loss on extinguishment of note payable</div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 6.67pt;">(3,354)</span></div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 25.83pt;">— </span></div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 6.67pt;">(3,354)</span></div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 25.83pt;">— </span></div></td></tr><tr><td style="width: 276pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Other income, net</div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 22.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">64 </span></div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 26.2pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">11 </span></div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">738 </span></div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 20.83pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">179 </span></div></td></tr><tr><td style="width: 276pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Segment and consolidated net income (loss)</div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 5pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">3,670 </span></div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$(17,982</span><span style="padding-bottom: 0.5pt;">)</span></div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 1.67pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">(9,862</span><span style="padding-bottom: 0.5pt;">)</span></div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$(36,071</span><span style="padding-bottom: 0.5pt;">)</span></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 276pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 32.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 35.83pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 32.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 35.83pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td></tr></table><div><div class="BRDSX_rule-partial" style="height: 0pt; width: 72pt; border-bottom: 1pt solid #000000; margin-bottom: 1pt; margin-right: auto; margin-left: 0pt; margin-top: 12.75pt;"> </div></div><table border="0" cellpadding="0" style="margin-top: 3pt; margin-left: 0pt; border-spacing: 0px;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">(a)<br/></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; text-align: left;">Other segment expenses includes non-cash expenses for stock-based compensation and depreciation expenses. </div></td></tr></table> 1 <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">The following is a summary of our segment and consolidated net income (loss), including significant segment expenses: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 276pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="height: 6pt; width: 82.17pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="height: 6pt; width: 82.17pt;"><div style="font-size: 1pt;"> </div></td></tr><tr class="BRDSX_header"><td style="width: 276pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 82.17pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Three Months Ended<br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">June 30,</div></td><td style="width: 6.92pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 82.17pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Six Months Ended<br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">June 30, </div></td></tr><tr class="BRDSX_header"><td style="width: 276pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2026</div></td><td style="width: 6.92pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025</div></td><td style="width: 6.92pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2026</div></td><td style="width: 6.92pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025 </div></td></tr><tr class="BRDSX_header"><td style="width: 276pt; padding-top: 2.08pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td colspan="10" style="width: 178.18pt; padding-top: 2.08pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(in thousands) </div></td></tr><tr><td style="width: 276pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Collaboration revenue</div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$21,000 </div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<span style="padding-left: 20.83pt;">— </span></div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$21,000 </div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<span style="padding-left: 20.83pt;">— </span></div></td></tr><tr><td style="width: 276pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Less:<br/></div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td></tr><tr><td style="width: 276pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">General and administrative support</div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 10pt;">6,678 </span></div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 13.33pt;">3,486 </span></div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 5.37pt;">11,250 </span></div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 13.33pt;">7,309 </span></div></td></tr><tr><td style="width: 276pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Clinical development</div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 10pt;">3,047 </span></div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 13.33pt;">5,710 </span></div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 10pt;">6,690 </span></div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 8.33pt;">10,039 </span></div></td></tr><tr><td style="width: 276pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Research and discovery</div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 10pt;">1,028 </span></div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 13.33pt;">3,537 </span></div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 10pt;">3,183 </span></div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 13.33pt;">6,856 </span></div></td></tr><tr><td style="width: 276pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Manufacturing</div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 17.5pt;">218 </span></div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 13.33pt;">2,610 </span></div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 10pt;">1,792 </span></div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 13.33pt;">6,698 </span></div></td></tr><tr><td style="width: 276pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Other segment expenses^(a)</div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 10pt;">2,871 </span></div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 13.33pt;">2,199 </span></div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 10pt;">4,198 </span></div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 13.33pt;">4,631 </span></div></td></tr><tr><td style="width: 276pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td></tr><tr><td style="width: 276pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Interest income</div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 17.5pt;">277 </span></div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 20.83pt;">850 </span></div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 17.5pt;">710 </span></div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 13.33pt;">1,847 </span></div></td></tr><tr><td style="width: 276pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Interest expense</div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 14.17pt;">(475)</span></div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 10pt;">(1,301)</span></div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 6.67pt;">(1,843)</span></div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 10pt;">(2,564) </span></div></td></tr><tr><td style="width: 276pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Loss on extinguishment of note payable</div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 6.67pt;">(3,354)</span></div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 25.83pt;">— </span></div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 6.67pt;">(3,354)</span></div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 25.83pt;">— </span></div></td></tr><tr><td style="width: 276pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Other income, net</div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 22.