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-34000 -34000

3022000

-34045000

1174431

503339000

-520084000

-16745000

-5892000

-34045000

120000

298000

-2894000

-1583000

-273000

1575000

3022000

2000000

-181000

383000

3087000

2535000

300000

110000

-252000

-5686000

-30408000

-413000

289000

444000

3000

47000

15000 34000

112000

-431000

-5574000

-30839000

7118000

49046000

1544000

18207000

3869000 5999000

<p id="xdx_80B_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureAndSignificantAccountingPoliciesTextBlock_z61dkaXF4Cwa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. Organization and Summary of Significant Accounting Policies Organization BioAtla, LLC was formed in Delaware in March 2007 and was converted to a Delaware corporation in July 2020 and renamed BioAtla, Inc. (the “Company”). BioAtla, Inc. is a single legal entity with one consolidated variable interest entity (“VIE”), BA 3021 SPV LLC (see Note 10). The Company has a proprietary platform for creating biologics, including its conditionally active biologics (“CAB” or “CABs”). CABs have been designed to be active only under certain conditions found in diseased tissue, while remaining inactive in normal tissue. The Company has developed several CAB drug candidates through Phase 2 clinical trials including: two CAB antibody drug conjugates (“CAB ADC”), mecbotamab vedotin (BA3011), a CAB ADC targeting AXL, and ozuriftamab vedotin (BA3021), a CAB ADC targeting ROR2; and evalstotug (BA3071), a CAB anti-CTLA-4 antibody. The Company has an ongoing Phase 1 trial for BA3182 (CAB-EpCAM x CAB-CD3), a CAB bispecific antibody targeting EpCAM. Merger and Related Share Consolidation On March 23, 2026, the Company’s stockholders approved the Agreement and Plan of Merger, as amended from time to time, including pursuant to Amendment No. 1 to Agreement and Plan of Merger, pursuant to which (i) a wholly owned subsidiary (the “Merger Sub”) of the Company would merge with and into the Company, with the Company surviving (the “Merger”), and (ii) every fifty (50) shares of common stock of the Company issued and outstanding, or held as treasury stock, would be converted into one (1) share of common stock of the surviving corporation, which would be the Company (the “Share Consolidation”). The effective date of the Merger and the related Share Consolidation was April 6, 2026. The Share Consolidation did not change the par value or the number of authorized shares of the Company’s common stock. The Company’s condensed consolidated financial statements and notes to the condensed consolidated financial statements present the retroactive effect of the Share Consolidation on the Company’s common stock share and per share data, and exercise price data for applicable common stock equivalents, for all periods presented prior to the effective date of the Share Consolidation. <p id="xdx_840_eus-gaap--OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock_zBljGKMVpnvf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Basis of Presentation The unaudited condensed consolidated financial statements as of June 30, 2026, and for the three and six months ended June 30, 2026 and 2025, have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”), and with accounting principles generally accepted in the United States (“GAAP”) applicable to interim financial statements. These unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and include all adjustments, consisting of only normal recurring accruals, which in the opinion of management are necessary to present fairly the Company’s financial position as of the interim date and results of operations for the interim periods presented. Interim results are not necessarily indicative of results for a full year or future periods. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2025, included in its Annual Report on Form 10-K filed with the SEC on March 31, 2026, as amended by Amendment No. 1 to the Annual Report on Form 10-K/A filed with the SEC on April 29, 2026. Liquidity and Going Concern The Company has incurred cumulative operating losses and negative cash flows from operations since its inception and expects to continue to incur significant expenses and operating losses for the foreseeable future as it continues development of its product candidate BA3182. As of June 30, 2026, the Company had an accumulated deficit of $551.5 million. In November 2025, the Company entered into the Standby Equity Purchase Agreement (the “SEPA”) with YA II PN, Ltd. (“Yorkville”) pursuant to which the Company has the right to sell to Yorkville up to $15.0 million of shares of common stock (the “Commitment Amount”), subject to certain limitations and conditions set forth in the SEPA, during the 36 months beginning November 20, 2025 (such shares, the “SEPA Shares”). As of June 30, 2026, <span id="xdx_902_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pid_uShares_c20260101__20260630__us-gaap--TypeOfArrangementAxis__custom--LiquidityAndGoingConcernMember__us-gaap--PlanNameAxis__custom--StandbyEquityPurchaseAgreementMember_zmRiVzJWuwde" title="Number of shares sold under transaction"><span id="xdx_907_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pid_uShares_c20260401__20260630__us-gaap--TypeOfArrangementAxis__custom--LiquidityAndGoingConcernMember__us-gaap--PlanNameAxis__custom--StandbyEquityPurchaseAgreementMember_z2AVrHhy9mq5" title="Number of shares sold under transaction">48,092 SEPA Shares had been sold under the SEPA, with gross proceeds to the Company totaling approximately $<span id="xdx_90B_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_pn5n6_uUSD_c20260401__20260630__us-gaap--PlanNameAxis__custom--StandbyEquityPurchaseAgreementMember_zs2TAzYhNaq3" title="Proceeds from sale common of stock"><span id="xdx_909_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_pn5n6_uUSD_c20260101__20260630__us-gaap--PlanNameAxis__custom--StandbyEquityPurchaseAgreementMember_zLe1TmUsQsG" title="Proceeds from sale common of stock">0.4 million. Additional sales of the SEPA Shares to Yorkville and the timing of any such sales, if elected to be utilized by the Company at a future date, are at the Company’s option. On March 2, 2026, the Company announced a formal process to explore and evaluate strategic options to maximize shareholder value, including the sale of preclinical and clinical assets, licensing