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DE 2836 41-5282723 303 Wyman St. PMB 17417506Suite 300 Waltham 02451 781 684-9780 Marc Schegerin 303 Wyman St. PMB 17417506Suite 300 Waltham 02451 781 684-9780 Non-accelerated Filer true true false The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until the registration statement shall become effective on such date as the U.S. Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine. After careful consideration, the board of directors of JATT II Acquisition Corp., a Cayman Islands exempted company, with limited liability (“JATT”), has unanimously approved, except for Dr. Sidhu, who recused himself from any JATT Board deliberations or decisions relating to a potential transaction with Talawar (as further described in the proxy statement/prospectus), and determined it to be in the best interests of JATT and its shareholders (“you”) to enter into the Business Combination Agreement, dated as of June 29, 2026, by and among JATT, Talawar Tx Inc., a Delaware corporation (“Talawar”) and Talawar Merger Sub, a Cayman Islands exempted company, with limited liability and a direct wholly-owned subsidiary of Talawar (“Merger Sub”), a copy of which is attached to this proxy statement/prospectus as Annex A (as it may be amended, modified, supplemented or otherwise modified from time to time in accordance with its terms, the “Business Combination Agreement”), pursuant to which, on the date the transactions contemplated by the Business Combination Agreement actually occur (the “Closing Date” and such closing, the “Closing”), Merger Sub will merge with and into JATT (the “Merger”), with JATT surviving the Merger as a wholly-owned subsidiary of Talawar (such transactions, the “Business Combination”), and unanimously, aside from Dr. Sidhu, recommends that shareholders vote or give instruction to vote “FOR” the adoption of the Business Combination Agreement and approval of the transactions contemplated thereby including the Merger, and “FOR” the proposals presented to JATT’s shareholders in the accompanying proxy statement/prospectus (the “Shareholder Proposals”). The Stock Split (as defined below), the Merger and the other transactions contemplated by the Business Combination Agreement or other transaction documents are collectively referred to as the “Transactions.” We refer to Talawar, as the continuing public company following the consummation of the Transactions, as the “Post-Closing Company.”After careful consideration, the JATT Board has unanimously approved, except for Dr. Sidhu, who recused himself from any JATT Board deliberations or decisions relating to a potential transaction with Talawar (as further described in the proxy statement/prospectus), and determined it to be in the best interests of JATT and its shareholders to enter into the Business Combination and the Business Combination Agreement and unanimously, aside from Dr. Sidhu, recommends that shareholders vote or give instruction to vote “FOR” the adoption of the Business Combination Agreement and approval of the transactions contemplated thereby and “FOR” the Shareholder Proposals in the accompanying proxy statement/prospectus. The JATT Board received an opinion of Houlihan Capital, LLC, which it took into account in making a determination to approve the Transactions, to the effect that, as of the date of such opinion and subject to the assumptions, limitations, qualifications and other conditions contained therein, the Post-Closing Company Common Stock to be received in exchange for JATT Ordinary Shares in connection with the Merger are fair, from a financial point of view, to the unaffiliated shareholders of JATT. A copy of the written opinion is attached as Annex C to this proxy statement/prospectus. Please see the section entitled “Proposal No. 1 — The Business Combination Proposal — Opinion of Houlihan Capital” for further information. The JATT Board recommends that you vote “FOR” each of the Shareholder Proposals. At the effective time of the Merger (the “Effective Time”), by virtue of the Merger, each ordinary share of JATT, par value $0.0001 per share (the “JATT Ordinary Shares”) will be automatically converted into the right to receive one share of Post-Closing Company common stock, par value $0.00001 per share (the “Post-Closing Company Common Stock”).Subject to, and in accordance with the terms and conditions of the Business Combination Agreement:<div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">(a)<div style="display:inline;">immediately prior to the Stock Split, all outstanding Talawar convertible instruments (including any simple agreements for future equity) (the “Talawar Convertible Instruments”) will be converted into shares of common stock of Talawar, par value $0.00001 per share (the “Talawar Common Shares”), pursuant to their respective terms, and all outstanding shares of Series L Preferred Stock of Talawar, par value $0.00001 per share (the “Talawar Preferred Shares”, together with the Talawar Common Shares, the “Talawar Shares”), will be automatically converted into Talawar Common Shares in accordance with the terms of Talawar’s Certificate of Incorporation and bylaws, as in effect immediately prior to the Effective Time;</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">(b)<div style="display:inline;">immediately prior to the Effective Time, Talawar will effect a stock split pursuant to which each Talawar Common Share that is issued and outstanding immediately prior to the Effective Time shall be split into a number of shares of Post-Closing Company Common Stock determined by multiplying each such Talawar Common Share by the Exchange Ratio (as defined below) (the “Stock Split”); and</div></div> <div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">(c)<div style="display:inline;">immediately prior to the Effective Time, each option to purchase Talawar Common Shares (each, a “Talawar Option”), that is outstanding and unexercised immediately prior to the Effective Time, whether then vested or unvested, will be automatically assumed by the Post-Closing Company and converted into an option to purchase a number of shares of Post-Closing Company Common Stock (each, an “Exchanged Option”) equal to the product (rounded down to the nearest whole share) of (x) the number of Talawar Common Shares subject to such Talawar Option immediately prior to the Effective Time and (y) the Exchange Ratio (as defined below), at an exercise price per share (rounded up to the nearest whole cent) equal to the quotient of (A) the exercise price per share of such Talawar Option immediately prior to the Effective Time divided by (B) the Exchange Ratio. Except as specifically provided above, following the Effective Time, each Exchanged Option will continue to be governed by the same terms and conditions (including vesting and exercisability terms) as were applicable to the corresponding Talawar Option immediately prior to the Effective Time.</div></div> There may be actual or potential material conflicts of interest between or among (1) the Sponsor, JATT’s officers and directors, Talawar’s officers and directors and (2) unaffiliated security holders of JATT. Such conflicts of interest may include a material conflict of interest arising in determining whether to proceed with the business combination, the compensation of JATT’s directors and officers and the compensation of the Sponsor in connection with the business combination. See the section entitled “Proposal No. 1 —The Business Combination Proposal — Interests of Certain JATT Persons in the Business Combination” and “Information About JATT — Conflicts of Interest.” Talawar’s managers and executive officers have interests in the Business Combination that are different from, or in addition to, those of the JATT shareholders generally. 12534278 12534278 12534278 12534278 12534278 1650000 1650000 1650000 1650000 1650000 6000000 4500000 3000000 1500000 0 22500000 22500000 22500000 22500000 22500000 42684278 41184278 39684278 38184278 36684278 Sponsor Support AgreementConcurrently with the execution of the Business Combination Agreement, the Sponsor and Talawar entered into the Sponsor Support Agreement, pursuant to which the Sponsor has agreed, among other things, to (a) vote in favor of the Business Combination Agreement and the Transactions (including the Merger), (b) irrevocably waive any adjustment to the conversion ratio set forth in the Articles of Association, and any anti-dilution or similar protections with respect to the Sponsor Shares, including any such protections that may be triggered by the issuance of Post-Closing Company Shares pursuant to the PIPE Subscription Agreements or the PIPE Financing, (c) waive any right to demand redemption of any Sponsor Shares and any right to participate in any such redemption, (d) waive any appraisal, fair value or dissent rights (including under Section 238 of the Cayman Act) with respect to the Sponsor Shares in connection with the Merger and the Transactions, and (e) surrender for no consideration, in connection with the Closing, 150,000 Sponsor Shares for cancellation. The following summary of material provisions of the Sponsor Support Agreement is qualified by reference to the complete text of the Sponsor Support Agreement, a copy of which is attached as an exhibit to the registration statement of which this proxy statement/prospectus is a part. All shareholders are encouraged to read the Sponsor Support Agreement in its entirety for a more complete description of the terms and conditions of the Sponsor Support Agreement.<div>Pursuant to the terms of the Sponsor Support Agreement, until the earlier of (a) the Closing and (b) termination of the Business Combination Agreement in accordance with its terms, the Sponsor agreed, among other things, to (i) appear at the Extraordinary General Meeting and cause all Sponsor Shares to be counted as present for quorum purposes and (ii) vote (or duly and promptly execute and deliver an action by written consent), or cause to be voted, all of the Sponsor Shares (A) in favor of the approval and adoption of the Business Combination Agreement, the Transactions, and any other proposal submitted by the JATT Board for approval by the JATT Shareholders in connection with the Transactions, (B) in favor of any other matter reasonably necessary to the consummation of the Transactions and considered and voted upon by the JATT Shareholders, (C) against any action, agreement or transaction or proposal that would (1) reasonably be expected to result in a breach of any covenant, representation or warranty or any other obligation or agreement of JATT under the Business Combination Agreement or any Ancillary Document, (2) reasonably be expected to result in the failure of the Transactions to be consummated, or (3) change the business, management, or JATT Board except as contemplated by the Business Combination Agreement and the Ancillary Documents, and (D) against any merger agreement, merger, consolidation, combination, sale of substantial assets, reorganization, recapitalization, dissolution, liquidation or winding up of or by JATT (other than the Business Combination Agreement and the Transactions). The Sponsor further agreed not to enter into any commitment, agreement, understanding, or similar arrangement to vote or give voting instructions or express consent or dissent in writing in any manner inconsistent with the foregoing. In addition, the Sponsor agreed not to, and to direct its representatives and agents not to, bring, commence, institute, maintain, voluntarily aid, join in, facilitate, assist or encourage any claim, derivative or otherwise, against JATT, Talawar or Merger Sub (i) challenging the validity of, or seeking to enjoin the operation of, any provision of the Sponsor Support Agreement or the Business Combination Agreement, or (ii) alleging a breach of any fiduciary duty of any person in connection with the evaluation, negotiation or entry into the Business Combination Agreement. The Sponsor Support Agreement terminates automatically upon the earlier of (x) the Closing and (y) the termination of the Business Combination Agreement in accordance with its terms.</div>Letter AgreementThe Insiders have entered into a Letter Agreement with JATT, pursuant to which they have waived their rights to liquidating distributions from the Trust Account with respect to any JATT Ordinary Shares held by them if JATT fails to complete its initial business combination within 24 months from the closing of the IPO, or such later period approved by JATT’s shareholders in accordance with the Articles of Association. However, if the Insiders acquired, or in the future acquire, JATT Ordinary Shares in or after the IPO, they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if JATT fails to complete its initial business combination within 24 months from the closing of the IPO, or such later period approved by JATT’s shareholders in accordance with the Articles of Association.Registration Rights and Lock-Up AgreementEffective upon the Closing, JATT, certain JATT Shareholders (including the Sponsor), Talawar and certain Talawar Stockholders will enter into the Registration Rights and Lock-Up Agreement. The following summary of material provisions of the Registration Rights and Lock-Up Agreement is qualified by reference to the complete text of the form of Registration Rights Agreement, a copy of which is filed as an exhibit to the registration statement of which this prospectus forms a part of. All shareholders are encouraged to read the Registration Rights and Lock-Up Agreement in its entirety for a more complete description of the terms and conditions of the Registration Rights and Lock-Up Agreement.Pursuant to the Registration Rights and Lock-Up Agreement, the Post-Closing Company will agree to use commercially reasonable efforts to (1) file with the SEC (at the Post-Closing Company’s sole cost and expense) the Resale Registration Statement within 30 calendar days after the Closing and (2) cause such Resale Registration Statement to become effective under the Securities Act as soon as reasonably practicable after such filing, but in no event later than the 60th calendar day (or 90th calendar day if the SEC notifies the Post-Closing Company that it will “review” the Resale Registration Statement) following the filing date thereof after the Closing Date. In certain circumstances, the holders of registration rights thereunder may demand in the aggregate up to three underwritten offerings (of which Khanda and AI Talawar may initiate an aggregate of two between them) and will be entitled to customary piggyback registration rights.Pursuant to the Registration Rights and Lock-Up Agreement, the holders of Post-Closing Company Shares that are a signatory thereto have agreed not to transfer their respective Post-Closing Company Shares for a period of 180 days following the Closing Date, subject to certain exceptions. The restrictions set forth in the Registration Rights and Lock-up Agreement, shall not apply during the lock-up period to transfers (i) as a bona fide gift or charitable contribution; (ii) to a trust, or other entity formed for estate planning purposes for the primary benefit of the spouse, domestic partner, parent, sibling, child or grandchild of such holder or any other natural person with whom such holder has a relationship by blood, marriage or adoption not more remote than first cousin; (iii) by will or intestate succession upon the death of the holder; (iv) pursuant to a qualified domestic order, court order or in connection with a divorce settlement, or any legal, regulatory or other order; (v) if such holder is a corporation, partnership (whether general, limited or otherwise), limited liability company, trust or other business entity, (A) to another corporation, partnership, limited liability company, trust or other business entity that controls, is controlled by or is under common control or management with the holder, or (B) to partners, limited liability company members or stockholders of the holder, including, for the avoidance of doubt, where the holder is a partnership, to its general partner or a successor partnership or fund, or any other funds managed by such partnership; (vi) if such holder is a trust, to a trustor or beneficiary of the trust or to the estate of a beneficiary of such trust; (vii) to a nominee or custodian of a person or entity to whom a disposition or transfer would be permissible under clauses (i) through (vi); (viii) as a pledge or other grant of a security interest in Post-Closing Company Shares to one or more financial or lending institutions as collateral or security in connection with any bona fide loans, advances or extensions of credit or debt transaction (or enforcement thereunder) entered into by the holder or any of its affiliates, or any refinancings thereof, and any transfers of such Post-Closing Company Shares upon foreclosure thereof; (ix) pursuant to a bona fide third-party tender offer, merger, stock sale, recapitalization, consolidation or other transaction involving a change in control of the Post-Closing Company; provided, however, that if such tender offer, merger, stock sale, recapitalization, consolidation or other such transaction is not completed, the Shares shall remain subject to the lock-up restrictions; (x) the establishment of a trading plan pursuant to Rule 10b5-1 promulgated under the Exchange Act; provided, however, that such plan does not provide for the transfer of Post-Closing Company Shares during the lock-up period; (xi) to Post-Closing Company in connection with the repurchase of such holder’s Shares in connection with the termination of the holder’s employment with the Post-Closing Company or any subsidiary of the Post-Closing Company pursuant to contractual agreements with the Post-Closing Company; (xii) to satisfy tax withholding obligations in connection with the exercise of options to purchase shares of Post-Closing Company Common Stock or the vesting or settlement of Post-Closing Company stock-based awards; or (xiii) in payment on a “net exercise” or “cashless” basis of the exercise or purchase price with respect to the exercise of options to purchase Post-Closing Company Shares; provided, however, that in the case of clauses (i) through (viii), the transferee(s) of such transfer must enter into a written agreement agreeing to be bound by the transfer restrictions set forth in the Registration Rights and Lock-Up Agreement.The foregoing description of the Registration Rights and Lock-Up Agreement does not purport to be complete and is qualified in its entirety by the terms and conditions of such agreement, the form of which is filed as an exhibit to the registration statement of which this proxy statement/prospectus form a part and the terms of which are incorporated by reference herein.Stockholder Support AgreementConcurrently with the execution of the Business Combination Agreement, JATT, Talawar, and Khanda (the sole Stockholder party thereto) entered into the Stockholder Support Agreement pursuant to which Khanda agreed, among other things, to (a) vote (or deliver a written consent within 24 hours of a request therefor) all of its Shares (i) in favor of the approval and adoption of the Business Combination Agreement, the Merger, the Stock Split and all other Transactions and (ii) against any action, agreement or transaction or proposal that would result in a breach of any covenant, representation or warranty or any other obligation or agreement of Talawar under the Business Combination Agreement or that would reasonably be expected to result in the failure of the Merger from being consummated, (b) take, or cause to be taken, any actions necessary or advisable to cause certain letter agreements providing for redemption rights, put rights, purchase rights, information rights, rights to consult with and advise management, inspection rights, preemptive rights, board observer rights or other similar rights not generally available to stockholders of Talawar to be terminated effective immediately prior to the Effective Time, and (c) irrevocably waive any appraisal rights (including under Section 262 of the DGCL) with respect to the Merger and the Stock Split.The Stockholder Support Agreement restricts Khanda from, among other things, directly or indirectly, (a) selling, assigning, transferring (including by operation of law), creating any lien or pledge, disposing of or otherwise encumbering any of the Shares, or agreeing to do any of the foregoing, except pursuant to (i) the Business Combination Agreement, (ii) a transfer to another Talawar Stockholder party to the Stockholder Support Agreement or (iii) a transfer to a Permitted Transferee (as defined in the Stockholder Support Agreement) that agrees in writing to be bound by the Stockholder Support Agreement; (b) depositing any Shares into a voting trust or entering into a voting agreement or arrangement or granting any proxy or power of attorney with respect thereto that is inconsistent with the Stockholder Support Agreement; and (c) entering into any contract, option or other arrangement or undertaking with respect to the direct or indirect acquisition or sale, assignment, transfer or other disposition of any Shares. Any purported transfer in violation of these restrictions shall be null and void ab initio.Pursuant to the Stockholder Support Agreement, Khanda, which owns 9,000,000 Talawar Shares representing approximately 95.0 % of the voting power of the outstanding Talawar Shares (voting together as a single class, and, with respect to the Talawar Preferred Shares, on an as-converted to Talawar Common Shares basis) and 100% of the voting power of the outstanding Talawar Preferred Shares (voting together as a single class on an as-converted to Talawar Common Shares basis), has agreed to support the transactions contemplated by the Business Combination Agreement on behalf of Talawar, which is sufficient to constitute the Talawar Stockholder Written Consent. In addition, Khanda has agreed to irrevocably waive any appraisal rights under applicable law in connection with the Merger and the Stock Split.Drs. Sidhu, Becker and Borowski are all directors of both Talawar and Khanda, and, accordingly, three members of the Talawar Board (and the expected Post-Closing Company Board) also constitute the entire board of directors of Khanda. In addition, Access, a founding investor of Talawar and, upon Closing, as a result of the conversion of its SAFE into Post-Closing Company Shares and its participation in the PIPE Financing, will be a significant stockholder of the Post-Closing Company. In addition, Access is also an investor in Khanda where it controls a majority of Khanda’s outstanding equity interests and has appointed a majority of the members of the board of directors of Khanda, and as a result, has effective control over the appointment of any executive officers of Khanda.The Stockholder Support Agreement will automatically terminate upon the earliest of (a) the Closing, (b) the termination of the Business Combination Agreement in accordance with its terms and (c) the mutual written agreement of the parties thereto. Notwithstanding any termination, no such termination shall relieve any party of liability for fraud or any willful breach of the Stockholder Support Agreement occurring prior to such termination.The foregoing description of the Stockholder Support Agreement does not purport to be complete and is qualified in its entirety by the terms and conditions of such agreement, the form of which is filed as an exhibit to the registration statement of which this proxy statement/prospectus form a part and the terms of which are incorporated by reference herein. Pursuant to the terms of the Sponsor Support Agreement, until the earlier of (a) the Closing and (b) termination of the Business Combination Agreement in accordance with its terms, the Sponsor agreed, among other things, to (i) appear at the Extraordinary General Meeting and cause all Sponsor Shares to be counted as present for quorum purposes and (ii) vote (or duly and promptly execute and deliver an action by written consent), or cause to be voted, all of the Sponsor Shares (A) in favor of the approval and adoption of the Business Combination Agreement, the Transactions, and any other proposal submitted by the JATT Board for approval by the JATT Shareholders in connection with the Transactions, (B) in favor of any other matter reasonably necessary to the consummation of the Transactions and considered and voted upon by the JATT Shareholders, (C) against any action, agreement or transaction or proposal that would (1) reasonably be expected to result in a breach of any covenant, representation or warranty or any other obligation or agreement of JATT under the Business Combination Agreement or any Ancillary Document, (2) reasonably be expected to result in the failure of the Transactions to be consummated, or (3) change the business, management, or JATT Board except as contemplated by the Business Combination Agreement and the Ancillary Documents, and (D) against any merger agreement, merger, consolidation, combination, sale of substantial assets, reorganization, recapitalization, dissolution, liquidation or winding up of or by JATT (other than the Business Combination Agreement and the Transactions). The Sponsor further agreed not to enter into any commitment, agreement, understanding, or similar arrangement to vote or give voting instructions or express consent or dissent in writing in any manner inconsistent with the foregoing. In addition, the Sponsor agreed not to, and to direct its representatives and agents not to, bring, commence, institute, maintain, voluntarily aid, join in, facilitate, assist or encourage any claim, derivative or otherwise, against JATT, Talawar or Merger Sub (i) challenging the validity of, or seeking to enjoin the operation of, any provision of the Sponsor Support Agreement or the Business Combination Agreement, or (ii) alleging a breach of any fiduciary duty of any person in connection with the evaluation, negotiation or entry into the Business Combination Agreement. The Sponsor Support Agreement terminates automatically upon the earlier of (x) the Closing and (y) the termination of the Business Combination Agreement in accordance with its terms. <h2 style="tab-size:26.66px;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;">Redemption Rights</h2>Pursuant to the Articles of Association, a Public Shareholder, who is not an Insider, may request to redeem all or a portion of its Public Shares for cash in connection with the Closing. As a Public Shareholder, you will be entitled to receive cash for any Public Shares to be redeemed only if you:<div class="item-list-element-wrapper" style="tab-size:32px;display:flex;font-size:10pt;margin-top:6pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:left;">(a)<div style="display:inline;">hold Public Shares;</div></div><div class="item-list-element-wrapper" style="tab-size:32px;display:flex;font-size:10pt;margin-top:6pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:left;">(b)<div style="display:inline;">submit a written request to Continental, including the legal name, phone number and address of the beneficial owner of the Public Shares for which redemption is requested, that JATT redeem all or a portion of your Public Shares for cash; and</div></div><div class="item-list-element-wrapper" style="tab-size:32px;display:flex;font-size:10pt;margin-top:6pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:left;">(c)<div style="display:inline;">deliver your share certificates for Public Shares (if any) along with the redemption forms to Continental, physically or electronically through DTC.</div></div>Public Shareholders must complete the procedures for electing to redeem their Public Shares in the manner described above prior to p.m., Eastern Time, on , 2026 two (2) business days prior to the initially scheduled date of the Extraordinary General Meeting in order for their Public Shares to be redeemed.Public Shareholders may elect to redeem all or a portion of the Public Shares held by them, regardless of if or how they vote in respect of the Business Combination Proposal, and regardless of whether they hold Public Shares on the Record Date. If the Business Combination is abandoned, the Public Shares will be returned to the respective holder, broker or bank. If the Business Combination is consummated, and if a Public Shareholder properly exercises its redemption rights to redeem all or a portion of the Public Shares that it holds and timely delivers the certificates for its shares (if any) along with the redemption forms to Continental, JATT will redeem such Public Shares for the Redemption Price, a per-share price, payable in cash, equal to the pro rata portion of the Trust Account, calculated as of two (2) business days prior to the consummation of the Business Combination. For illustrative purposes, as of September 30, 2026, this would have amounted to approximately $10.16 per issued and outstanding Public Share. If a Public Shareholder exercises its redemption rights in full, then it will be electing to exchange its Public Shares for cash and will no longer own Public Shares. See the section of the proxy statement/prospectus entitled “Extraordinary General Meeting of JATT — Redemption Rights” for a detailed description of the procedures to be followed if you wish to redeem your Public Shares for cash.Notwithstanding the foregoing, a Public Shareholder, together with any affiliate of such Public Shareholder or any other person with whom such Public Shareholder is acting in concert or as a partnership, limited partnership, syndicate, or other group for the purposes of acquiring, holding, or disposing JATT Ordinary Shares, will be restricted from redeeming its Excess Shares without JATT's prior written consent and provided further that any Public Shareholder on whose behalf a redemption right is being exercised must identify itself to JATT in connection with any redemption election in order to validly redeem such Public Shares. Accordingly, if a Public Shareholder, together with any affiliate of such Public Shareholder or any other person with whom such Public Shareholder is acting in concert or as a partnership, limited partnership, syndicate, or other group for the purposes of acquiring, holding, or disposing JATT Ordinary Shares, seeks to redeem Excess Shares, then any such Excess Shares would not be redeemed for cash without JATT's prior written consent and compliance with the Existing Governing Documents.The Sponsor and the Insiders have agreed to waive their redemption rights in connection with the consummation of the Business Combination with respect to any JATT Ordinary Shares, including the Founder Shares and Private Placement Shares, held by them. As of the Record Date, the Insiders beneficially owned, collectively, % of the issued and outstanding JATT Ordinary Shares. <h2 style="tab-size:26.66px;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;">Appraisal Rights of JATT Shareholders</h2>The Cayman Act prescribes when shareholder appraisal rights are available and sets limitations on such rights. JATT shareholders will have appraisal rights and dissenter’s rights under Section 238 and 239 of the Cayman Act. Where such rights are available, shareholders are entitled to receive fair value for their shares. However, regardless of whether such rights are or are not available, the Public Shareholders are still entitled to exercise the rights of redemption as set out herein, and the JATT Board has determined that the redemption proceeds payable to shareholders who exercise such redemption rights represent the fair value of those shares.Section 238. (1) of the Cayman Act provides that a member of a constituent company incorporated thereunder shall be entitled to payment of the fair value of that person’s shares upon dissenting from a merger or consolidation.Section 239. (1) of the Cayman Act provides that no rights under section 238 of the Cayman Act shall be available in respect of the shares of any class for which an open market exists on a recognized stock exchange or recognized interdealer quotation system at the expiry date of the period allowed for written notice of an election to dissent under section 238(5) of the Cayman Act, provided that such section shall not apply if the holders thereof are required by the terms of a plan of merger or consolidation pursuant to section 233 or 237 of the Cayman Act to accept for such shares anything except: (a) shares of a surviving or consolidated company, or depository receipts in respect thereof; (b) shares of any other company, or depository receipts in respect thereof, which shares or depository receipts at the effective date of the merger or consolidation, are either listed on a national securities exchange or designated as a national market system security on a recognized interdealer quotation system or held of record by more than two thousand holders; (c) cash in lieu of fractional shares or fractional depository receipts described in paragraphs (a) and (b); or (d) any combination of the shares, depository receipts and cash in lieu of fractional shares or fractional depository receipts described in paragraphs (a), (b) and (c).JATT Shareholders who are considering exercising dissenter’s rights are advised to consult appropriate legal counsel. true JATT’s officers and directors have additional fiduciary or contractual obligations to other entities pursuant to which such officer or director is or will be required to present a business combination opportunity to such entity, which are set forth in more detail in the section titled “Information about JATT — Conflicts of Interest”. We believe there were no such opportunities that were not presented to JATT for a potential business combination as a result of the existing fiduciary or contractual obligations of our officers and directors to other entities. The JATT Board was aware of and considered these interests, among other matters, in evaluating and negotiating the Business Combination and Business Combination Agreement and in recommending to our shareholders that they vote in favor of the Shareholder Proposals presented at the Extraordinary General Meeting, including the Business Combination Proposal. JATT shareholders should take these interests into account in deciding whether to approve the Shareholder Proposals presented at the Extraordinary General Meeting, including the Business Combination Proposal. 25000 1350000 300000 3000000 10 Sponsor and Affiliates CompensationSet forth below is a summary of the amount of compensation and securities received or to be received by the Sponsor, its affiliates and JATT’s directors, officers and their affiliates in connection with the Business Combination and related transactions. <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="background-color:#ffffff;font-weight:bold;visibility:collapse;"> <td style="width:20%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:47%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:31%;box-sizing:content-box;"></td> </tr> <tr style="height:10pt;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid;padding-right:0in;text-align:right;">Entity</td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid;padding-right:0in;text-align:right;">Amount of Compensation To be Received or Securities Issued or to be Issued</td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid;padding-right:0in;text-align:right;">Consideration Paid or to be Paid</td> </tr> <tr style="height:10pt;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0in;text-indent:7.2pt;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;text-align:left;">Sponsor</td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;text-align:right;">1,350,000 shares of Post-Closing Company Common Stock upon conversion of 1,350,000 Founder Shares (after giving effect to the 225,000 Founder Shares surrendered by the Sponsor to JATT for no consideration following the closing of the IPO upon the non-exercise of the underwriters’ over-allotment option and to the Sponsor Forfeiture). Prior to the closing of JATT’s IPO, the management team received indirect interests in Founder Shares through membership interests in the Sponsor, including (i) 150,000 Founder Shares to Dr. Someit Sidhu, the Chairman and Chief Executive Officer of JATT, for his services, (ii) 50,000 Founder Shares to Nicholas Fernandez, JATT’s Chief Financial Officer, for his services, (iii) 25,000 to each of the independent directors of JATT for their services to the JATT Board, and (iv) 25,000 Founder Shares to an independent consultant of JATT for his services in connection with the IPO.</td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;text-align:right;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;text-align:right;">$25,000 (approximately $0.014 per share)</td> </tr> <tr style="word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0in;text-indent:7.2pt;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;text-align:right;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;text-align:right;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;text-align:right;"> </td> </tr> <tr style="height:10pt;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0in;text-indent:7.2pt;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;text-align:right;">300,000 shares of Post-Closing Company Common Stock upon conversion of the 300,000 Private Placement Shares</td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;text-align:right;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;text-align:right;">$3,000,000 ($10.00 per share)</td> </tr> <tr style="word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0in;text-indent:7.2pt;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;text-align:right;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;text-align:right;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;text-align:right;"> </td> </tr> <tr style="height:10pt;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0in;text-indent:7.2pt;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;text-align:left;">Sponsor, JATT officers, directors, or their affiliates </td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;text-align:right;">Finder’s fees, advisory fees, consulting fees, success fees and reimbursement for any out-of-pocket expenses related to identifying, investigating, negotiating and completing an initial business combination. There is no cap or ceiling on the reimbursement of out-of-pocket expenses incurred by such persons in connection with activities on our behalf.</td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;text-align:right;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;text-align:right;"> </td> </tr> <tr style="word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0in;text-indent:7.2pt;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;text-align:right;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;text-align:right;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;text-align:right;"> </td> </tr> <tr style="height:10pt;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0in;text-indent:7.2pt;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;text-align:right;">Working Capital Loans to finance transaction costs in connection with the Business Combination.</td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;text-align:right;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;text-align:right;">Up to $1,500,000 in working capital loans, which loans may be convertible into shares of the Post-Closing Company at the price of $10.00 per unit. As of June 30, 2026, JATT had no outstanding borrowings or commitments under the Working Capital Loans.</td> </tr> </table> 1350000 25000 0.014 300000 3000000 10 <h2 style="tab-size:26.66px;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;">Opinion of Houlihan Capital</h2>The JATT Board retained Houlihan Capital to act as its financial advisor in connection with the transactions contemplated by the Business Combination Agreement. On June 28, 2026, Houlihan Capital rendered its oral opinion to the JATT Board, which was reaffirmed by delivery of Houlihan Capital’s written opinion dated June 29, 2026, and based upon and subject to the assumptions made, procedures followed, matters considered and qualifications and limitations on the scope of review undertaken by Houlihan Capital, as set forth in Houlihan Capital’s written opinion, the consideration to be issued or paid in the Business Combination is fair, from a financial point of view to the unaffiliated shareholders of JATT.The full text of the written opinion of Houlihan Capital delivered to the JATT Board, dated June 29, 2026, is attached as Annex C and incorporated by reference into this proxy statement/prospectus in its entirety. The opinion sets forth, among other things, the assumptions made, procedures followed, matters considered and qualifications and limitations on the scope of the review undertaken by Houlihan Capital in rendering its opinion. All shareholders of JATT are urged to, and should, read the opinion carefully and in its entirety. Houlihan Capital’s opinion was directed to the JATT Board and addressed only the consideration to be issued or paid in the Business Combination is fair, from a financial point of view to the unaffiliated shareholders, in each case, as of the date of the opinion. Houlihan Capital’s opinion did not address any other aspect or implications of the Business Combination and does not constitute an opinion, advice or recommendation as to how any shareholder of JATT should vote at the Extraordinary General Meeting. The summary of Houlihan Capital’s opinion set forth in this proxy statement/prospectus is qualified in its entirety by reference to the full text of Houlihan Capital’s written opinion attached as Annex C hereto.For further information, see the section “Proposal No. 1 — The Business Combination Proposal — Opinion of Houlihan Capital” and Annex C. <h2 style="tab-size:26.66px;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;">Sources and Uses of Funds for the Transactions</h2>The following tables summarize the sources and uses for funding the Business Combination, assuming (i) no Public Shareholders exercise their redemption rights and (ii) the largest number of redemptions by Public Shareholders that can occur while still satisfying the Minimum Cash Condition. This scenario assumes that Available Cash is met.Where actual amounts are not known or knowable, the figures below represent Talawar’s good faith estimate of such amounts. For more information, see “Unaudited Pro Forma Condensed Combined Financial Information.” In the event of the 25% Redemptions Scenario, 50% Redemptions Scenario and 75% Redemptions Scenario, funds available to the Post-Closing Company from the Trust Account will be reduced proportionally to such redemption rate.Sources and Uses of Funds for the Business Combination <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="background-color:#ffffff;font-weight:bold;visibility:collapse;"> <td style="width:66.64%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:15.42%;box-sizing:content-box;"></td> <td style="width:1.1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:13.84%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:10pt;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"> </td> <td