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">64 </span></div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 26.2pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">11 </span></div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">738 </span></div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="padding-left: 20.83pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">179 </span></div></td></tr><tr><td style="width: 276pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Segment and consolidated net income (loss)</div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 5pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">3,670 </span></div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$(17,982</span><span style="padding-bottom: 0.5pt;">)</span></div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 32.5pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 1.67pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">(9,862</span><span style="padding-bottom: 0.5pt;">)</span></div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 35.83pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$(36,071</span><span style="padding-bottom: 0.5pt;">)</span></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 276pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 32.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 35.83pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 32.5pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 6.92pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 35.83pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td></tr></table><div><div class="BRDSX_rule-partial" style="height: 0pt; width: 72pt; border-bottom: 1pt solid #000000; margin-bottom: 1pt; margin-right: auto; margin-left: 0pt; margin-top: 12.75pt;"> </div></div><table border="0" cellpadding="0" style="margin-top: 3pt; margin-left: 0pt; border-spacing: 0px;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">(a)<br/></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; text-align: left;">Other segment expenses includes non-cash expenses for stock-based compensation and depreciation expenses. </div></td></tr></table> 21000000 0 21000000 0 6678000 3486000 11250000 7309000 3047000 5710000 6690000 10039000 1028000 3537000 3183000 6856000 218000 2610000 1792000 6698000 2871000 2199000 4198000 4631000 277000 850000 710000 1847000 475000 1301000 1843000 2564000 -3354000 0 -3354000 0 64000 11000 738000 179000 3670000 -17982000 -9862000 -36071000 <div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 13pt; margin-left: 0pt; text-align: left;">12. Restructuring </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In February 2026, we initiated a strategic review process and the 2026 Restructuring. The 2026 Restructuring is expected to be completed by the end of 2026. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">We estimate that we will incur approximately $6.5 million in costs associated with the 2026 Restructuring, consisting of severance payments, retention bonuses, employee benefits and related taxes, stock-based compensation, and contract termination costs. Our estimate of costs we expect to incur and the expected timing of when the 2026 Restructuring will be completed are subject to a number of assumptions, and actual results may differ. We may also incur additional costs, including, but not limited to, potential impairment charges not currently contemplated that may occur as a result of, or that are associated with the 2026 Restructuring. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The following table summarizes the restructuring costs incurred and the total estimated costs expected to be incurred in connection with the 2026 Restructuring: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 228pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 4.4pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 4.4pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 52.67pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 4.4pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 4.4pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 52.67pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 4.4pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 4.4pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 45.31pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 4.4pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 4.4pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 54.14pt;"><div style="font-size: 1pt;"> </div></td></tr><tr class="BRDSX_header"><td style="width: 228pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 4.4pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.4pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 52.67pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Three Months <br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Ended June 30, <br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2026</div></td><td style="width: 4.4pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.4pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 52.67pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Six Months <br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Ended June 30, <br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2026</div></td><td style="width: 4.4pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.4pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 45.31pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Cumulative <br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Costs to Date</div></td><td style="width: 4.4pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.4pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 54.14pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Total Estimated <br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Costs </div></td></tr><tr class="BRDSX_header"><td style="width: 228pt; padding-top: 2.08pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 4.4pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.4pt;"><div style="font-size: 1pt;"> </div></td><td colspan="10" style="width: 231.19pt; padding-top: 2.08pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(in thousands) </div></td></tr><tr><td style="width: 228pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Employee severance, benefits and related taxes</div></td><td style="width: 4.4pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.4pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 52.67pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.59pt; text-align: left;">$<span style="padding-left: 12.5pt;">83 </span></div></td><td style="width: 4.4pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.4pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 52.67pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.58pt; text-align: left;">$2,640 </div></td><td style="width: 4.4pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.4pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 45.31pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 8.9pt; text-align: left;">$2,640 </div></td><td style="width: 4.4pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.4pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 54.14pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 13.32pt; text-align: left;">$2,640 </div></td></tr><tr><td style="width: 228pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Employee retention bonuses, benefits and related taxes</div></td><td style="width: 4.4pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.4pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 52.67pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.59pt; text-align: left;"><span style="padding-left: 5pt;">1,296 </span></div></td><td style="width: 4.4pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.4pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 52.67pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.58pt; text-align: left;"><span style="padding-left: 5pt;">2,079 </span></div></td><td style="width: 4.4pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.4pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 45.31pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 8.9pt; text-align: left;"><span style="padding-left: 5pt;">2,079 </span></div></td><td style="width: 4.4pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.4pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 