transactions, strategic partnerships or other corporate transactions. The Company plans to continue to fund its losses from operations and capital funding needs through proceeds received through the SEPA, this strategic process, other public or private equity or debt financings, or other sources. In connection with the evaluation of strategic options, the Company also implemented a reduction in force and other cost-containment measures intended to better align resources with its near-term priorities. In order to continue to preserve capital during this period, the Company is re-evaluating the timing and scope of its clinical development programs. As part of this process, the Company paused further enrollment in its ongoing Phase 1 study of BA3182 (CAB-EpCAM x CAB-CD3), while continuing treatment and follow-up of patients, including obtaining new scans in the study. If the Company is not able to secure adequate additional funding, the Company may be forced to make further reductions in spending, extend payment terms with suppliers, liquidate assets where possible, suspend or curtail planned programs or wind down the Company. Any of these actions could materially harm the Company’s business, results of operations and future prospects. Management is required to perform a two-step analysis of the Company’s ability to continue as a going concern. Management must first evaluate whether there are conditions and events that raise substantial doubt about the Company’s ability to continue as a going concern (Step 1). If management concludes that substantial doubt is raised, management is also required to consider whether its plans alleviate that doubt (Step 2). Management’s assessment concluded that there is substantial doubt about the Company’s ability to continue as a going concern for a period of at least one year from the issuance date of these condensed consolidated financial statements. The Company has prepared its condensed consolidated financial statements on a going concern basis, which assumes that the Company will realize its assets and satisfy its liabilities in the normal course of business. The accompanying condensed consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from the outcome of the uncertainty concerning the Company’s ability to continue as a going concern. Variable Interest Entities The Company consolidates entities in which it has a controlling financial interest. The Company determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a VIE. VIEs are entities in which (i) the total equity investment at risk is sufficient to enable the entity to finance its activities independently, (ii) the equity holders have the power to direct the activities of the entity that most significantly impact its economic performance, the obligation to absorb the losses of the entity and the right to receive the residual returns of the entity and (iii) the legal entity is structured with substantive voting rights. A VIE is an entity that lacks one or more of the characteristics of a voting interest entity. The Company has a controlling financial interest in a VIE when the Company has a variable interest or interests that provide it with (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Company evaluates its relationships with its VIEs on an ongoing basis to determine whether or not it has a controlling financial interest. Use of Estimates The preparation of the Company’s condensed consolidated financial statements requires it to make estimates and assumptions that impact the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in the Company’s condensed consolidated financial statements and accompanying notes. The most significant estimates in the Company’s condensed consolidated financial statements relate to accruals for research and development costs, equity-based compensation, and fair value measurements related to the Warrant Liability (as defined in Note 4). These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of revenue and expenses that are not readily apparent from other sources. Actual results may differ materially and adversely from these estimates. To the extent there are material differences between the estimates and actual results, the Company’s future results of operations will be affected. Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of 90 days or less at the date of purchase to be cash equivalents. Cash equivalents consist of highly rated securities including U.S. Government and U.S. Treasury money market funds, which are unrestricted as to withdrawal or use. Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash and cash equivalents. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits and may invest cash that is not required for immediate operating needs in highly liquid instruments that bear minimal risk. The Company has not experienced any losses in such accounts and management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. Stock-Based Compensation Stock-based compensation expense represents the grant date fair value of equity awards, consisting of stock options, restricted stock units (“RSUs”) and employee stock purchase plan rights, over the requisite service period of the awards (usually the vesting period) on a straight-line basis. The Company estimates the fair value of stock option grants and employee stock purchase plan rights using the Black-Scholes option pricing model. The fair value of RSUs is based on the closing sales price of the Company’s common stock on the date of grant. Equity award forfeitures are recognized as they occur. Leases The Company determines if an arrangement is a lease at inception. An arrangement is or contains a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. If a lease is identified, classification is determined at lease commencement. Operating lease liabilities are recognized at the present value of the future lease payments at the lease commencement date. The Company’s leases do not provide an implicit interest rate and therefore the Company estimates its incremental borrowing rate to discount lease payments. The incremental borrowing rate reflects the interest rate that the Company would have to pay to borrow on a collateralized basis an amount equal to the lease payments in a similar economic environment over a similar term. Operating lease right-of-use (“ROU”) assets are based on the corresponding lease liability adjusted for