colspan="2" style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid;padding-right:0in;">Assuming No Redemptions(1)</td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;"> </td> <td colspan="2" style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid;padding-right:0in;">Assuming Maximum Redemptions(2)</td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;"> </td> </tr> <tr style="height:10pt;background-color:#cceeff;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;">Sources</td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"> </td> </tr> <tr style="height:10pt;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;">JATT Trust Account(3)</td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;">$</td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;">60,409,419</td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;">$</td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;">—</td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"> </td> </tr> <tr style="height:10pt;background-color:#cceeff;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;">Talawar cash(4)</td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;">19,311,000</td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;">19,311,000</td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"> </td> </tr> <tr style="height:10pt;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;">PIPE gross proceeds(5)</td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;">225,000,000</td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;">225,000,000</td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"> </td> </tr> <tr style="height:10pt;background-color:#cceeff;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;">Talawar equity rollover</td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;">120,000,000</td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;">120,000,000</td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"> </td> </tr> <tr style="height:10pt;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;">Sponsor Shares</td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;">16,500,000</td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;">16,500,000</td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"> </td> </tr> <tr style="height:10pt;background-color:#cceeff;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;">Allocated to 2026 Plan</td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;">30,400,000</td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;">30,400,000</td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"> </td> </tr> <tr style="height:10pt;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"> </td> </tr> <tr style="height:10pt;background-color:#cceeff;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;">Total sources</td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;">$</td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;">471,620,419</td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;">$</td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;">411,211,000</td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"> </td> </tr> <tr style="height:10pt;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"> </td> </tr> <tr style="height:10pt;background-color:#cceeff;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;">Uses(1)(2)(3)(4)(5)</td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"> </td> </tr> <tr style="height:10pt;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;">Talawar equity rollover</td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;">$</td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;">120,000,000</td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;">$</td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;">120,000,000</td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"> </td> </tr> <tr style="height:10pt;background-color:#cceeff;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;">Illustrative transaction-related fees and expenses</td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;">23,600,000</td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;">23,600,000</td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"> </td> </tr> <tr style="height:10pt;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;">Cash to balance sheet(6)</td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;">281,120,419</td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;">220,711,000</td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"> </td> </tr> <tr style="height:10pt;background-color:#cceeff;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;">Sponsor Shares</td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;">16,500,000</td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;">16,500,000</td> <td style="padding-top:0in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"> </td> </tr> <tr style="height:10pt;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;">Allocated to 2026 Plan</td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;">30,400,000</td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;">30,400,000</td> <td style="padding-top:0in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"> </td> </tr> <tr style="background-color:#cceeff;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"> </td> </tr> <tr style="height:10pt;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;">Total uses</td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;">$</td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;">471,620,419</td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"> </td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;">$</td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;">411,211,000</td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"> </td> </tr> </table> <div class="item-list-element-wrapper" style="tab-size:32px;display:flex;font-size:8pt;margin-top:2pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.25in;text-align:justify;">(1)<div style="display:inline;">Assumes no Public Shareholders exercise their redemption rights.</div></div><div class="item-list-element-wrapper" style="tab-size:32px;display:flex;font-size:8pt;margin-top:6pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.25in;text-align:justify;">(2)<div style="display:inline;">Assumes that all 6,000,000 Public Shares are redeemed.</div></div><div class="item-list-element-wrapper" style="tab-size:32px;display:flex;font-size:8pt;margin-top:6pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.25in;text-align:justify;">(3)<div style="display:inline;">Reflects the amount in the Trust Account as of June 30, 2026.</div></div><div class="item-list-element-wrapper" style="tab-size:32px;display:flex;font-size:8pt;margin-top:6pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.25in;text-align:justify;">(4)<div style="display:inline;">Reflects cash as of June 30, 2026.</div></div><div class="item-list-element-wrapper" style="tab-size:32px;display:flex;font-size:8pt;margin-top:6pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.25in;text-align:justify;">(5)<div style="display:inline;">Assumes the PIPE Investment Amount.</div></div><div class="item-list-element-wrapper" style="tab-size:32px;display:flex;font-size:8pt;margin-top:6pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.25in;text-align:justify;">(6)<div style="display:inline;">Represents the sum of proceeds from the PIPE Financing as of the consummation of the Business Combination, and cash held in the Trust Account (as of June 30, 2026) along with Talawar cash (as of June 30, 2026), less illustrative transaction-related fees and expenses. Does not include the $18.0 million reimbursement payment that Talawar is obligated to pay Khanda pursuant to the TALA-125 License Agreement within 30 days of the Closing. Such $18.0 million reimbursement amount includes $6.1 million of research and development costs and $1.6 million of general and administrative costs that were incurred by Khanda related to TALA-125 prior to the entry into the TALA-125 License Agreement by Talawar and Khanda, together with an applicable mark-up charged by Khanda. </div></div> extent exercised prior to Closing and (y) any Talawar Common Shares and any other shares of capital stock of Talawar underlying the Equity Securities issued in connection with any fundraising transactions from and after the date of the Business Combination Agreement (excluding the PIPE Financing, as defined below) for aggregate net proceeds of up to $30,000,000, plus (b) the aggregate number of Talawar Shares issuable upon the full conversion of any Talawar Convertible Instruments that are outstanding as of immediately prior to the Effective Time. “Fully-Diluted Shares” shall not include Talawar Common Shares issuable upon the exercise of Exchanged Options or Talawar Common Shares issued pursuant to the Talawar Equity Plan.Representations and WarrantiesThe Business Combination Agreement contains representations and warranties by JATT and Talawar. Unless otherwise specified, such representations and warranties are made as of the Signing Date and as of the Closing, are subject to customary qualifications for materiality and material adverse effect, and (where expressly indicated) to knowledge qualifiers. Talawar’s representations and warranties are qualified by, and subject to the disclosures set forth in, the Talawar disclosure schedules. The representations and warranties of JATT are qualified by the information set forth in JATT’s public filings filed or submitted to the SEC on or prior to the Signing Date (subject to certain exceptions contemplated by the Business Combination Agreement).Representations and Warranties of TalawarThe Business Combination Agreement contains representations and warranties of Talawar relating to, among other things:<div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">organization, good standing, authority and enforceability;</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">capitalization;</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">no dissolution, winding up, bankruptcy or insolvency proceedings;</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">corporate books and registers;</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">absence of violations, conflicts, defaults, or required consents, filings or notifications arising from the execution or performance of the Business Combination Agreement;</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">unaudited financial statements, absence of undisclosed liabilities, and absence of a Talawar Material Adverse Effect (as described below) since April 1, 2026;</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">absence of certain specified changes or developments since April 1, 2026;</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">real property (owned and leased);</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">tax matters;</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">material contracts (including enforceability and absence of breaches);</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">intellectual property (including ownership, no infringement of third-party intellectual property, non-infringement of Talawar’s intellectual property by third parties, and compliance with open source software requirements);</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">data security, data privacy and cybersecurity;</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">accuracy of information supplied for inclusion in the Registration Statement / Proxy Statement;</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">litigation;</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">brokerage and finder's fees;</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">labor matters and compliance with employment laws;</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">employee benefit plans and ERISA compliance;</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">insurance;</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">compliance with applicable laws and permits;</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">title to and sufficiency of assets;</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">anti-corruption law compliance (including FCPA and equivalent laws);</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">anti-money laundering law compliance;</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">affiliate transactions;</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">environmental matters; and</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">healthcare law compliance (including compliance with applicable FDA regulations and other healthcare laws to the extent applicable to Talawar's business and product candidates).</div></div>Representations and Warranties of JATT and Merger SubThe Business Combination Agreement contains representations and warranties by JATT relating to, among other things:<div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">organization, good standing, authority and enforceability;</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">capitalization (including the 7,800,000 JATT Ordinary Shares outstanding as of the date of the Business Combination Agreement);</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">brokerage and finder's fees;</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">the Trust Account (including that the Trust Account contained at least $60,000,000 in cash as of the date of the Business Combination Agreement, and the terms of the Trust Agreement);</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">JATT SEC documents and financial statements (including the accuracy and completeness of all reports, schedules, forms, statements and other documents filed with or furnished to the SEC by JATT prior to the date of the Business Combination Agreement);</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">accuracy of information supplied for inclusion in the Registration Statement / Proxy Statement;</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">litigation;</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">listing on Nasdaq and compliance with applicable Nasdaq Rules;</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">compliance with applicable laws and regulations (including the Investment Company Act of 1940, as amended);</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">absence of violations, conflicts, defaults, or required consents arising from the execution or performance of the Business Combination Agreement;</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">business activities (JATT has not conducted any business other than in connection with its IPO and identifying and evaluating potential business combination targets);</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">JATT material contracts;</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">undisclosed liabilities;</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">employees and benefit plans;</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">tax matters;</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">anti-corruption law compliance; </div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">affiliate transactions; and</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">anti-money laundering law compliance.</div></div> <h2 style="tab-size:26.66px;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;">Background of the Business Combination </h2>JATT is a SPAC that was incorporated in January 2026, as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The business combination is the result of an extensive search for a potential transaction, whereby JATT evaluated potential targets utilizing JATT’s network and the investing, operating and transaction experience of the Sponsor, JATT’s management team, and members of the JATT Board. The terms of the Business Combination are the result of arm’s-length negotiations between representatives of JATT and representatives of Talawar over the course of approximately nine (9) weeks. The following is a brief discussion of the background of these negotiations, the Business Combination Agreement and Business Combination. On April 16, 2026, the Registration Statement on Form S-1 for the IPO was declared effective. On April 20, 2026, JATT completed the sale of 6,000,000 JATT Ordinary Shares in the IPO. Prior to the consummation of the IPO, neither JATT, nor anyone on its behalf, contacted any prospective target business or held any substantive discussions, formal or otherwise, with respect to a transaction with JATT. After completion of the IPO, JATT’s officers and directors associated with its network for global advisors, brokers and bankers, commenced an active search for prospective businesses or assets to acquire in its initial business combination. JATT management reviewed self-generated ideas from JATT’s management team, board, and advisory groups; explored ideas with the underwriters from the IPO; considered transactions sourced through various investment banking and advisory firms; and contacted, and were contacted by, a number of individuals and entities with respect to numerous business combination opportunities, including financial advisors and companies in a diverse range of sectors. JATT’s officers and directors and their affiliates and global wide network of advisors actively searched for and brought business combination targets to JATT’s attention. As part of this process, and in connection with the JATT Board’s review of potential business combination opportunities, the JATT Board retained Houlihan Capital pursuant to an engagement letter dated June 10, 2026, to act as its financial advisor and to render a fairness opinion in connection with a potential initial business combination, including with respect to whether the consideration to be issued or paid in any such transaction would be fair, from a financial point of view, to the unaffiliated shareholders of JATT.In evaluating potential businesses and assets to acquire, JATT, together with the Sponsor and their advisors, surveyed the landscape of potential acquisition opportunities based on their knowledge of, and familiarity with, healthcare and healthcare-related industries, with a primary focus on biotechnology and broader life sciences. JATT’s team of experienced life sciences executives, investors, physicians and entrepreneurs sought to leverage their network of relationships, therapeutic development experience and capital markets expertise to identify and complete an initial business combination with a company that is well positioned to benefit from public-market access and from the operational, strategic and financing support of JATT’s management team and board. JATT’s selection process drew upon the relationships, domain expertise and sourcing capabilities of its management team and directors across the United States, Europe and other key life sciences markets, and JATT was in regular contact with entrepreneurs, physicians, scientists, key opinion leaders, management teams, investors and investment bankers across the healthcare ecosystem. At the time of the IPO, JATT described its general criteria and guidelines in evaluating prospective targets. JATT does not believe that there is a one-size fits-all list of criteria that it can use to evaluate companies. While not exhaustive, JATT detailed the following criteria and guidelines, among other things, that it believes are important in evaluating prospective targets:<div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">Rigorous science and a differentiated therapeutic or technical rationale;</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">Compelling preclinical or clinical data, or a platform with the potential to generate differentiated products addressing meaningful unmet medical needs;</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">The potential for data-driven or technology-enabled approaches to improve development speed, decision-making or probability of success;</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">Identifiable near- or medium-term milestones that could drive value creation through scientific, clinical, regulatory, strategic or commercial progress;</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">Novel technology, know-how or assets protected by robust intellectual property or other durable competitive advantages;</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">Platform or portfolio potential that can support repeatable value creation through additional pipeline development or expansion;</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">A management team with the experience and judgment to develop, finance, partner and, where appropriate, commercialize its programs as a public company;</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">An attractive valuation relative to the quality of the science, data, management team and development opportunity; and</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">A business that would benefit from public ownership and access to incremental growth capital.