54.14pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 13.32pt; text-align: left;"><span style="padding-left: 5pt;">2,881 </span></div></td></tr><tr><td style="width: 228pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Stock-based compensation</div></td><td style="width: 4.4pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.4pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 52.67pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.59pt; text-align: left;"><span style="padding-left: 17.5pt;">50 </span></div></td><td style="width: 4.4pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.4pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 52.67pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.58pt; text-align: left;"><span style="padding-left: 12.5pt;">665 </span></div></td><td style="width: 4.4pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.4pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 45.31pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 8.9pt; text-align: left;"><span style="padding-left: 12.5pt;">665 </span></div></td><td style="width: 4.4pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.4pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 54.14pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 13.32pt; text-align: left;"><span style="padding-left: 12.5pt;">665 </span></div></td></tr><tr><td style="width: 228pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Contract termination costs</div></td><td style="width: 4.4pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.4pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 52.67pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.59pt; text-align: left;"><span style="padding-left: 14.17pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(50</span><span style="padding-bottom: 1.5pt;">)</span></div></td><td style="width: 4.4pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.4pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 52.67pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.58pt; text-align: left;"><span style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">300 </span></div></td><td style="width: 4.4pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.4pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 45.31pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 8.9pt; text-align: left;"><span style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">300 </span></div></td><td style="width: 4.4pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.4pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 54.14pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 13.32pt; text-align: left;"><span style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">300 </span></div></td></tr><tr><td style="width: 228pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Total restructuring costs</div></td><td style="width: 4.4pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.4pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 52.67pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.59pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$1,379 </span></div></td><td style="width: 4.4pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.4pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 52.67pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.58pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$5,684 </span></div></td><td style="width: 4.4pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.4pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 45.31pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 8.9pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$5,684 </span></div></td><td style="width: 4.4pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.4pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 54.14pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 13.32pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$6,486</span></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 228pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 4.4pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 4.4pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 52.67pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 4.4pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 4.4pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 52.67pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 4.4pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 4.4pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 45.31pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 4.4pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 4.4pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 54.14pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td></tr></table><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">Total restructuring costs recognized in our condensed consolidated statements of operations were as follows: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 240pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 5.41pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 5.41pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="height: 6pt; width: 108pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 5.41pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 5.41pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="height: 6pt; width: 98.38pt;"><div style="font-size: 1pt;"> </div></td></tr><tr class="BRDSX_header"><td style="width: 240pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 5.41pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 5.41pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 108pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Three Months Ended June 30,</div></td><td style="width: 5.41pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 5.41pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 98.38pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Six Months Ended June 30, </div></td></tr><tr class="BRDSX_header"><td style="width: 240pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 5.41pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 5.41pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 54.34pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2026</div></td><td style="width: 5.41pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 5.41pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 42.84pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025</div></td><td style="width: 5.41pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 5.41pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 49.53pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2026</div></td><td style="width: 5.41pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 5.41pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 38.03pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025 </div></td></tr><tr class="BRDSX_header"><td style="width: 240pt; padding-top: 2.08pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 5.41pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 5.41pt;"><div style="font-size: 1pt;"> </div></td><td colspan="10" style="width: 217.2pt; padding-top: 2.08pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(in thousands) </div></td></tr><tr><td style="width: 240pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Research and development</div></td><td style="width: 5.41pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 5.41pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 54.34pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 13.42pt; text-align: left;">$<span style="padding-left: 7.5pt;">419 </span></div></td><td style="width: 5.41pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 5.41pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 42.84pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 13.91pt; text-align: left;">$— </div></td><td style="width: 5.41pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 5.41pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 49.53pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.01pt; text-align: left;">$3,477 </div></td><td style="width: 5.41pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 5.41pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 38.03pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.51pt; text-align: left;">$— </div></td></tr><tr><td style="width: 240pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">General and administrative</div></td><td style="width: 5.41pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 5.41pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 54.34pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 13.42pt; text-align: left;"><span style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">960 </span></div></td><td style="width: 5.41pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 5.41pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 42.84pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 13.91pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">— </span></div></td><td style="width: 5.41pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 5.41pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 49.53pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.01pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">2,207 </span></div></td><td style="width: 5.41pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 5.41pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 38.03pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.51pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">— </span></div></td></tr><tr><td style="width: 240pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Total restructuring costs</div></td><td style="width: 5.41pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 5.41pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 54.34pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 13.42pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$1,379 </span></div></td><td style="width: 5.41pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 5.41pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 42.84pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 13.91pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$— </span></div></td><td style="width: 5.41pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 5.41pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 49.53pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.01pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$5,684 </span></div></td><td style="width: 5.41pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 5.41pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 38.03pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.51pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$—</span></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 240pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 5.41pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 5.41pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 54.34pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 5.41pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 5.41pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 42.84pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 5.41pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 5.41pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 49.53pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 5.41pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 5.41pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 38.03pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td></tr></table><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">Accrued restructuring costs, which are included in accrued expenses and other current liabilities on our condensed consolidated balance sheets were as follows (in thousands): </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 420pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 8.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 8.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 30.83pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td></tr><tr><td style="width: 420pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Balance as of December 31, 2025</div></td><td style="width: 8.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 30.83pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;">$<span style="padding-left: 15.83pt;">— </span></div></td></tr><tr><td style="width: 420pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Restructuring costs recognized during the period</div></td><td style="width: 8.59pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.59pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 30.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 8.33pt;">4,305 </span></div></td></tr><tr><td style="width: 420pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Cash payments made during the period</div></td><td style="width: 8.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 30.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 5pt;">(3,971) </span></div></td></tr><tr><td style="width: 420pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Employee retention bonuses paid in advance</div></td><td style="width: 8.59pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.59pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 30.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 15.83pt;">724 </span></div></td></tr><tr><td style="width: 420pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Non-cash charges recognized during the period</div></td><td style="width: 8.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 30.83pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(615</span><span style="padding-bottom: 1.5pt;">) </span></div></td></tr><tr><td style="width: 420pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Balance as of March 31, 2026</div></td><td style="width: 8.59pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.59pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 30.83pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 15.83pt;">443 </span></div></td></tr><tr><td style="width: 420pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Restructuring costs recognized during the period</div></td><td style="width: 8.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 30.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 8.33pt;">1,379 </span></div></td></tr><tr><td style="width: 420pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Cash payments made during the period</div></td><td style="width: 8.59pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.59pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 30.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 5pt;">(1,229) </span></div></td></tr><tr><td style="width: 420pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Amortization of employee retention bonuses paid in the prior period</div></td><td style="width: 8.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 30.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 12.5pt;">(509) </span></div></td></tr><tr><td style="width: 420pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Non-cash charges recognized during the period</div></td><td style="width: 8.59pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.59pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 30.83pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(50</span><span style="padding-bottom: 1.5pt;">) </span></div></td></tr><tr><td style="width: 420pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Balance as of June 30, 2026</div></td><td style="width: 8.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 30.83pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 15.83pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">34</span></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 420pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 8.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 8.