any lease payments made at or before commencement, initial direct costs, and lease incentives. Renewals or early terminations are not accounted for unless the Company is reasonably certain to exercise these options. Operating lease expense is recognized and the ROU asset is amortized on a straight-line basis over the lease term. Variable lease costs are recognized as incurred and are not included in the calculation of the ROU asset or the related lease liability. The Company has a single lease agreement with lease and non-lease components, which are accounted for as a single lease component. Payments for short-term leases, defined as leases with a term of twelve months or less, are expensed on a straight-line basis over the lease term. The Company does not currently have any short-term leases. Operating leases are included in operating lease right-of-use assets, operating lease liabilities, and operating lease liabilities, non-current on the Company’s condensed consolidated balance sheets. The Company does not have any finance leases. Fair Value Option Under the ASC 825, Financial Instruments (“ASC 825”), the Company has the irrevocable option to report certain financial assets and financial liabilities at fair value on an instrument-by-instrument basis. Under the Pre-Paid Advance Agreements (the “PPAs”) entered into in November 2025, pre-paid advances having an aggregate principal amount of $7.5 million (the “Pre-Paid Advance”) were issued to the Company. The Company elected the fair value option to account for the Pre-Paid Advance (See Note 4 and Note 7). The fair value option was elected as management believes fair value measurement better aligns with the instrument’s economic risks and expected settlement outcomes. This election also eliminates the need to bifurcate the embedded conversion features and account for them separately as derivative instruments. The Pre-Paid Advance was initially recorded at fair value at issuance, which was determined to be equal to the transaction price of $7.15 million. Issuance costs incurred in connection with the Pre-Paid Advance were expensed as incurred, consistent with the requirements applicable to instruments measured at fair value under ASC 825. Subsequent to initial recognition, the Company remeasured the Pre-Paid Advance to fair value at each reporting date, with changes in fair value recognized in earnings within the gain on PPAs liability on the condensed consolidated statements of operations and comprehensive income (loss). The change in fair value related to accrued interest is presented with the total change in fair value of the Pre-Paid Advance as a single line within the gain on PPAs liability on the condensed consolidated statements of operations and comprehensive income (loss). Comprehensive Income (Loss) Comprehensive income (loss) is defined as a change in equity during a period from transactions and other events and circumstances from non-owner sources, and consists of net income (loss) and other comprehensive gain (loss). There have been no items qualifying as other comprehensive income (loss) and, therefore, for all periods presented, the Company’s comprehensive income (loss) was the same as its reported net income (loss). Net Income (Loss) Per Share Basic net income (loss) per common share is computed by dividing the net income (loss) by the weighted-average number of common shares outstanding for the period, without consideration for potentially dilutive securities. Diluted net income (loss) per share is computed by dividing the net income (loss) by the weighted-average number of common shares and dilutive common stock equivalents outstanding for the period determined using the treasury-stock method. Dilutive common stock equivalents are comprised of common stock warrants, RSUs, common stock options outstanding under the Company’s stock option plan, and contingently issuable shares under the BioAtla, Inc. Employee Stock Purchase Plan (the “ESPP”). The following table sets forth the computation of basic and diluted net income (loss) per share (in thousands, except share and per share data): Schedule of basic and diluted net income loss per share <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 85%; margin-right: auto"> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: center; visibility: hidden"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td id="xdx_497_20260401__20260630_zJN3wniqPoRf" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td id="xdx_49A_20250401__20250630_zbN1sGrobpC1" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td><td style="display: none; padding-bottom: 1pt; font-weight: bold; visibility: hidden"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td id="xdx_493_20260101__20260630_zXtTVhmutuGl" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td id="xdx_494_20250101__20250630_zuTHsu8IWRE2" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td><td style="display: none; padding-bottom: 1pt; font-weight: bold; visibility: hidden"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three Months Ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Six Months Ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_403_eus-gaap--EarningsPerShareBasicAbstract_iB_zU3N1mo24aNb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Numerator:</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr id="xdx_406_eus-gaap--NetIncomeLoss_pn3n3_zw4qsAUsTZxa" style="vertical-align: bottom; background-color: White"> <td style="width: 33%; text-align: left; padding-bottom: 2.5pt; padding-left: 0.125in">Consolidated net income (loss)</td><td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 10%; text-align: right">452</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 10%; text-align: right">(18,711</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left">)</td><td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 10%; text-align: right">(5,892</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left">)</td><td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 10%; text-align: right">(34,045</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr id="xdx_406_eus-gaap--EarningsPerShareBasicOtherDisclosuresAbstract_iB_z1SHxrmenED9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Denominator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_uShares_z7DNDyquGLFg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0.125in">Denominator