</div></div>These criteria are not intended to be an exhaustive list of JATT’s guidelines, or the factors that JATT considered when considering Talawar as a business combination target. Any evaluation relating to the merits of a particular initial business combination, including with respect to Talawar, may be based, to the extent relevant, on these general guidelines as well as other considerations, factors and criteria that JATT’s management team and JATT’s Board may deem relevant.The proposed Business Combination was the result of JATT’s multi-faceted expertise, investing and operating experience, broad network of relationships, and focus on creating transaction opportunities that met JATT’s articulated investment criteria and will be in line with the current investors’ community interest. The terms of the Business Combination Agreement were the result of extensive due diligence and negotiations between JATT and Talawar (and their respective affiliates and advisors). Since the completion of the IPO, JATT reviewed more than 45 acquisition opportunities across various industries, entered into approximately 4 non-disclosure agreements with potential targets (including Talawar). Such non-disclosure agreements contained customary terms for a special purpose acquisition company and a private company target, including confidentiality provisions and use restrictions for information provided by the target and exceptions to such provisions. Further, such non-disclosure agreements did not contain any standstill or “don’t ask, don’t waive” provisions. JATT had active discussions with approximately 12 or more potential business combination targets, meeting with the management teams of such companies during the latter part of April 2026, with discussions progressing with just over half of those targets. Prior to JATT’s discussions with Talawar, as part of its active discussions with potential targets, it submitted non-binding letters of intent to the following three potential targets:JATT’s first potential target, a clinical-stage biotechnology company developing therapies for autoimmune and inflammatory diseases (“Potential Target A”). Discussions between JATT and Potential Target A occurred between April 24, 2026 and May 4, 2026. On April 27, 2026, principals of the JATT management team and Potential Target A held an introductory conference call to discuss the potential mutual benefits of pursuing a merger, and JATT delivered a confidential disclosure agreement and extended a letter of intent to Potential Target A on the same date. Following that call, JATT and Potential Target A had occasional interactions; however, no substantive merger discussions took place, and the parties ceased communications on May 4, 2026.JATT’s second potential target, a clinical-stage biotechnology company focused on rare disease therapies (“Potential Target B”). Discussions between JATT and Potential Target B occurred between April 20, 2026 and May 18, 2026. On April 30, 2026, Potential Target B was invited to present before the JATT Board. JATT extended a letter of intent to Potential Target B on May 1, 2026. This was followed by a series of ongoing conversations via email and calls with the JATT Board. Following these conversations, JATT and Potential Target B had occasional interactions; however, no substantive merger discussions took place, and the parties ceased communications on May 18, 2026.JATT’s third potential target, a biotechnology research and development company (“Potential Target C”). Discussions between JATT and Potential Target C occurred between April 24, 2026 and May 29, 2026. On May 8, 2026, principals of the JATT management team and Potential Target C held an introductory conference call to discuss the potential mutual benefits of pursuing a merger. JATT extended a letter of intent to Potential Target C on May 18, 2026. On May 29, 2026, Potential Target C was invited to present a further update to the JATT Board, and communications between JATT and Potential Target C ceased on that same date.JATT ultimately determined not to proceed with any of the other potential acquisition opportunities, for one or more of the following reasons: (a) JATT did not prevail in or could not preempt a competitive process; (b) JATT could not come to an agreement with the counterparty on the economic terms for a potential transaction; (c) the counterparty decided not to pursue a business combination at that time; or (d) JATT concluded that the target business or the terms of a potential business combination would not be suitable for JATT or its shareholders. Further, following extensive due diligence conducted by JATT’s management and its advisors, and following detailed discussions with Talawar, JATT believed Talawar to be an attractive target business with strong growth prospects and promising longevity. <h2 style="tab-size:26.66px;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;">The JATT Board’s Reasons for the Approval of the Business Combination</h2>The JATT Board considered a number of factors pertaining to the Business Combination as generally supporting its decision to enter into the Business Combination Agreement and the Business Combination, including, but not limited to, the following:<div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">the JATT Board’s knowledge and understanding of JATT’s business, operations, financial condition, asset quality, earnings and prospects, and of Talawar’s business, operations, financial condition, asset quality, earnings and prospects, taking into account the conversation had with, and the presentations made by, Talawar officers as part of JATT’s due diligence review and information provided by Talawar’s financial advisors;</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">Talawar’s financial track record and the market performance;</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">the ability of JATT’s shareholders to benefit from Talawar’s potential growth and stock appreciation since it is more likely that the combined entity will have superior future earnings and prospects compared to JATT’s earnings and prospects on an independent basis due to greater operating efficiencies and better penetration of commercial markets;</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">the perceived ability of Talawar to complete a Business Combination from a financial and regulatory perspective;</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">the fact that the outside date allows for sufficient time to complete the Business Combination;</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">the level of effort that Talawar must use under the Business Combination Agreement to obtain required regulatory approvals, and the prospects for such approvals being obtained in a timely fashion and without the imposition of any adverse conditions;</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">its review of the potential costs associated with executing the Business Combination Agreement, including change in control, severance and related costs, as well as estimated advisor fees, which the JATT Board concluded were reasonable and would not affect the advice from, or the work performed by executive management of JATT or JATT’s financial advisors in connection with the evaluation of the merger and the Business Combination Agreement by JATT’s Board;</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">the complementary aspects of the JATT and Talawar businesses, including customer focus, geographic coverage, business orientation and compatibility of the companies’ management operating styles;</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">its knowledge of the current environment in the industry and increasing nationwide and global competition and the likely effects of these factors on JATT’s and the combined company’s potential growth, development, productivity, profitability and strategic options; </div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">the written opinion of Houlihan Capital, dated June 29, 2026, to the JATT Board as to the fairness, from a financial point of view and as of the date of the written opinion, of the consideration to be issued or paid in the Transaction to the unaffiliated shareholders of JATT, which opinion is subject to the assumptions made, qualifications, limitations and other matters considered in the review undertaken by Houlihan Capital as more fully described in the section entitled “Proposal No. 1 — The Business Combination Proposal — Opinion of Houlihan Capital.” The full text of the written opinion is attached as Annex C to this proxy statement/prospectus; and</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">its belief that the Business Combination is more favorable to JATT’s shareholders than the alternatives to the Business Combination, which belief was formed based on the careful review undertaken by the JATT Board, with the assistance of its management and outside legal and financial advisors.</div></div>In the course of its deliberations, the JATT Board considered a variety of uncertainties, risks and other potentially negative reasons relevant to the Business Combination, including the below:<div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">The risk that the potential benefits of the Business Combination may not be fully achieved, or may not be achieved within the expected time frame and the significant fees, expenses and time and effort of management associated with completing the Business Combination.</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">The risk that the Business Combination and transactions contemplated thereby might not be consummated or completed in a timely manner or that the closing might not occur despite our best efforts, including by reason of a failure to obtain the approval of JATT’s stockholders, litigation challenging the Business Combination or that an adverse judgment granting permanent injunctive relief could indefinitely enjoin the consummation of the Business Combination.</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">Economic downturns and market conditions beyond Talawar’s control, including a recession or pandemic, could adversely affect its business, financial condition, results of operations and prospects.</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">The requirements of being a public company, including compliance with the SEC’s requirements regarding internal controls over financial reporting, may strain JATT’s resources and divert management’s attention, and the increases in legal, accounting and compliance expenses that will result from the Business Combination may be greater than anticipated.</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">Talawar may invest in or acquire other businesses, or may invest or spend the proceeds of the Business Combination in ways with which the investors may not agree or which may not yield a return, and Talawar’s businesses may suffer if they are unable to successfully integrate acquired businesses or otherwise manage the growth associated with multiple acquisitions.</div></div>After considering the foregoing potentially negative and potentially positive reasons, the JATT Board concluded, in its business judgment, that the potentially positive reasons relating to the Business Combination and the other related transactions outweighed the potentially negative reasons.<h2 style="tab-size:26.66px;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;">Reasons for the Approval of the Business Combination by the Talawar Board</h2>In reaching its decision to approve the Business Combination and resolving to recommend that Talawar Stockholders approve the Business Combination, the Talawar Board consulted with Talawar’s management, as well as its legal counsel and other advisors. The Talawar Board considered a variety of factors in connection with its evaluation and approval of the Business Combination and the matters related to the Business Combination. Dr. Sidhu was not present at the meetings, or the protions thereof, of the Talawar Board where the Business Combination was discussed because he recused himself from any Talawar Board deliberations or decisions relating to a potential transaction with JATT.In light of the number and variety of factors considered in connection with its evaluation of the Business Combination, the Talawar Board did not consider it practicable to, and did not attempt to, quantify or otherwise assign relative weights to the specific factors that it considered in reaching its determination and supporting its decision. The Talawar Board viewed its decision as being based on all of the information available and the factors presented to and considered by it. In addition, individual directors may have given different weight to different factors in their evaluation of the Business Combination. The Talawar Board considered a number of factors pertaining to the Business Combination as generally supporting its decision to enter into the Business Combination Agreement and the transactions contemplated thereby, including, but not limited to, the following material factors:<div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">information concerning Talawar’s business, including its financial performance and condition, operations, management, and preclinical data;</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">Talawar’s opportunity to access the public capital markets as compared to its prospects if it were to remain an independent privately held company, including its need to obtain additional financing and the terms on which it would be able to obtain such financing, if at all;</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">the potential benefits from increased public awareness of Talawar and its pipeline;</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">the Talawar Board’s belief that, after reviewing various financing options to enhance stockholder value, including additional paths to becoming a public company, the Business Combination and PIPE Financing represented the most favorable alternative reasonably available to Talawar;</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">the cash resources of the Post-Closing Company expected to be available upon the closing of the PIPE Financing and consummation of the Business Combination (including the ability to support Talawar’s current and planned preclinical and clinical trials and operations into 2029);</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">the access, as a public company, to a broader range of investors to support the development of Talawar’s drug candidates than if Talawar continued to operate as a privately held company;</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">the potential to provide its current stockholders with greater liquidity by owning stock in a public company;</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">the expectation that the Business Combination, together with the funding committed in the PIPE Financing, would be a higher probability and more efficient means to access capital than other potential options considered;</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">the governance structure of the Post-Closing Company, including the composition of the Post-Closing Company Board and the expectation that substantially all of Talawar’s employees, including its management, will serve in similar roles at the Post-Closing Company;</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">the Talawar Board’s fiduciary duties to Talawar Stockholders;</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">the terms and conditions of the Business Combination Agreement, including, without limitation, the following:</div></div><div class="item-list-element-wrapper" style="margin-left:0.6604166666666667in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">o<div style="display:inline;">the determination that the expected relative percentage ownership of JATT shareholders and Talawar Stockholders in the Post-Closing Company was appropriate, based on the Talawar Board’s judgment and assessment of the Equity Value of $120,000,000, the Exchange Ratio and the resulting allocation of Post-Closing Company Common Stock between Talawar Stockholders and JATT shareholders (including the dilutive effect of the PIPE Financing);</div></div><div class="item-list-element-wrapper" style="margin-left:0.6604166666666667in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">o<div style="display:inline;">the expectation that the Business Combination will be treated as a reorganization for U.S. federal income tax purposes, with the result that the Talawar Stockholders will generally not recognize taxable gain or loss for U.S. federal income tax purposes with respect to the Business Combination;</div></div><div class="item-list-element-wrapper" style="margin-left:0.6604166666666667in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">o<div style="display:inline;">the JATT Board, under certain circumstances, may only change, withdraw, withhold, qualify or modify its recommendation to approve the Business Combination Agreement if the JATT Board determines in good faith, after consultation with its outside legal counsel, that the failure to make such a change would be inconsistent with its fiduciary duties under applicable law, which the Talawar Board viewed as reducing the risk that the Business Combination would not be consummated due to a change in the JATT Board’s recommendation;</div></div><div class="item-list-element-wrapper" style="margin-left:0.6604166666666667in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">o<div style="display:inline;">the limited number and nature of the conditions of JATT’s obligation to consummate the Business Combination;</div></div><div class="item-list-element-wrapper" style="margin-left:0.6604166666666667in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">o<div style="display:inline;">the condition to Talawar’s obligation to consummate the Business Combination that the Minimum Cash Condition be satisfied; and</div></div><div class="item-list-element-wrapper" style="margin-left:0.6604166666666667in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">o<div style="display:inline;">the belief that the other terms of the Business Combination Agreement, including the parties’ representations, warranties and covenants, and the conditions to their respective obligations, were reasonable in light of the entire transaction;</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">the fact that shares of Post-Closing Company Common Stock issuable to holders of JATT Ordinary Shares in the Merger will be registered on the Form S-4 registration statement of which this proxy statement/prospectus forms a part, and that, following the consummation of the Business Combination, shares of Post-Closing Company Common Stock held by Talawar Stockholders who are not affiliates of the Post-Closing Company and who are not parties to the Registration Rights and Lock-Up Agreement will be freely tradable;</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">the support agreements, including (a) the Sponsor Support Agreement, pursuant to which the Sponsor has agreed, among other things, to vote its JATT Ordinary Shares in favor of the Business Combination, waive any anti-dilution protections and redemption rights with respect to its JATT Ordinary Shares, and surrender 150,000 JATT Ordinary Shares for no consideration in connection with the Closing, and (b) the Stockholder Support Agreement, pursuant to which Khanda has agreed, among other things, to vote its Talawar Shares in favor of the Business Combination, waive appraisal rights under Section 262 of the DGCL, and terminate certain contractual rights effective immediately prior to the Effective Time;</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">the anticipated Nasdaq listing of the Post-Closing Company Common Stock; and</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">the likelihood that the Business Combination will be consummated on a timely basis.</div></div>The Talawar Board also considered a variety of uncertainties and risks and other potentially negative factors concerning the Business Combination (which are more fully described in the “Risk Factors” section of this proxy statement/prospectus), including, but not limited to, the following:<div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">the risk that the potential benefits of the Business Combination may not be realized;</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">the risk that the Business Combination might not be consummated in a timely manner or at all, including as a result of the failure of JATT to obtain the Required JATT Shareholder Approval, and the potential adverse effect on the reputation of Talawar and its ability to obtain future financing if the Business Combination and PIPE Financing are not completed;</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">the risk that future sales of Post-Closing Company Common Stock may cause the price of Post-Closing Company Common Stock to fall, thus reducing the value of Post-Closing Company Common Stock received by Talawar Stockholders in the Business Combination;</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">because the Exchange Ratio is fixed based on the Equity Value of $120,000,000 divided by $10.00 per share, divided by the number of Fully-Diluted Shares, and adjusts only for changes in Talawar’s Fully-Diluted Shares (including as a result of any Company Interim Financing or changes in the parties’ outstanding capital stock at Closing), the relative percentage ownership of JATT shareholders and Talawar Stockholders in the Post-Closing Company immediately following the consummation of the Business Combination will not adjust to reflect any changes in the relative values of Talawar and JATT between the date of the Business Combination Agreement and the Closing;</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">the possibility that, under certain circumstances, the JATT Board could change, withdraw, withhold, qualify or modify its recommendation to approve the Business Combination Agreement if the JATT Board determines in good faith, after consultation with its outside legal counsel, that the failure to make such a change would be inconsistent with its fiduciary duties under applicable law;</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">the expenses incurred and anticipated to be incurred in connection with the Business Combination and related administrative costs associated with combining the organizations;</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">the additional costs and compliance obligations Talawar will incur that are associated with operating as a public company following the consummation of the Business Combination;</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">the fact that JATT’s representations and warranties in the Business Combination Agreement do not survive the Closing (except in the case of Fraud), and the potential risk of liabilities that may arise after the Closing; and</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">the fact that the Business Combination Agreement does not provide for the payment of a termination fee by either party upon termination, and accordingly there is no financial deterrent, other than potential liability for Willful Breach or Fraud, to discourage either party from terminating the Business Combination Agreement; and</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">various other risks associated with the Post-Closing Company and the Business Combination, including the risks described in the section titled “Risk Factors” of this proxy statement/prospectus.