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 30.83pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td></tr></table> 6500000 <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The following table summarizes the restructuring costs incurred and the total estimated costs expected to be incurred in connection with the 2026 Restructuring: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 228pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 4.4pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 4.4pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 52.67pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 4.4pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 4.4pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 52.67pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 4.4pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 4.4pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 45.31pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 4.4pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 4.4pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 54.14pt;"><div style="font-size: 1pt;"> </div></td></tr><tr class="BRDSX_header"><td style="width: 228pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 4.4pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.4pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 52.67pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Three Months <br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Ended June 30, <br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2026</div></td><td style="width: 4.4pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.4pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 52.67pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Six Months <br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Ended June 30, <br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2026</div></td><td style="width: 4.4pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.4pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 45.31pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Cumulative <br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Costs to Date</div></td><td style="width: 4.4pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.4pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 54.14pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Total Estimated <br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Costs </div></td></tr><tr class="BRDSX_header"><td style="width: 228pt; padding-top: 2.08pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 4.4pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.4pt;"><div style="font-size: 1pt;"> </div></td><td colspan="10" style="width: 231.19pt; padding-top: 2.08pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(in thousands) </div></td></tr><tr><td style="width: 228pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Employee severance, benefits and related taxes</div></td><td style="width: 4.4pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.4pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 52.67pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.59pt; text-align: left;">$<span style="padding-left: 12.5pt;">83 </span></div></td><td style="width: 4.4pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.4pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 52.67pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.58pt; text-align: left;">$2,640 </div></td><td style="width: 4.4pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.4pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 45.31pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 8.9pt; text-align: left;">$2,640 </div></td><td style="width: 4.4pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.4pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 54.14pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 13.32pt; text-align: left;">$2,640 </div></td></tr><tr><td style="width: 228pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Employee retention bonuses, benefits and related taxes</div></td><td style="width: 4.4pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.4pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 52.67pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.59pt; text-align: left;"><span style="padding-left: 5pt;">1,296 </span></div></td><td style="width: 4.4pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.4pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 52.67pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.58pt; text-align: left;"><span style="padding-left: 5pt;">2,079 </span></div></td><td style="width: 4.4pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.4pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 45.31pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 8.9pt; text-align: left;"><span style="padding-left: 5pt;">2,079 </span></div></td><td style="width: 4.4pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.4pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 54.14pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 13.32pt; text-align: left;"><span style="padding-left: 5pt;">2,881 </span></div></td></tr><tr><td style="width: 228pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Stock-based compensation</div></td><td style="width: 4.4pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.4pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 52.67pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.59pt; text-align: left;"><span style="padding-left: 17.5pt;">50 </span></div></td><td style="width: 4.4pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.4pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 52.67pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.58pt; text-align: left;"><span style="padding-left: 12.5pt;">665 </span></div></td><td style="width: 4.4pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.4pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 45.31pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 8.9pt; text-align: left;"><span style="padding-left: 12.5pt;">665 </span></div></td><td style="width: 4.4pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.4pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 54.14pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 13.32pt; text-align: left;"><span style="padding-left: 12.5pt;">665 </span></div></td></tr><tr><td style="width: 228pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Contract termination costs</div></td><td style="width: 4.4pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.4pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 52.67pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.59pt; text-align: left;"><span style="padding-left: 14.17pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(50</span><span style="padding-bottom: 1.5pt;">)</span></div></td><td style="width: 4.4pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.4pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 52.67pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.58pt; text-align: left;"><span style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">300 </span></div></td><td style="width: 4.4pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.4pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 45.31pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 8.9pt; text-align: left;"><span style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">300 </span></div></td><td style="width: 4.4pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.4pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 54.14pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 13.32pt; text-align: left;"><span style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">300 </span></div></td></tr><tr><td style="width: 228pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Total restructuring costs</div></td><td style="width: 4.4pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.4pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 52.67pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.59pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$1,379 </span></div></td><td style="width: 4.4pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.4pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 52.67pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 12.58pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$5,684 </span></div></td><td style="width: 4.4pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.4pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 45.31pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 8.9pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$5,684 </span></div></td><td style="width: 4.4pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 4.4pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 54.14pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 13.32pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$6,486</span></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 228pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 