for basic net income (loss) per share - weighted-average common stock outstanding</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,660,586</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,170,087</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,581,554</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,167,550</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--EarningsPerShareDilutedAbstract_iB_zuEhV9bIbTdf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0.125in">Effect of dilutive securities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--IncrementalCommonSharesAttributableToShareBasedPaymentArrangements_pid_uShares_zkz19uaN9xs2" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; padding-left: 0.25in">RSUs</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,123</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_uShares_z7lu6pZkWVSk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.125in">Denominator for diluted net income (loss) per share - adjusted weighted-average common stock outstanding</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1,661,709</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1,170,087</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1,581,554</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1,167,550</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--EarningsPerShareBasic_pid_uUSDPShares_z9dNebbKNE92" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Basic net income (loss) per share</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">0.27</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(15.99</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(3.73</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(29.16</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--EarningsPerShareDiluted_pid_uUSDPShares_zZzAD1a3a1R1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Diluted net income (loss) per share</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">0.27</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(15.99</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(3.73</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(29.16</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> <p id="xdx_898_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_zu0b2nOmrAbh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; text-align: justify">Potentially dilutive securities not included in the calculation of diluted net income (loss) per common share because to do so would be anti-dilutive are as follows (in common stock equivalents): Schedule of anti-dilutive securities excluded from calculation of diluted net loss per share <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td id="xdx_49E_20260101__20260630_zD9xMTdeb81d" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td id="xdx_495_20250101__20250630_z1slJqUBLnj1" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td><td style="display: none; padding-bottom: 1pt; font-weight: bold; visibility: hidden"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_403_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_uShares_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonStockWarrantsMember_z5EDo5ADaCw1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 54%; text-align: left">Common stock warrants</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">193,581</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">193,581</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_uShares_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonStockOptionsMember_zU9unWCSCELc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Common stock options</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">114,059</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">118,249</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_uShares_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--RestrictedStockUnitsRSUMember_zkdqjNiaLsOa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Restricted stock units</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">57,404</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">52,130</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_uShares_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--EmployeesStockPurchasePlanMember_zKIkldvpc1gh" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">ESPP shares</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">380</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,374</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98F_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_uShares_c20260101__20260630_zBXmXSjoNbWf" style="border-bottom: Black 2.5pt double; text-align: right" title="Anti-dilutive securities excluded from calculation of diluted net loss per share">365,424</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_989_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_uShares_c20250101__20250630_z5kKibAdVz02" style="border-bottom: Black 2.5pt double; text-align: right" title="Anti-dilutive securities excluded from calculation of diluted net loss per share">365,334</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”), or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, Accounting Standards Updates (“ASU”) not included in the Company’s disclosures were assessed and determined to be either not applicable or are not expected to have a material impact on the Company’s financial statements or disclosures. In November 2024, the FASB issued ASU No. 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses,” which requires public entities, at annual and interim reporting periods, to disclose in a tabular format additional information about specific expense categories in the notes to the consolidated financial statements. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements. In December 2025, the FASB issued ASU No. 2025-11, “Interim Reporting (Topic 270): Narrow Scope Improvements”. This update will improve the navigability of required interim disclosures and clarify when that guidance is applicable, and will require entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company will adopt the standard for the interim periods within the year ending December 31, 2028. The Company is currently evaluating the impact of the adoption on its consolidated financial statements and related disclosures.