</div></div>The Talawar Board, except for Dr. Sidhu who recused himself from all related deliberations, ultimately concluded that, in the aggregate, the potential benefits of the Business Combination outweighed the potential risks or negative consequences and that the Business Combination is in the best interests of Talawar and its stockholders. <h2 style="tab-size:26.66px;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;">Opinion of Houlihan Capital</h2>IntroductionPursuant to an engagement letter dated June 10, 2026, JATT retained Houlihan Capital to act as its financial advisor in connection with the Business Combination. JATT selected Houlihan Capital to act as its financial advisor based on Houlihan Capital’s qualifications, expertise and reputation, and its knowledge of, and involvement in, similar transactions in the industry in which Talawar operates.Fairness Opinion of Houlihan CapitalOn June 28, 2026, Houlihan Capital rendered its oral opinion to the JATT Board which was reaffirmed by delivery of Houlihan Capital’s written opinion dated June 29, 2026, and based upon and subject to the assumptions made, procedures followed, matters considered and qualifications and limitations on the scope of review undertaken by Houlihan Capital, as set forth in Houlihan Capital’s written opinion, the consideration to be issued or paid in the Business Combination is fair, from a financial point of view to the unaffiliated shareholders of JATT.THE FULL TEXT OF THE WRITTEN OPINION OF HOULIHAN CAPITAL DELIVERED TO THE JATT BOARD, DATED JUNE 29, 2026, IS ATTACHED AS ANNEX C AND INCORPORATED BY REFERENCE INTO THIS PROXY STATEMENT/PROSPECTUS IN ITS ENTIRETY. THE OPINION SETS FORTH, AMONG OTHER THINGS, THE ASSUMPTIONS MADE, PROCEDURES FOLLOWED, MATTERS CONSIDERED AND QUALIFICATIONS AND LIMITATIONS ON THE SCOPE OF THE REVIEW UNDERTAKEN BY HOULIHAN CAPITAL IN RENDERING ITS OPINION. ALL SHAREHOLDERS OF JATT ARE URGED TO, AND SHOULD, READ THE OPINION CAREFULLY AND IN ITS ENTIRETY. HOULIHAN CAPITAL’S OPINION WAS DIRECTED TO THE JATT BOARD AND ADDRESSED ONLY THE CONSIDERATION TO BE ISSUED OR PAID IN THE BUSINESS COMBINATION IS FAIR, FROM A FINANCIAL POINT OF VIEW TO THE UNAFFILIATED SHAREHOLDERS, IN EACH CASE, AS OF THE DATE OF THE OPINION. HOULIHAN CAPITAL’S OPINION DID NOT ADDRESS ANY OTHER ASPECT OR IMPLICATIONS OF THE BUSINESS COMBINATION AND DOES NOT CONSTITUTE AN OPINION, ADVICE OR RECOMMENDATION AS TO HOW ANY SHAREHOLDER OF JATT SHOULD VOTE AT THE EXTRAORDINARY GENERAL MEETING. THE SUMMARY OF HOULIHAN CAPITAL’S OPINION SET FORTH IN THIS PROXY STATEMENT/PROSPECTUS IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO THE FULL TEXT OF HOULIHAN CAPITAL’S WRITTEN OPINION ATTACHED AS ANNEX C HERETO.For purposes of rendering its opinion, Houlihan Capital, among other things:<div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">Held discussions with certain members of JATT management regarding the Transactions, the business of Talawar, and the future outlook for the Post-Closing Company;</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">Reviewed information provided by JATT and Talawar including, but not limited to:</div></div><div class="item-list-element-wrapper" style="margin-left:0.6604166666666667in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">o<div style="display:inline;">Non-binding letter of intent between JATT and Talawar, dated May 20, 2026;</div></div><div class="item-list-element-wrapper" style="margin-left:0.6604166666666667in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">o<div style="display:inline;">The JATT II trust statement, dated June 17, 2026;</div></div><div class="item-list-element-wrapper" style="margin-left:0.6604166666666667in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">o<div style="display:inline;">JATT II and Talawar business combination Sources and Uses</div></div><div class="item-list-element-wrapper" style="margin-left:0.6604166666666667in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">o<div style="display:inline;">The draft business combination agreement, dated June 28, 2026;</div></div><div class="item-list-element-wrapper" style="margin-left:0.6604166666666667in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">o<div style="display:inline;">Talawar investor presentations; and</div></div><div class="item-list-element-wrapper" style="margin-left:0.6604166666666667in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">o<div style="display:inline;">JATT’s SEC filings;</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">Reviewed the industry in which Talawar operates, which included a review of (i) certain industry research, (ii) certain comparable publicly traded companies and (iii) certain mergers and acquisitions of comparable businesses;</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">Developed indications of value for Talawar using generally accepted valuation methodologies; and</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">Reviewed certain other relevant, publicly available information, including economic, industry, and Talawar specific information.</div></div>In addition, Houlihan Capital had discussions with JATT management concerning the material terms of the Business Combination and Talawar’s business and operations, assets, present condition and future prospects, and undertook such other studies, analyses and investigations as Houlihan Capital deemed relevant, necessary or appropriate.In rendering the opinion, Houlihan Capital relied upon and assumed, without independent verification, the accuracy, completeness, and reasonableness of the financial, legal, tax, and other information discussed with or reviewed by Houlihan Capital and have assumed such accuracy and completeness for purposes of rendering an opinion. In addition, Houlihan Capital has not made any independent evaluation or appraisal of any of the assets or liabilities (contingent or otherwise) of Talawar, nor, except as stated herein, have we been furnished with any such evaluation or appraisal. Houlihan Capital further relied upon the assurances and representations from JATT management and Talawar management that they were unaware of any facts that would make the information provided to Houlihan Capital to be incomplete or misleading in any material respect for the purposes of Houlihan Capital rendering the opinion. Houlihan Capital did not assume responsibility for any independent verification of this information. Nothing came to Houlihan Capital’s attention in the course of the engagement which would lead Houlihan Capital to believe that (i) any information provided to Houlihan Capital or assumptions made by Houlihan Capital were insufficient or inaccurate in any material respect or (ii) it was unreasonable for Houlihan Capital to use and rely upon such information or make such assumptions. Neither WithumSmith+Brown, PC nor BDO USA, P.C. or any other independent accountant has audited, reviewed, examined, compiled nor applied agreed-upon procedures with respect to the financial valuations contained herein with respect to the potential valuation of Talawar and accordingly, neither WithumSmith+Brown, PC nor BDO USA, P.C. or any other independent accountant expresses any opinion or any other form of assurance on such information or its achievability, and assume no responsibility for, and disclaim any association with, any such financial valuations. The WithumSmith+Brown, PC report included in this proxy statement/prospectus relates to JATT’s historical financial statements. The BDO USA, P.C. report included in this proxy statement/prospectus relates to Talawar’s historical financial statements. Such reports do not extend to the financial valuations and should not be read to do so.The opinion, which is attached as Annex C hereto, is therefore necessarily based upon financial, market, economic, and other conditions, and circumstances as they exist and have been disclosed, and can be evaluated, as of June 22, 2026, without independent verification. Houlihan Capital was not requested to opine as to, and the Opinion does not address, the (i) underlying business decision of JATT, its equityholders, or any other party to proceed with or effect the proposed Transaction, (ii) financial fairness of any aspect of the proposed Transaction not expressly addressed in the Opinion, (iii) terms of the Transaction (except with respect to financial fairness), including, without limitation, the closing conditions and any of the other provisions thereof, (iv) fairness of any portion or aspect of the proposed Transaction to the holders of any securities, creditors, or other constituencies of JATT, or any other party, other than those set forth in the Opinion, (v) relative corporate or other merits of the proposed Transaction as compared to any alternative business strategies that might exist for JATT, or (vi) tax, accounting, or legal consequences of the proposed Transaction to either JATT, its equityholders, or any other party. Houlihan Capital was not requested to and did not (i) initiate any discussions with, or solicit any indications of interest from, third parties with respect to the Business Combination or any alternatives thereto, (ii) negotiate or recommend the terms of the Business Combination, or (iii) advise the JATT Board with respect to alternatives to the Business Combination. Neither JATT, the Sponsor, Talawar, nor any of their respective affiliates imposed any limitation on the scope of Houlihan Capital’s investigation or on the procedures Houlihan Capital followed in rendering the Opinion, and none of them instructed Houlihan Capital as to the valuation approaches or methodologies to be employed or the findings, conclusions or recommendations to be reached. As described above, the universes of comparable companies and transactions considered by Houlihan Capital were identified by Houlihan Capital. Houlihan Capital independently assessed the comparability of each company and transaction to Talawar and independently determined the comparable sets, valuation ranges and conclusions reflected in the Opinion.The following is a summary of the material financial and comparative analyses that Houlihan Capital deemed to be appropriate for the Business Combination that were reviewed with the JATT Board in connection with delivering Houlihan Capital’s opinion. The summary of Houlihan Capital’s financial analyses described below is not a complete description of the analyses underlying its opinion. The preparation of a financial opinion is a complex analytical process involving various determinations as to the most appropriate and relevant methods of financial analyses and the application of those methods to the particular circumstances and, therefore, is not readily susceptible to summary description.<h2 style="tab-size:26.66px;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;">Summary of Financial Analyses</h2>In assessing whether the consideration to be issued or paid in the Business Combination is fair from a financial point of view to the unaffiliated shareholders, Houlihan Capital compared the price per share at which the unaffiliated shareholders may redeem their shares against the fair market value per share pro forma for the Business Combination calculated by Houlihan Capital. After considering the primary approaches that are traditionally used to appraise a business, as well as commonly used techniques and methods available under each approach, Houlihan Capital decided based on an assessment of company-specific factors and available market data to place primary reliance upon the guideline public company analysis under the market approach in estimating the value range for the fair market value per share of the JATT pro forma for the Business Combination. Houlihan Capital noted the consideration to be issued or paid in the Business Combination was within the estimated value range.There are three primary approaches that have traditionally been used to estimate fair value: the adjusted book value approach, the market approach and the income approach, each as briefly described below.Adjusted Book Value Approach. The adjusted book value approach estimates fair value based on the principle of substitution, assuming that a prudent investor would pay no more for an asset than the amount for which the asset or property could be reproduced or replaced, less depreciation from physical deterioration and functional and economic obsolescence, if present and measurable. This approach is typically considered appropriate for highly capital-intensive businesses, real estate holding companies, or other types of holding companies where the value of the entity is derived primarily from the underlying assets held by the entity and not from additional value added from labor or profitable use of the assets owned. This valuation approach may also be used to value companies that are in bankruptcy or liquidation, or those that are otherwise not considered a going concern. Because Talawar operates as going concern business, Houlihan Capital did not utilize the adjusted book value approach in support of the opinion.Income Approach. The income approach is a calculation of the present value of the future monetary benefits expected to flow to the owner of the subject asset. A commonly applied methodology under the Income Approach is the Discounted Cash Flow (“DCF”) Method. Using a DCF analysis, value is indicated from all the future cash flows attributable to the firm or asset, discounted to present value at an appropriate required rate of return. Talawar remains in preclinical stage of development and does not have predictable or reliable long-term cash flow projections on which to base a discounted cash flow analysis. Additionally, any such projections would require significant assumptions that would be difficult to support from a market participant perspective. Therefore, Houlihan Capital did not utilize the income approach in support of the Opinion.Market Approach. The market approach references actual transactions of the asset to be valued, similar assets, or assets that can otherwise be used to infer the value of the subject asset. The application of methods within the market approach often requires identifying companies comparable to a subject company, observing transaction prices of those companies’ securities, deriving valuation multiples based on the ratio of such transaction prices to financial metrics (e.g., EBITDA, Tangible Book Value, Book Value), and then applying selected valuation multiples to the subject company’s same financial metrics.The Comparable Transactions Method is another commonly used method under the Market Approach. This valuation method involves determining valuation multiples from sales of companies with financial and operating characteristics considered reasonably similar to those of the company being valued and applying representative multiples to the financial metrics of the subject company to estimate value, similar to the Guideline Public Company Method.With other primary approaches to value unavailable, Houlihan Capital sought to develop as many indications of value for Talawar under the market approach as possible. Standard metrics from which to derive and then apply multiples are not available for preclinical and other early phase of development companies and a financial forecast was too speculative to use, so we relied on direct observation of values of firms identified as most similar to Talawar.Guideline Public Company AnalysisGiven that Talawar is in the preclinical development phase with no operations, no revenue history, and does not have a go to market drug as of the date of this opinion, Houlihan Capital placed primary weight on market-based comparable methodologies.The comparable companies Houlihan Capital reviewed can be categorized into three sets as shown below:<div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">I&I IPO Transaction Comparables – Pre-IPO equity valuations established at the time of initial public offering for immunology and inflammation (“I&I”) focused biotechnology companies that have completed traditional IPO listing. This methodology provides a reference point for public-market entry pricing absent the structural features specific to SPAC transactions.</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">SPAC Transaction Comparables – Pre-money equity valuations established at the time of definitive business combination announcement or closing for I&I focused biotechnology companies that have completed or announced de-SPAC transactions.</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">I&I Private Company Comparables – Most recent disclosed valuations for privately held I&I focused biotechnology companies based on management-provided market intelligence. This methodology provides additional context through a universe of technical and stage-matched comparables and was considered for reference purposes only.