4.4pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 4.4pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 52.67pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 4.4pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 4.4pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 52.67pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 4.4pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 4.4pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 45.31pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 4.4pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 4.4pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 54.14pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td></tr></table> 83000 2640000 2640000 2640000 1296000 2079000 2079000 2881000 50000 665000 665000 665000 -50000 300000 300000 300000 1379000 5684000 5684000 6486000 <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">Total restructuring costs recognized in our condensed consolidated statements of operations were as follows: </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 240pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 5.41pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 5.41pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="height: 6pt; width: 108pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 5.41pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 5.41pt;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="height: 6pt; width: 98.38pt;"><div style="font-size: 1pt;"> </div></td></tr><tr class="BRDSX_header"><td style="width: 240pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 5.41pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 5.41pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 108pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Three Months Ended June 30,</div></td><td style="width: 5.41pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 5.41pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td colspan="4" style="width: 98.38pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Six Months Ended June 30, </div></td></tr><tr class="BRDSX_header"><td style="width: 240pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 5.41pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 5.41pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 54.34pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2026</div></td><td style="width: 5.41pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 5.41pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 42.84pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025</div></td><td style="width: 5.41pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 5.41pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 49.53pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2026</div></td><td style="width: 5.41pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 5.41pt; border-bottom: none;"><div style="font-size: 1pt;"> </div></td><td style="width: 38.03pt; padding-top: 2.08pt; padding-bottom: 2.38pt; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2025 </div></td></tr><tr class="BRDSX_header"><td style="width: 240pt; padding-top: 2.08pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;"> </div></td><td style="width: 5.41pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 5.41pt;"><div style="font-size: 1pt;"> </div></td><td colspan="10" style="width: 217.2pt; padding-top: 2.08pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">(in thousands) </div></td></tr><tr><td style="width: 240pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Research and development</div></td><td style="width: 5.41pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 5.41pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 54.34pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 13.42pt; text-align: left;">$<span style="padding-left: 7.5pt;">419 </span></div></td><td style="width: 5.41pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 5.41pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 42.84pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 13.91pt; text-align: left;">$— </div></td><td style="width: 5.41pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 5.41pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 49.53pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.01pt; text-align: left;">$3,477 </div></td><td style="width: 5.41pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 5.41pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 38.03pt; padding-top: 2.51pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.51pt; text-align: left;">$— </div></td></tr><tr><td style="width: 240pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">General and administrative</div></td><td style="width: 5.41pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 5.41pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 54.34pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 13.42pt; text-align: left;"><span style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">960 </span></div></td><td style="width: 5.41pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 5.41pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 42.84pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 13.91pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">— </span></div></td><td style="width: 5.41pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 5.41pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 49.53pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.01pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">2,207 </span></div></td><td style="width: 5.41pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 5.41pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 38.03pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.51pt; text-align: left;"><span style="padding-left: 5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">— </span></div></td></tr><tr><td style="width: 240pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Total restructuring costs</div></td><td style="width: 5.41pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 5.41pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 54.34pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 13.42pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$1,379 </span></div></td><td style="width: 5.41pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 5.41pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 42.84pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 13.91pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$— </span></div></td><td style="width: 5.41pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 5.41pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 49.53pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.01pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$5,684 </span></div></td><td style="width: 5.41pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 5.41pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 38.03pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.51pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$—</span></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 240pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 5.41pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 5.41pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 54.34pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 5.41pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 5.41pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 42.84pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 5.41pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 5.41pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 49.53pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 5.41pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 5.41pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 38.03pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td></tr></table> 419000 0 3477000 0 960000 0 2207000 0 1379000 0 5684000 0 <div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">Accrued restructuring costs, which are included in accrued expenses and other current liabilities on our condensed consolidated balance sheets were as follows (in thousands): </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;"> </div><table cellpadding="0" class="BRDSX_fintab" style="width: 468pt; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 420pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 8.