Organization BioAtla, LLC was formed in Delaware in March 2007 and was converted to a Delaware corporation in July 2020 and renamed BioAtla, Inc. (the “Company”). BioAtla, Inc. is a single legal entity with one consolidated variable interest entity (“VIE”), BA 3021 SPV LLC (see Note 10). The Company has a proprietary platform for creating biologics, including its conditionally active biologics (“CAB” or “CABs”). CABs have been designed to be active only under certain conditions found in diseased tissue, while remaining inactive in normal tissue. The Company has developed several CAB drug candidates through Phase 2 clinical trials including: two CAB antibody drug conjugates (“CAB ADC”), mecbotamab vedotin (BA3011), a CAB ADC targeting AXL, and ozuriftamab vedotin (BA3021), a CAB ADC targeting ROR2; and evalstotug (BA3071), a CAB anti-CTLA-4 antibody. The Company has an ongoing Phase 1 trial for BA3182 (CAB-EpCAM x CAB-CD3), a CAB bispecific antibody targeting EpCAM. 2007-03 2007-03 2007-03 2007-03 Merger and Related Share Consolidation On March 23, 2026, the Company’s stockholders approved the Agreement and Plan of Merger, as amended from time to time, including pursuant to Amendment No. 1 to Agreement and Plan of Merger, pursuant to which (i) a wholly owned subsidiary (the “Merger Sub”) of the Company would merge with and into the Company, with the Company surviving (the “Merger”), and (ii) every fifty (50) shares of common stock of the Company issued and outstanding, or held as treasury stock, would be converted into one (1) share of common stock of the surviving corporation, which would be the Company (the “Share Consolidation”). The effective date of the Merger and the related Share Consolidation was April 6, 2026. The Share Consolidation did not change the par value or the number of authorized shares of the Company’s common stock. The Company’s condensed consolidated financial statements and notes to the condensed consolidated financial statements present the retroactive effect of the Share Consolidation on the Company’s common stock share and per share data, and exercise price data for applicable common stock equivalents, for all periods presented prior to the effective date of the Share Consolidation.