</div></div>For each methodology, we have first identified the universe of potential comparables, then assessed the comparability of each to Talawar by looking at a few factors: (i) phase of development, (ii) disease area, and (iii) therapeutic modality.Selected I&I IPO Transaction ComparablesHoulihan Capital and JATT management identified eight I&I focused biotechnology companies that have completed traditional initial public offerings since March 2023. <table style="border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;"> <tr style="visibility:collapse;"> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:5.001%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:20.004%;box-sizing:content-box;"></td> <td style="width:7.001%;box-sizing:content-box;"></td> <td style="width:7.401%;box-sizing:content-box;"></td> <td style="width:6.901%;box-sizing:content-box;"></td> <td style="width:8.902%;box-sizing:content-box;"></td> <td style="width:7.902%;box-sizing:content-box;"></td> <td style="width:2.901%;box-sizing:content-box;"></td> <td style="width:9.002%;box-sizing:content-box;"></td> <td style="width:10.402%;box-sizing:content-box;"></td> <td style="width:11.222%;box-sizing:content-box;"></td> <td style="width:1.36%;box-sizing:content-box;"></td> </tr> <tr style="word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="border-top:0.5pt solid;padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="border-top:0.5pt solid;padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="border-top:0.5pt solid;padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="border-top:0.5pt solid;padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="border-top:0.5pt solid;padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="border-top:0.5pt solid;padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="border-top:0.5pt solid;padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="border-top:0.5pt solid;padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="border-top:0.5pt solid;padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="border-top:0.5pt solid;padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="border-top:0.5pt solid;padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="border-top:0.5pt solid;padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="border-top:0.5pt solid;padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="border-top:0.5pt solid;padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> </tr> <tr style="height:7pt;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"><img alt="img131498899_1.jpg" src="img131498899_1.jpg" style="vertical-align:bottom;width:30px;height:36px;"/></td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td colspan="10" style="background-color:#000000;padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;">Talawar TX, Inc.I&I IPO Transaction Comparables1 As of June 22, 2026</td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> </tr> <tr style="height:5pt;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;">(in millions)</td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;"> </td> </tr> <tr style="height:5pt;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;">Company</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;">Ticker</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;">Listing Venue</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;">IPODate</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;">Current Mkt Cap ($M)</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;">Implied Pre- IPO Equity Values</td> <td rowspan="2" style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;">Therapeutic Modality</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;">Phase at IPO</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;">Current Phase</td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;"> </td> </tr> <tr style="height:5pt;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;text-indent:2.9pt;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Spyre Therapeutics</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">SYRE</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Nasdaq</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">22-Jun-23</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:center;">8,712</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:center;">110</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">mAb</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Pre-Clinical</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Phase 2 Ongoing</td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;text-align:left;"> </td> </tr> <tr style="height:5pt;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;text-indent:2.9pt;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Pre-Clinical</td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:center;">8,712</td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:center;">110</td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;text-align:left;"> </td> </tr> <tr style="height:5pt;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;text-indent:2.9pt;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Apogee Therapeutics</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">APGE</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Nasdaq</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">13-Jul-23</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:center;">9,928</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:center;">512</td> <td rowspan="3" style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">mAb</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Phase 1 Ready</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Initiate Phase 3</td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;text-align:left;"> </td> </tr> <tr style="height:5pt;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;text-indent:2.9pt;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Jade</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">JBIO</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Nasdaq</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">29-Apr-25</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:center;">1,155</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:center;">175</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">mAb</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Phase 1 Ready</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Phase 2 Ongoing</td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;text-align:left;"> </td> </tr> <tr style="height:5pt;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;text-indent:2.9pt;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Oruka</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">ORKA</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Nasdaq</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">3-Sep-24</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:center;">5,149</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:center;">175</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">mAb</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Phase 1 Ready</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Phase 2a Ongoing</td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;text-align:left;"> </td> </tr> <tr style="height:5pt;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;text-indent:2.9pt;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Phase 1</td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:center;">5,411</td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:center;">287</td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;text-align:left;"> </td> </tr> <tr style="height:5pt;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;text-indent:2.9pt;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Evommune</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">EVMN</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">NYS</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">6-Nov-25</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:center;">812</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:center;">380</td> <td rowspan="3" style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">SmMol</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Phase 2b Ongoing</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Phase 2b Complete</td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;text-align:left;"> </td> </tr> <tr style="height:5pt;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;text-indent:2.9pt;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Odyssey Therapeutics</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">ODTX</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Nasdaq</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">8-May-26</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:center;">896</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:center;">604</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">SmMol</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Phase 2a Ongoing</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Phase 2a Ongoing</td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;text-align:left;"> </td> </tr> <tr style="height:5pt;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;text-indent:2.9pt;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Zura Bio</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">ZURA</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Nasdaq</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">21-Mar-23</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:center;">402</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:center;">165</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">bsAb</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Phase 2 Ready</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Phase 2 Ongoing</td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;text-align:left;"> </td> </tr> <tr style="height:5pt;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;text-indent:2.9pt;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Phase 2</td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:center;">703</td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:center;">383</td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;text-align:left;"> </td> </tr> <tr style="height:5pt;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;text-indent:2.9pt;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Alumis</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">ALMS</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Nasdaq</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">28-Jun-24</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:center;">3,136</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:center;">644</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">SmMol</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Phase 3 Ready</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Phase 3 Ongoing</td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;text-align:left;"> </td> </tr> <tr style="height:5pt;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;text-indent:2.9pt;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Phase 3</td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:center;">3,136</td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:center;">644</td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;text-align:left;"> </td> </tr> <tr style="height:5pt;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="background-color:#d9d9d9;padding-top:0.02in;text-indent:2.9pt;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Talawar (Subject — LOI)</td> <td style="background-color:#d9d9d9;padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">TBD</td> <td style="background-color:#d9d9d9;padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Nasdaq (via JATT SPAC)</td> <td style="background-color:#d9d9d9;padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">TBD</td> <td style="background-color:#d9d9d9;padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:center;">N/A</td> <td style="background-color:#d9d9d9;padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:center;">120</td> <td style="background-color:#d9d9d9;padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#d9d9d9;padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">bsAb</td> <td style="background-color:#d9d9d9;padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Pre-Clinical</td> <td style="background-color:#d9d9d9;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Pre-Clinical</td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;text-align:left;"> </td> </tr> <tr style="height:5pt;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;text-indent:2.9pt;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Comparable Stats (excl. Talawar)</td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:center;">Mean→</td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:center;">3,774</td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:center;">346</td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;text-align:left;"> </td> </tr> <tr style="height:5pt;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td colspan="3" style="background-color:#d9d9d9;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;text-indent:2.9pt;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Talawar SPAC Pre-Money vs. IPO Comp M ean Pre-IPO Equ ity Value</td> <td style="background-color:#d9d9d9;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#d9d9d9;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#d9d9d9;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:center;">(65.3%)</td> <td style="background-color:#d9d9d9;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#d9d9d9;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#d9d9d9;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#d9d9d9;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;text-align:left;"> </td> </tr> <tr style="word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:center;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> </tr> <tr style="height:5pt;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;padding-right:0in;text-align:left;">Low</td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;padding-right:0in;text-align:left;">High</td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:center;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> </tr> <tr style="height:5pt;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="background-color:#000000;padding-top:0.02in;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;padding-right:0in;text-align:left;">Selected Range</td> <td style="background-color:#000000;padding-top:0.02in;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;padding-right:0in;text-align:center;">$ 110</td> <td style="background-color:#000000;padding-top:0.02in;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;padding-right:0in;text-align:center;">$ 243</td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:center;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> </tr> <tr style="word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.75pt solid;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.75pt solid;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.75pt solid;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.75pt solid;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.75pt solid;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.75pt solid;padding-right:0in;text-align:center;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.75pt solid;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.75pt solid;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.75pt solid;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.75pt solid;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.75pt solid #ffffff03;padding-right:0in;text-align:left;"> </td> </tr> <tr style="height:4pt;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td colspan="8" style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;">(1) Based on information provided by Management and verified by Houlihan Capital with Pitchbook.</td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> </tr> <tr style="word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid;padding-right:0in;"> </td> <td colspan="8" style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid;padding-right:0in;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid;padding-right:0in;"> </td> </tr> </table> The I&I IPO Transaction Comparables methodology is based on implied pre-IPO equity values established at the time of initial public offering for immunology and inflammation focused biotechnology companies, with phase assessed at the time of IPO. The identified universe spans preclinical through Phase 3 stage companies across a range of therapeutic modalities, including bispecific antibodies (bsAb), monoclonal antibodies (mAb), and small molecules (SmMol). Talawar’s most directly comparable peers within this universe are those at the preclinical or Phase 1 ready stage, as these companies presented investors with a similar risk and development profile at the time of their public market entry. Zura Bio is the only bsAb comparable in the I&I IPO Transaction set and has a pre-IPO equity value of $165 million.HOULIHAN CAPITAL CONCLUDED VALUATION RANGE REFLECTS THE MINIMUM AND AVERAGE PRE-MONEY EQUITY VALUATIONS OBSERVED FOR THE PRECLINICAL AND PHASE 1 DEVELOPMENT PHASES ACROSS THE I&I IPO GUIDELINE TRANSACTIONS.Selected SPAC Transaction ComparablesHoulihan Capital identified seven biotechnology companies that have announced or completed business combinations with publicly traded SPACs. The SPAC comparable set spans a range of disease areas and phases of developments. The seven companies in the SPAC comparable set are summarized below. <table style="border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;"> <tr style="visibility:collapse;"> <td style="width:1.24%;box-sizing:content-box;"></td> <td style="width:6.179%;box-sizing:content-box;"></td> <td style="width:1.24%;box-sizing:content-box;"></td> <td style="width:24.715%;box-sizing:content-box;"></td> <td style="width:9.998%;box-sizing:content-box;"></td> <td style="width:9.658%;box-sizing:content-box;"></td> <td style="width:9.158%;box-sizing:content-box;"></td> <td style="width:8.538%;box-sizing:content-box;"></td> <td style="width:3.599%;box-sizing:content-box;"></td> <td style="width:11.998%;box-sizing:content-box;"></td> <td style="width:11.998%;box-sizing:content-box;"></td> <td style="width:1.68%;box-sizing:content-box;"></td> </tr> <tr style="word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="border-top:0.5pt solid;padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="border-top:0.5pt solid;padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="border-top:0.5pt solid;padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="border-top:0.5pt solid;padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="border-top:0.5pt solid;padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="border-top:0.5pt solid;padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="border-top:0.5pt solid;padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="border-top:0.5pt solid;padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="border-top:0.5pt solid;padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="border-top:0.5pt solid;padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="border-top:0.5pt solid;padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="border-top:0.5pt solid;padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> </tr> <tr style="height:7pt;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"><img alt="img131498899_1.jpg" src="img131498899_1.jpg" style="vertical-align:bottom;width:31px;height:37px;"/></td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td colspan="8" style="background-color:#000000;padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;">Talawar TX, Inc.SPAC Transactions1 As of June 22, 2026</td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> </tr> <tr style="height:6pt;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;">(in millions)</td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;"> </td> </tr> <tr style="height:6pt;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;">Company</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;">Sponsor</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;">Disease Area</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;">Closing Date</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;">Pre-Money Equity Value</td> <td rowspan="2" style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;">Therapeutic Modality</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;">Phase at Transaction</td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;"> </td> </tr> <tr style="height:6pt;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;text-indent:2.9pt;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Moon Lake</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;text-indent:2.9pt;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Cormorant</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Immunology</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">5-Apr-22</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:center;">348</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">bsAb</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Pre-Clinical</td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;text-align:left;"> </td> </tr> <tr style="height:6pt;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;text-indent:2.9pt;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Pre-Clinical</td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;text-indent:2.9pt;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:center;">348</td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;text-align:left;"> </td> </tr> <tr style="height:6pt;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;text-indent:2.9pt;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">BBOT</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;text-indent:2.9pt;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Cormorant</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Oncology</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">11-Aug-25</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:center;">461</td> <td rowspan="2" style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">SmMol</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Phase 1</td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;text-align:left;"> </td> </tr> <tr style="height:6pt;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;text-indent:2.9pt;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Zura Bio</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;text-indent:2.9pt;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">JATT Ventures</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Immunology & Inflammation</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">6-Jun-23</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:center;">165</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">bsAb</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Phase 1b / Phase 2 Ready</td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;text-align:left;"> </td> </tr> <tr style="height:6pt;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;text-indent:2.9pt;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Phase 1</td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;text-indent:2.9pt;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:center;">313</td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;text-align:left;"> </td> </tr> <tr style="height:6pt;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;text-indent:2.9pt;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Immunovant</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;text-indent:2.9pt;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">RTW</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Autoimmune</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">18-Dec-19</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:center;">395</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">mAb</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Phase 2</td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;text-align:left;"> </td> </tr> <tr style="height:6pt;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;text-indent:2.9pt;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Phase 