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 8.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 30.83pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td></tr><tr><td style="width: 420pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Balance as of December 31, 2025</div></td><td style="width: 8.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 30.83pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;">$<span style="padding-left: 15.83pt;">— </span></div></td></tr><tr><td style="width: 420pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Restructuring costs recognized during the period</div></td><td style="width: 8.59pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.59pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 30.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 8.33pt;">4,305 </span></div></td></tr><tr><td style="width: 420pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Cash payments made during the period</div></td><td style="width: 8.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 30.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 5pt;">(3,971) </span></div></td></tr><tr><td style="width: 420pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Employee retention bonuses paid in advance</div></td><td style="width: 8.59pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.59pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 30.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 15.83pt;">724 </span></div></td></tr><tr><td style="width: 420pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Non-cash charges recognized during the period</div></td><td style="width: 8.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 30.83pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(615</span><span style="padding-bottom: 1.5pt;">) </span></div></td></tr><tr><td style="width: 420pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Balance as of March 31, 2026</div></td><td style="width: 8.59pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.59pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 30.83pt; padding-top: 2.26pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 15.83pt;">443 </span></div></td></tr><tr><td style="width: 420pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Restructuring costs recognized during the period</div></td><td style="width: 8.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 30.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 8.33pt;">1,379 </span></div></td></tr><tr><td style="width: 420pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Cash payments made during the period</div></td><td style="width: 8.59pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.59pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 30.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 5pt;">(1,229) </span></div></td></tr><tr><td style="width: 420pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Amortization of employee retention bonuses paid in the prior period</div></td><td style="width: 8.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 30.83pt; padding-top: 1.01pt; padding-bottom: 1.38pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 12.5pt;">(509) </span></div></td></tr><tr><td style="width: 420pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 10pt; text-align: left;">Non-cash charges recognized during the period</div></td><td style="width: 8.59pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.59pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 30.83pt; padding-top: 1.01pt; padding-bottom: 2.63pt; text-align: center; vertical-align: bottom; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; padding-bottom: 1.5pt;">(50</span><span style="padding-bottom: 1.5pt;">) </span></div></td></tr><tr><td style="width: 420pt; padding-top: 2.26pt; text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Balance as of June 30, 2026</div></td><td style="width: 8.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 8.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="width: 30.83pt; padding-top: 2.26pt; text-align: center; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -0.01pt; text-align: left;"><span style="border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">$</span><span style="padding-left: 15.83pt; border-bottom: 3pt double #000000; padding-bottom: 0.5pt;">34</span></div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 2.75pt; width: 420pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 8.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 8.59pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td><td style="height: 2.75pt; width: 30.83pt; background-color: #CCEEFF;"><div style="font-size: 1pt;"> </div></td></tr></table> 0 4305000 3971000 724000 615000 443000 1379000 1229000 509000 50000 34000 <div class="BRDSX_h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 18.5pt; margin-left: 0pt; text-align: left;">13. Lease Termination </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">On May 7, 2026 (the “Modification Date”), we entered into an Agreement for Termination of Lease and Voluntary Surrender of Premises (the “Lease Termination”) with ARE-770/784/790 Memorial Drive, LLC (the “Landlord”), pursuant to which we and the Landlord agreed to terminate that certain lease, dated June 1, 2021, as amended, by and between us and the Landlord (the “Lease”), effective October 31, 2026 (the “Lease Termination Date”). Either party may elect to accelerate the Lease Termination Date by providing 30 days’ prior written notice to the other party, provided that such notice is given no earlier than July 1, 2026 (the “Termination Option”). Under the Lease, we leased approximately 25,778 square feet of space, consisting of the entire building located at 200 Talcott Avenue, Watertown, Massachusetts. Pursuant to the Lease Termination, we paid the Landlord an aggregate termination fee of $2.7 million, which represented full satisfaction of all remaining payments and other financial obligations due from us to the Landlord under the Lease including, without limitation, Base Rent (as defined in the Lease) for the months of May 2026 through October 2026. We have no further rent obligations to the Landlord pursuant to the Lease after the Lease Termination Date. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">We have assessed the Lease Termination and have concluded that it represents a modification to the Lease within the scope of ASC Topic 842, <span style="font-style: italic;">Leases</span> (“ASC 842”). Upon the execution of the Lease Termination, we were reasonably certain that the Termination Option would be exercised, and accordingly we estimated that the lease would terminate on July 31, 2026 for purposes of measuring the modified lease liability. On the Modification Date, we measured our modified lease liability to be $2.5 million. We reduced our lease liability to the modified lease liability through an adjustment to our right-of-use asset as of the Modification Date. We have recognized a reduction to our operating expenses during the three and six months ended June 30, 2026 in the amount of $1.1 million, representing the remaining reduction in our lease liability required after our right-of-use asset was reduced to zero. The reduction to our operating expenses has been allocated between research and development and general and administrative operating expenses proportionately with how the operating lease costs have been allocated over the term of the Lease. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">As a result of the Lease Termination, we have determined that the estimated useful lives for the majority of our property and equipment will no longer extend beyond July 31, 2026. We have recognized additional depreciation expense during the three and six months ended June 30, 2026 as a result of the change in the estimated useful lives, and will continue to recognize higher-than-expected depreciation expense during each period until our property and equipment is fully depreciated or disposed of. </div><div class="BRDSX_fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;">On July 1, 2026, the Landlord exercised the Termination Option to terminate the Lease, effective July 31, 2026. </div> P30D 25778 2700000 2500000 1100000 1100000 0.103 0.0894 P10Y 0001785530 false