<p id="xdx_840_eus-gaap--OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock_zBljGKMVpnvf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Basis of Presentation The unaudited condensed consolidated financial statements as of June 30, 2026, and for the three and six months ended June 30, 2026 and 2025, have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”), and with accounting principles generally accepted in the United States (“GAAP”) applicable to interim financial statements. These unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and include all adjustments, consisting of only normal recurring accruals, which in the opinion of management are necessary to present fairly the Company’s financial position as of the interim date and results of operations for the interim periods presented. Interim results are not necessarily indicative of results for a full year or future periods. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2025, included in its Annual Report on Form 10-K filed with the SEC on March 31, 2026, as amended by Amendment No. 1 to the Annual Report on Form 10-K/A filed with the SEC on April 29, 2026.

Liquidity and Going Concern The Company has incurred cumulative operating losses and negative cash flows from operations since its inception and expects to continue to incur significant expenses and operating losses for the foreseeable future as it continues development of its product candidate BA3182. As of June 30, 2026, the Company had an accumulated deficit of $551.5 million. In November 2025, the Company entered into the Standby Equity Purchase Agreement (the “SEPA”) with YA II PN, Ltd. (“Yorkville”) pursuant to which the Company has the right to sell to Yorkville up to $15.0 million of shares of common stock (the “Commitment Amount”), subject to certain limitations and conditions set forth in the SEPA, during the 36 months beginning November 20, 2025 (such shares, the “SEPA Shares”). As of June 30, 2026, <span id="xdx_902_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pid_uShares_c20260101__20260630__us-gaap--TypeOfArrangementAxis__custom--LiquidityAndGoingConcernMember__us-gaap--PlanNameAxis__custom--StandbyEquityPurchaseAgreementMember_zmRiVzJWuwde" title="Number of shares sold under transaction"><span id="xdx_907_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pid_uShares_c20260401__20260630__us-gaap--TypeOfArrangementAxis__custom--LiquidityAndGoingConcernMember__us-gaap--PlanNameAxis__custom--StandbyEquityPurchaseAgreementMember_z2AVrHhy9mq5" title="Number of shares sold under transaction">48,092 SEPA Shares had been sold under the SEPA, with gross proceeds to the Company totaling approximately $<span id="xdx_90B_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_pn5n6_uUSD_c20260401__20260630__us-gaap--PlanNameAxis__custom--StandbyEquityPurchaseAgreementMember_zs2TAzYhNaq3" title="Proceeds from sale common of stock"><span id="xdx_909_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_pn5n6_uUSD_c20260101__20260630__us-gaap--PlanNameAxis__custom--StandbyEquityPurchaseAgreementMember_zLe1TmUsQsG" title="Proceeds from sale common of stock">0.4 million. Additional sales of the SEPA Shares to Yorkville and the timing of any such sales, if elected to be utilized by the Company at a future date, are at the Company’s option. On March 2, 2026, the Company announced a formal process to explore and evaluate strategic options to maximize shareholder value, including the sale of preclinical and clinical assets, licensing transactions, strategic partnerships or other corporate transactions. The Company plans to continue to fund its losses from operations and capital funding needs through proceeds received through the SEPA, this strategic process, other public or private equity or debt financings, or other sources. In connection with the evaluation of strategic options, the Company also implemented a reduction in force and other cost-containment measures intended to better align resources with its near-term priorities. In order to continue to preserve capital during this period, the Company is re-evaluating the timing and scope of its clinical development programs. As part of this process, the Company paused further enrollment in its ongoing Phase 1 study of BA3182 (CAB-EpCAM x CAB-CD3), while continuing treatment and follow-up of patients, including obtaining new scans in the study. If the Company is not able to secure adequate additional funding, the Company may be forced to make further reductions in spending, extend payment terms with suppliers, liquidate assets where possible, suspend or curtail planned programs or wind down the Company. Any of these actions could materially harm the Company’s business, results of operations and future prospects. Management is required to perform a two-step analysis of the Company’s ability to continue as a going concern. Management must first evaluate whether there are conditions and events that raise substantial doubt about the Company’s ability to continue as a going concern (Step 1). If management concludes that substantial doubt is raised, management is also required to consider whether its plans alleviate that doubt (Step 2). Management’s assessment concluded that there is substantial doubt about the Company’s ability to continue as a going concern for a period of at least one year from the issuance date of these condensed consolidated financial statements. The Company has prepared its condensed consolidated financial statements on a going concern basis, which assumes that the Company will realize its assets and satisfy its liabilities in the normal course of business. The accompanying condensed consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from the outcome of the uncertainty concerning the Company’s ability to continue as a going concern.