2</td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;text-indent:2.9pt;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:center;">395</td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;text-align:left;"> </td> </tr> <tr style="height:6pt;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;text-indent:2.9pt;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Cerevel</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;text-indent:2.9pt;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Perceptive</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Neurology</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">27-Oct-20</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:center;">780</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">SmMol</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Phase 3</td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;text-align:left;"> </td> </tr> <tr style="height:6pt;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;text-indent:2.9pt;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">New Amsterdam Pharma</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;text-indent:2.9pt;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Frazier</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Cardio-metabolic</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">22-Nov-22</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:center;">491</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">SmMol</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Phase 3</td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;text-align:left;"> </td> </tr> <tr style="height:6pt;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;text-indent:2.9pt;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Tango Therapeutics</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;text-indent:2.9pt;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Boxer</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Oncology</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">11-Aug-21</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:center;">550</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">SmMol</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Phase 3</td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;text-align:left;"> </td> </tr> <tr style="height:6pt;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;text-indent:2.9pt;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Phase 3</td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:center;">607</td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;text-align:left;"> </td> </tr> <tr style="height:6pt;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="background-color:#d9d9d9;padding-top:0.02in;text-indent:2.9pt;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Talawar</td> <td style="background-color:#d9d9d9;padding-top:0.02in;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">JATT II</td> <td style="background-color:#d9d9d9;padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#d9d9d9;padding-top:0.02in;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">TBD</td> <td style="background-color:#d9d9d9;padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:center;">120</td> <td style="background-color:#d9d9d9;padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#d9d9d9;padding-top:0.02in;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">bsAb</td> <td style="background-color:#d9d9d9;padding-top:0.02in;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Pre-Clinical</td> <td style="padding-top:0.02in;border-right:0.5pt solid;border-left:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;text-align:left;"> </td> </tr> <tr style="height:6pt;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;text-indent:2.9pt;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Comparable Stats (excl. Talawar)</td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:center;">Mean→</td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:center;">456</td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;text-align:left;"> </td> </tr> <tr style="height:6pt;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td colspan="3" style="background-color:#d9d9d9;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;text-indent:2.9pt;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Talawar SPAC Pre-Money vs. SPAC Transaction Mean Pre-Money Value</td> <td style="background-color:#d9d9d9;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#d9d9d9;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:center;">(73.7%)</td> <td style="background-color:#d9d9d9;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#d9d9d9;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#d9d9d9;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;text-align:left;"> </td> </tr> <tr style="word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> </tr> <tr style="height:6pt;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;padding-right:0in;">Low</td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;padding-right:0in;">High</td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> </tr> <tr style="height:6pt;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="background-color:#000000;padding-top:0.02in;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;padding-right:0in;">Selected Range</td> <td style="background-color:#000000;padding-top:0.02in;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;padding-right:0in;">$ 165</td> <td style="background-color:#000000;padding-top:0.02in;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;padding-right:0in;">$ 325</td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> </tr> <tr style="word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.75pt solid;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.75pt solid;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.75pt solid;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.75pt solid;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.75pt solid;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.75pt solid;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.75pt solid;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.75pt solid;padding-right:0in;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.75pt solid #ffffff03;padding-right:0in;"> </td> </tr> <tr style="height:5pt;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td colspan="7" style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;">(1) Based on information provided by Management and verified by Houlihan Capital with Pitchbook.</td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> </tr> <tr style="word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid;padding-right:0in;"> </td> <td colspan="7" style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid;padding-right:0in;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid;padding-right:0in;"> </td> </tr> </table> The SPAC Transaction Comparables methodology is based on pre-money equity valuations established at the time of definitive business combination announcement or closing for biotechnology companies that have completed or announced de-SPAC transactions. The identified universe spans preclinical through Phase 3 stage companies across a range of therapeutic modalities, bsAb, mAb, and SmMol. Talawar’s most directly comparable peers within this universe are those at the preclinical or Phase 1 stage, as these companies present investors with a similar risk and development profile at the time of their respective transactions. Moon Lake represents the only preclinical stage comparable in the SPAC set, pricing at $348 million as a bsAb in immunology, while Zura Bio represents the only I&I focused bsAb comparable, pricing at $165 million at a Phase 1b/Phase 2 ready stage.HOULIHAN CAPITAL CONCLUDED VALUATION RANGE REFLECTS THE MINIMUM AND AVERAGE PRE-MONEY EQUITY VALUATIONS OBSERVED FOR THE PRECLINICAL AND PHASE 1 DEVELOPMENT PHASES ACROSS THE SPAC GUIDELINE TRANSACTIONS.Selected I&I Private Company ComparablesHoulihan Capital identified eight privately held I&I focused biotechnology companies. <table style="border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;"> <tr style="visibility:collapse;"> <td style="width:1.216%;box-sizing:content-box;"></td> <td style="width:6.122%;box-sizing:content-box;"></td> <td style="width:1.216%;box-sizing:content-box;"></td> <td style="width:24.446%;box-sizing:content-box;"></td> <td style="width:9.053%;box-sizing:content-box;"></td> <td style="width:7.338%;box-sizing:content-box;"></td> <td style="width:11.984%;box-sizing:content-box;"></td> <td style="width:9.661%;box-sizing:content-box;"></td> <td style="width:3.561%;box-sizing:content-box;"></td> <td style="width:11.007%;box-sizing:content-box;"></td> <td style="width:12.723%;box-sizing:content-box;"></td> <td style="width:1.672%;box-sizing:content-box;"></td> </tr> <tr style="word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="border-top:0.5pt solid;padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="border-top:0.5pt solid;padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="border-top:0.5pt solid;padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="border-top:0.5pt solid;padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="border-top:0.5pt solid;padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="border-top:0.5pt solid;padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="border-top:0.5pt solid;padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="border-top:0.5pt solid;padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="border-top:0.5pt solid;padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="border-top:0.5pt solid;padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="border-top:0.5pt solid;padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="border-top:0.5pt solid;padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> </tr> <tr style="height:7pt;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"><img alt="img131498899_1.jpg" src="img131498899_1.jpg" style="vertical-align:bottom;width:31px;height:37px;"/></td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td colspan="8" style="background-color:#000000;padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;">Talawar TX, Inc.I&I IPO Transaction Comparables1 As of June 22, 2026</td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> </tr> <tr style="height:6pt;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;">(in millions)</td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;"> </td> </tr> <tr style="height:6pt;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;">Company</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;">Date of Latest Round</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;">Round Raised</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;">Total Raised</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;">Post-Money Valuation</td> <td rowspan="2" style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;">Therapeutic Modality</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;">Phase at Transaction</td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;"> </td> </tr> <tr style="height:6pt;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;text-indent:2.9pt;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Attovia</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">30-Mar-25</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Series C</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:center;">255</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:center;">370</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">mAb</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Phase 1 Ongoing</td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;text-align:left;"> </td> </tr> <tr style="height:6pt;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;text-indent:2.9pt;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Bambusa</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">31-Oct-25</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Series A2</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:center;">143</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:center;">555</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">bsAb</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Phase 1 Ongoing</td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;text-align:left;"> </td> </tr> <tr style="height:6pt;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;text-indent:2.9pt;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Caldera Therapeutics</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">8-Jan-26</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Series A1</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:center;">113</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:center;">212</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">bsAb</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Phase 1 Ongoing</td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;text-align:left;"> </td> </tr> <tr style="height:6pt;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;text-indent:2.9pt;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Lycia Therapeutics</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">26-Apr-24</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Series C</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:center;">262</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:center;">320</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">mAb</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Phase 1 Ready</td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;text-align:left;"> </td> </tr> <tr style="height:6pt;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;text-indent:2.9pt;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Recludix Pharma</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">12-Jan-26</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Series B</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:center;">123</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:center;">337</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">SmMol</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Phase 1 Ongoing</td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;text-align:left;"> </td> </tr> <tr style="height:6pt;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;text-indent:2.9pt;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Sityrx</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">18-Sep-23</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Series A Ext.</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:center;">79</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:center;">85</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">SmMol</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Phase 1b Ongoing</td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;text-align:left;"> </td> </tr> <tr style="height:6pt;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;text-indent:2.9pt;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Phase 1</td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:center;">162</td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:center;">313</td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;text-align:left;"> </td> </tr> <tr style="height:6pt;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;text-indent:2.9pt;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Triveni Bio</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">18-Jun-25 </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Series B</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:center;">232</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:center;">310</td> <td rowspan="2" style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">mAb</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Phase 2a Ongoing</td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;text-align:left;"> </td> </tr> <tr style="height:6pt;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;text-indent:2.9pt;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Navigator Medicines</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">23-Aug-24</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Series A</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:center;">100</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:center;">154</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">bsAb</td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Phase 2a Ongoing</td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;text-align:left;"> </td> </tr> <tr style="height:6pt;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;text-indent:2.9pt;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Phase 2</td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:center;">166</td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:center;">232</td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;text-align:left;"> </td> </tr> <tr style="height:6pt;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="background-color:#d9d9d9;padding-top:0.02in;text-indent:2.9pt;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Talawar (Subject — LOI)</td> <td style="background-color:#d9d9d9;padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">TBD</td> <td style="background-color:#d9d9d9;padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#d9d9d9;padding-top:0.02in;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:center;"> </td> <td style="background-color:#d9d9d9;padding-top:0.02in;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:center;">120</td> <td style="background-color:#d9d9d9;padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#d9d9d9;padding-top:0.02in;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">bsAb</td> <td style="background-color:#d9d9d9;padding-top:0.02in;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Pre-Clinical</td> <td style="padding-top:0.02in;border-right:0.5pt solid;border-left:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;text-align:left;"> </td> </tr> <tr style="height:6pt;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;text-indent:2.9pt;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;">Comparable Stats (excl. Talawar)</td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:center;">Mean →</td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:center;">163</td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:center;">293</td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#497b9e;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;text-align:left;"> </td> </tr> <tr style="height:6pt;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td colspan="4" style="background-color:#d9d9d9;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;text-indent:2.9pt;padding-left:0in;vertical-align:middle;padding-bottom:0.02in;border-bottom:0.75pt solid #a6a6a6;padding-right:0in;text-align:left;">Talawar SPAC Pre-Money vs. Private Comp Mean Post-Money Value</td> <td style="background-color:#d9d9d9;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:center;">(59.0%)</td> <td style="background-color:#d9d9d9;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#d9d9d9;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="background-color:#d9d9d9;padding-top:0.02in;border-right:0.5pt solid #a6a6a6;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #a6a6a6;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;text-align:left;"> </td> </tr> <tr style="word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.75pt solid;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.75pt solid;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.75pt solid;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.75pt solid;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.75pt solid;padding-right:0in;text-align:center;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.75pt solid;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.75pt solid;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.75pt solid;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.75pt solid #ffffff03;padding-right:0in;text-align:left;"> </td> </tr> <tr style="height:4pt;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td colspan="7" style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;">(1) Based on information provided by Management.</td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> </tr> <tr style="word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid;padding-right:0in;"> </td> <td colspan="7" style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid;padding-right:0in;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid;padding-right:0in;"> </td> </tr> </table> The I&I Private Transaction Comparables methodology is based on post-money equity valuations established at the time of the most recent disclosed financing round for privately held immunology and inflammation focused biotechnology companies. The identified universe spans Phase 1 and Phase 2 stage companies across a range of therapeutic modalities. It is noted that no preclinical stage private I&I comparables were identified, resulting in a universe that is more clinically advanced than Talawar’s current stage of development. The underlying valuation data was provided by JATT and could not be independently verified due to the non-public nature of the underlying companies. As a result, this methodology was considered for reference purposes only. Houlihan Capital utilized post-money equity valuations for the private company comparables because, unlike publicly traded companies or SPAC transactions where pre-money equity values are directly observable, privately held biotechnology companies do not have publicly available pre-money valuations. The most recent disclosed post-money equity valuation established at the time of each company's latest financing round represents the most reliable and directly observable market-derived indication of value for these companies at their respective stages of development. Houlihan Capital did not conclude on the private company comparable analysis and used these figures for support. To determine Talawar's pre-money valuation of $120 million, this figure is as contemplated by the Business Combination Agreement and is presented on a pre-money, cash-free, debt-free basis consistent with how the transaction consideration was negotiated and structured, which is the appropriate basis for comparison to the pre-financing valuations of the private comparables. For additional context, the $225 million PIPE Financing represents proceeds to be raised concurrently with the closing of the Business Combination and is therefore additive to, rather than a component of, the pre-money equity value of Talawar.Based on the analyses discussed above, the range of values estimated for the Equity Value of Talawar is as follows: <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:70.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:1.667%;box-sizing:content-box;"></td> <td style="width:7.5%;box-sizing:content-box;"></td> <td style="width:1.667%;box-sizing:content-box;"></td> <td style="width:34.867%;box-sizing:content-box;"></td> <td style="width:1.667%;box-sizing:content-box;"></td> <td style="width:3%;box-sizing:content-box;"></td> <td style="width:20.667%;box-sizing:content-box;"></td> <td style="width:3%;box-sizing:content-box;"></td> <td style="width:20.667%;box-sizing:content-box;"></td> <td style="width:3.267%;box-sizing:content-box;"></td> <td style="width:2.033%;box-sizing:content-box;"></td> </tr> <tr style="word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="border-top:0.5pt solid;padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="border-top:0.5pt solid;padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="border-top:0.5pt solid;padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="border-top:0.5pt solid;padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="border-top:0.5pt solid;padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="border-top:0.5pt solid;padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="border-top:0.5pt solid;padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="border-top:0.5pt solid;padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="border-top:0.5pt solid;padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="border-top:0.5pt solid;padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="border-top:0.5pt solid;padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> </tr> <tr style="height:8pt;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"><img alt="img131498899_1.jpg" src="img131498899_1.jpg" style="vertical-align:bottom;width:31px;height:37px;"/></td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td colspan="6" style="background-color:#000000;padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;">Talawar TX, Inc.Comparable Transactions As of June 18, 2026</td> <td style="background-color:#000000;padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid;text-indent:1.05pt;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> </tr> <tr style="word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;text-indent:1pt;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> </tr> <tr style="height:8pt;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td colspan="4" style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid;padding-right:0in;">Range of Indicated Value (Rounded)</td> <td rowspan="2" style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> </tr> <tr style="height:8pt;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td colspan="2" style="padding-top:0.02in;padding-left:0in;vertical-align:bottom;padding-bottom:0.02in;padding-right:0in;">Low</td> <td colspan="2" style="padding-top:0.02in;padding-left:0in;vertical-align:bottom;padding-bottom:0.02in;padding-right:0in;">High</td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> </tr> <tr style="height:8pt;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;">I&I IPO Comps</td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:bottom;padding-bottom:0.02in;padding-right:0in;text-align:center;">$</td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:bottom;padding-bottom:0.02in;padding-right:0in;text-align:center;">110</td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:bottom;padding-bottom:0.02in;padding-right:0in;text-align:center;">$</td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:bottom;padding-bottom:0.02in;padding-right:0in;text-align:center;">243</td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> </tr> <tr style="height:8pt;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;">SPAC Comps</td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:bottom;padding-bottom:0.02in;border-bottom:0.5pt solid;padding-right:0in;text-align:center;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:bottom;padding-bottom:0.02in;border-bottom:0.5pt solid;padding-right:0in;text-align:center;">165</td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:bottom;padding-bottom:0.02in;border-bottom:0.5pt solid;padding-right:0in;text-align:center;">325</td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> </tr> <tr style="word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:bottom;padding-bottom:0.02in;padding-right:0in;text-align:center;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:bottom;padding-bottom:0.02in;padding-right:0in;text-align:center;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:bottom;padding-bottom:0.02in;padding-right:0in;text-align:center;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> </tr> <tr style="height:8pt;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="background-color:#000000;padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;">Selected Range of Value (1)</td> <td style="background-color:#000000;padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:center;"> </td> <td style="background-color:#000000;padding-top:0.02in;padding-left:0in;vertical-align:bottom;padding-bottom:0.02in;padding-right:0in;text-align:center;">$</td> <td style="background-color:#000000;padding-top:0.02in;padding-left:0in;vertical-align:bottom;padding-bottom:0.02in;padding-right:0in;text-align:center;">140</td> <td style="background-color:#000000;padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:center;">$</td> <td style="background-color:#000000;padding-top:0.02in;padding-left:0in;vertical-align:bottom;padding-bottom:0.02in;padding-right:0in;text-align:center;">280</td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> </tr> <tr style="word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.75pt solid;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.75pt solid;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.75pt solid;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.75pt solid;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.75pt solid;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.75pt solid;padding-right:0in;text-align:center;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.75pt solid #ffffff03;padding-right:0in;text-align:left;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;text-align:left;"> </td> </tr> <tr style="height:8pt;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td colspan="6" style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;">(1) Rounded average of the low and high indicated values.</td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;padding-right:0in;"> </td> </tr> <tr style="word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.02in;border-left:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid;padding-right:0in;"> </td> <td style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid;padding-right:0in;"> </td> <td colspan="7" style="padding-top:0.02in;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid;padding-right:0in;"> </td> <td style="padding-top:0.02in;border-right:0.5pt solid;padding-left:0in;vertical-align:top;padding-bottom:0.02in;border-bottom:0.5pt solid;padding-right:0in;"> </td> </tr> </table> Houlihan Capital believes that this valuation methodology produced a range of indicated fair market values for the equity of Talawar, that supports its overall conclusion within the broader context of its entire analysis.To determine the indicated fair market value of the surviving entity’s stock pro forma for the Business Combination, Houlihan Capital started with the implied equity value of Talawar (calculated in accordance with the analysis described above), subtracted the estimated transaction expenses, added the cash expected to be raised from various funding sources (including an assumed (i) post-redemption cash from the Trust account, and (ii) additional financing to be raised), and finally subtracted Houlihan Capital’s calculated value of JATT’s warrants and earnout.Houlihan Capital calculated an equity value range for Talawar on a pro-forma basis between approximately $8.89 per share and $12.34 per share. To determine the per-share value, Houlihan Capital’s analysis began with its concluded equity value range for Talawar of $140 million to $280 million derived from the guideline public company analysis, then adjusted that range to arrive at a pro forma per-share value of the Post-Closing Company Common Stock as follows: (i) subtracted estimated transaction expenses of approximately $10.8 million, (ii) added post-redemption cash from the Trust Account of approximately $6.0 million (assuming 90% redemptions), and (iii) added $225 million in additional financing to be raised through the PIPE Financing, resulting in total pro forma equity value divided by approximately 40.54 million pro forma shares outstanding to produce the per-share range. The post-redemption cash and additional financing were incorporated into the per-share bridge because the fairness framework applied by Houlihan Capital assessed whether the fair market value of the Post-Closing Company Common Stock on a pro forma basis. reflecting the actual capitalization of the combined entity at closing, exceeded the approximately $10.06 to $10.12 per-share redemption value available to unaffiliated JATT shareholders. Including these items in the bridge was therefore necessary to arrive at a like-for-like comparison between the pro forma per-share value and the redemption price. Houlihan Capital's primary fairness conclusion rests on the guideline public company analysis and the resulting equity value range for Talawar, and the per-share bridge is presented to translate that equity value range into a per-share comparison against the redemption price — it is therefore directly related to, and an essential component of, the fairness conclusion rather than a separate or supplemental analysis.<div style="font-size:10pt;font-family:Times New Roman;"><h2 style="tab-size:26.66px;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;">Fairness Opinion Conclusion</h2>Houlihan Capital concluded that, as of the date of the written opinion and based upon and subject to the assumptions, conditions and limitations set forth in the written fairness opinion, the consideration to be issued or paid in the Business Combination is fair, from a financial point of view to the unaffiliated shareholders. The fairness opinion was reviewed and unanimously approved by the Fairness Opinion Committee of Houlihan Capital.</div><h2 style="tab-size:26.66px;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;">Houlihan Capital Conflict Disclosure and Fees</h2>Houlihan Capital, a Financial Industry Regulatory Authority (FINRA) member, as part of its investment banking services, is regularly engaged in the valuation of businesses and securities in connection with mergers and acquisitions, private placements, bankruptcy, capital restructuring, solvency analyses, stock buybacks, and valuations for corporate and other purposes. Neither Houlihan Capital, nor any of its principals or affiliates, has any ownership or other beneficial interests in any party to the Business Combination or any of their affiliates and has provided no previous investment banking or consulting services to any party to the Business Combination or any of their affiliates. There is no current agreement between Houlihan Capital, its principals, or affiliates and any party to the Business Combination or any of their affiliates providing for the provision of future services by Houlihan Capital, its principals, or any of its affiliates to or for the benefit of any party to the Business Combination or any of their affiliates. Houlihan Capital was engaged on a fixed fee basis for $150,000. <h2 style="tab-size:26.66px;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;">Fairness Opinion Conclusion</h2>Houlihan Capital concluded that, as of the date of the written opinion and based upon and subject to the assumptions, conditions and limitations set forth in the written fairness opinion, the consideration to be issued or paid in the Business Combination is fair, from a financial point of view to the unaffiliated shareholders. The fairness opinion was reviewed and unanimously approved by the Fairness Opinion Committee of Houlihan Capital. Houlihan Capital, a Financial Industry Regulatory Authority (FINRA) member, as part of its investment banking services, is regularly engaged in the valuation of businesses and securities in connection with mergers and acquisitions, private placements, bankruptcy, capital restructuring, solvency analyses, stock buybacks, and valuations for corporate and other purposes. Houlihan Capital 1350000 300000 10 3025000 1350000 25000 0.014 300000 3000000 10 <h1 id="material_us_federal_income_tax" style="tab-size:26.66px;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:center;">MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS FOR JATT, HOLDERS OF PUBLIC SHARES AND HOLDERS OF TALAWAR SHARES</h1>Unless the context otherwise requires, references in this section to “we,” “our” and “us” generally refer to JATT prior to the Business Combination.The following discussion is a summary of the material U.S. federal income tax considerations (i) for U.S. Holders of Public Shares as a result of the Merger, (ii) for U.S. Holders of Public Shares that elect to have their Public Shares redeemed for cash if the Business Combination is completed, (iii) for non-U.S. Holders relating to the ownership and disposition of Post-Closing Company Shares after the Merger, (iv) for JATT as a result of the Merger and (v) for holders of Talawar Shares. This section applies only to holders that hold their Public Shares or Post-Closing Company Shares, as applicable, as “capital assets” for U.S. federal income tax purposes (generally, property held for investment).This discussion is limited to U.S. federal income tax considerations and does not address estate or any gift tax considerations or considerations arising under the tax laws of any state, local or non-U.S. jurisdiction. Additionally, this discussion does not describe all of the U.S. federal income tax consequences that may be relevant to you in light of your particular circumstances, including the alternative minimum tax provisions of the Code, the special accounting rules under Section 451(b) of the Code, the “Medicare” tax on certain investment income and the different consequences that may apply if you are subject to special rules under U.S. federal income tax law that apply to certain types of investors, such as:<div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">the Sponsor, the Insiders or any holders of Private Placement Shares;</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">dealers or traders in securities that elect to use a mark-to-market method of accounting for their securities holdings; </div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">tax-exempt organizations, qualified retirement plans, individual retirement accounts or other tax-deferred accounts; </div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">banks or other financial institutions, underwriters, insurance companies, real estate investment trusts or regulated investment companies; </div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">U.S. expatriates or former long-term residents of the United States; </div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">persons that own (directly, indirectly, or by attribution) 5% or more (by vote or value) of the stock of JATT or the Post-Closing Company; </div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">partnerships or other pass-through entities or arrangements for U.S. federal income tax purposes or beneficial owners of partnerships or other pass-through entities or arrangements; </div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">persons holding Public Shares or Post-Closing Company Shares as part of a straddle, hedging or conversion transaction, constructive sale, or other arrangement involving more than one position; </div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">persons whose functional currency is not the U.S. dollar; </div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">persons that received Public Shares or will hold Post-Closing Company Shares as compensation for services;</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">qualified foreign pension funds or entities wholly-owned by one or more qualified foreign pension funds; or</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;"> “specified foreign corporations” (including “controlled foreign corporations”), “passive foreign investment companies” or corporations that accumulate earnings to avoid U.S. federal income tax. </div></div>If a partnership (including an entity or arrangement treated as a partnership for U.S. federal income tax purposes) or other pass-through entity holds Public Shares or Post-Closing Company Shares, the tax treatment of a partner or other member in such partnership or other pass-through entity generally will depend upon the status of the partner or other member, the activities of the partnership or other pass-through entity and certain determinations made at the partner or member level. If you are a partner or member of a partnership or other pass-through entity holding Public Shares or Post-Closing Company Shares, you are urged to consult your tax advisor regarding the tax consequences to you of a stock redemption (including the Redemption), the Merger, and/or the ownership and disposition of Post-Closing Company Shares by the partnership or other pass-through entity.This discussion is based on the Code, the regulations promulgated by the U.S. Treasury Department (“Treasury Regulations”), and judicial and administrative interpretations thereof, all as of the date hereof. All of the foregoing is subject to change, which change could apply retroactively and could affect the tax considerations described herein. JATT has not sought, and does not intend to seek, any rulings from the Internal Revenue Service (the “IRS”) as to any U.S. federal income tax considerations described herein. Accordingly, there can be no assurance that the IRS will not take positions inconsistent with the considerations discussed below or that any such positions would not be sustained by a court.EACH HOLDER OF PUBLIC SHARES SHOULD CONSULT ITS OWN TAX ADVISOR WITH RESPECT TO THE TAX CONSEQUENCES TO SUCH HOLDER OF THE BUSINESS COMBINATION, THE OWNERSHIP AND DISPOSITION OF POST-CLOSING COMPANY SHARES AND ANY EXERCISE OF SUCH HOLDER’S REDEMPTION RIGHTS WITH RESPECT TO ITS PUBLIC SHARES, AS APPLICABLE, INCLUDING THE APPLICABILITY AND EFFECTS OF U.S. FEDERAL, STATE AND LOCAL AND NON-U.S. TAX LAWS.<h2 style="tab-size:26.66px;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;">U.S. Holders</h2>This section applies to you if you are a U.S. Holder. For purposes of this discussion, a “U.S. Holder” is a beneficial owner of Public Shares or Post-Closing Company Shares, as the case may be, that is, for U.S. federal income tax purposes:<div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">an individual who is a U.S. citizen or resident of the United States;</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">a corporation (including an entity treated as a corporation for U.S. federal income tax purposes) created or organized in or under the laws of the United States, any state thereof or the District of Columbia;</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">an estate the income of which is includible in gross income for U.S. federal income tax purposes regardless of its source; or</div></div><div class="item-list-element-wrapper" style="margin-left:0.3298611111111111in;tab-size:32px;display:flex;font-size:10pt;margin-top:10pt;justify-content:flex-start;font-family:Times New Roman;align-items:baseline;margin-bottom:0;min-width:0.3298611111111111in;text-align:justify;">•<div style="display:inline;">a trust (A) the administration of which is subject to the primary supervision of a U.S. court and which has one or more U.S. persons (within the meaning of the Code) who have the authority to control all substantial decisions of the trust or (B) that has in effect a valid election under applicable Treasury Regulations to be treated as a U.S. person.</div></div> true