15000000.0

48092

400000

Variable Interest Entities The Company consolidates entities in which it has a controlling financial interest. The Company determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a VIE. VIEs are entities in which (i) the total equity investment at risk is sufficient to enable the entity to finance its activities independently, (ii) the equity holders have the power to direct the activities of the entity that most significantly impact its economic performance, the obligation to absorb the losses of the entity and the right to receive the residual returns of the entity and (iii) the legal entity is structured with substantive voting rights. A VIE is an entity that lacks one or more of the characteristics of a voting interest entity. The Company has a controlling financial interest in a VIE when the Company has a variable interest or interests that provide it with (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Company evaluates its relationships with its VIEs on an ongoing basis to determine whether or not it has a controlling financial interest.

Use of Estimates The preparation of the Company’s condensed consolidated financial statements requires it to make estimates and assumptions that impact the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in the Company’s condensed consolidated financial statements and accompanying notes. The most significant estimates in the Company’s condensed consolidated financial statements relate to accruals for research and development costs, equity-based compensation, and fair value measurements related to the Warrant Liability (as defined in Note 4). These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of revenue and expenses that are not readily apparent from other sources. Actual results may differ materially and adversely from these estimates. To the extent there are material differences between the estimates and actual results, the Company’s future results of operations will be affected.

Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of 90 days or less at the date of purchase to be cash equivalents. Cash equivalents consist of highly rated securities including U.S. Government and U.S. Treasury money market funds, which are unrestricted as to withdrawal or use. Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash and cash equivalents. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits and may invest cash that is not required for immediate operating needs in highly liquid instruments that bear minimal risk. The Company has not experienced any losses in such accounts and management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held.

Stock-Based Compensation Stock-based compensation expense represents the grant date fair value of equity awards, consisting of stock options, restricted stock units (“RSUs”) and employee stock purchase plan rights, over the requisite service period of the awards (usually the vesting period) on a straight-line basis. The Company estimates the fair value of stock option grants and employee stock purchase plan rights using the Black-Scholes option pricing model. The fair value of RSUs is based on the closing sales price of the Company’s common stock on the date of grant. Equity award forfeitures are recognized as they occur.

Leases The Company determines if an arrangement is a lease at inception. An arrangement is or contains a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. If a lease is identified, classification is determined at lease commencement. Operating lease liabilities are recognized at the present value of the future lease payments at the lease commencement date. The Company’s leases do not provide an implicit interest rate and therefore the Company estimates its incremental borrowing rate to discount lease payments. The incremental borrowing rate reflects the interest rate that the Company would have to pay to borrow on a collateralized basis an amount equal to the lease payments in a similar economic environment over a similar term. Operating lease right-of-use (“ROU”) assets are based on the corresponding lease liability adjusted for any lease payments made at or before commencement, initial direct costs, and lease incentives. Renewals or early terminations are not accounted for unless the Company is reasonably certain to exercise these options. Operating lease expense is recognized and the ROU asset is amortized on a straight-line basis over the lease term. Variable lease costs are recognized as incurred and are not included in the calculation of the ROU asset or the related lease liability. The Company has a single lease agreement with lease and non-lease components, which are accounted for as a single lease component. Payments for short-term leases, defined as leases with a term of twelve months or less, are expensed on a straight-line basis over the lease term. The Company does not currently have any short-term leases. Operating leases are included in operating lease right-of-use assets, operating lease liabilities, and operating lease liabilities, non-current on the Company’s condensed consolidated balance sheets. The Company does not have any finance leases.

Fair Value Option Under the ASC 825, Financial Instruments (“ASC 825”), the Company has the irrevocable option to report certain financial assets and financial liabilities at fair value on an instrument-by-instrument basis. Under the Pre-Paid Advance Agreements (the “PPAs”) entered into in November 2025, pre-paid advances having an aggregate principal amount of $7.5 million (the “Pre-Paid Advance”) were issued to the Company. The Company elected the fair value option to account for the Pre-Paid Advance (See Note 4 and Note 7). The fair value option was elected as management believes fair value measurement better aligns with the instrument’s economic risks and expected settlement outcomes. This election also eliminates the need to bifurcate the embedded conversion features and account for them separately as derivative instruments. The Pre-Paid Advance was initially recorded at fair value at issuance, which was determined to be equal to the transaction price of $7.15 million. Issuance costs incurred in connection with the Pre-Paid Advance were expensed as incurred, consistent with the requirements applicable to instruments measured at fair value under ASC 825. Subsequent to initial recognition, the Company remeasured the Pre-Paid Advance to fair value at each reporting date, with changes in fair value recognized in earnings within the gain on PPAs liability on the condensed consolidated statements of operations and comprehensive income (loss). The change in fair value related to accrued interest is presented with the total change in fair value of the Pre-Paid Advance as a single line within the gain on PPAs liability on the condensed consolidated statements of operations and comprehensive income (loss).

7500000 7150000

Comprehensive Income (Loss) Comprehensive income (loss) is defined as a change in equity during a period from transactions and other events and circumstances from non-owner sources, and consists of net income (loss) and other comprehensive gain (loss). There have been no items qualifying as other comprehensive income (loss) and, therefore, for all periods presented, the Company’s comprehensive income (loss) was the same as its reported net income (loss).

Net Income (Loss) Per Share Basic net income (loss) per common share is computed by dividing the net income (loss) by the weighted-average number of common shares outstanding for the period, without consideration for potentially dilutive securities. Diluted net income (loss) per share is computed by dividing the net income (loss) by the weighted-average number of common shares and dilutive common stock equivalents outstanding for the period determined using the treasury-stock method. Dilutive common stock equivalents are comprised of common stock warrants, RSUs, common stock options outstanding under the Company’s stock option plan, and contingently issuable shares under the BioAtla, Inc. Employee Stock Purchase Plan (the “ESPP”). The following table sets forth the computation of basic and diluted net income (loss) per share (in thousands, except share and per share data): Schedule of basic and diluted net income loss per share <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 85%; margin-right: auto"> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: center; visibility: hidden"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td id="xdx_497_20260401__20260630_zJN3wniqPoRf" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td id="xdx_49A_20250401__20250630_zbN1sGrobpC1" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td><td style="display: none; padding-bottom: 1pt; font-weight: bold; visibility: hidden"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td id="xdx_493_20260101__20260630_zXtTVhmutuGl" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td id="xdx_494_20250101__20250630_zuTHsu8IWRE2" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td><td style="display: none; padding-bottom: 1pt; font-weight: bold; visibility: hidden"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three Months Ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Six Months Ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_403_eus-gaap--EarningsPerShareBasicAbstract_iB_zU3N1mo24aNb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Numerator:</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr id="xdx_406_eus-gaap--NetIncomeLoss_pn3n3_zw4qsAUsTZxa" style="vertical-align: bottom; background-color: White"> <td style="width: 33%; text-align: left; padding-bottom: 2.5pt; padding-left: 0.125in">Consolidated net income (loss)</td><td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 10%; text-align: right">452</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 10%; text-align: right">(18,711</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left">)</td><td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 10%; text-align: right">(5,892</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left">)</td><td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 10%; text-align: right">(34,045</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr id="xdx_406_eus-gaap--EarningsPerShareBasicOtherDisclosuresAbstract_iB_z1SHxrmenED9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Denominator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_uShares_z7DNDyquGLFg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0.125in">Denominator for basic net income (loss) per share - weighted-average common stock outstanding</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,660,586</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,170,087</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,581,554</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,167,550</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--EarningsPerShareDilutedAbstract_iB_zuEhV9bIbTdf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0.125in">Effect of dilutive securities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--IncrementalCommonSharesAttributableToShareBasedPaymentArrangements_pid_uShares_zkz19uaN9xs2" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; padding-left: 0.25in">RSUs</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,123</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_uShares_z7lu6pZkWVSk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.125in">Denominator for diluted net income (loss) per share - adjusted weighted-average common stock outstanding</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1,661,709</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1,170,087</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1,581,554</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1,167,550</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--EarningsPerShareBasic_pid_uUSDPShares_z9dNebbKNE92" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Basic net income (loss) per share</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">0.27</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(15.99</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(3.73</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(29.16</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--EarningsPerShareDiluted_pid_uUSDPShares_zZzAD1a3a1R1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Diluted net income (loss) per share</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">0.27</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(15.99</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(3.73</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(29.16</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> <p id="xdx_898_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_zu0b2nOmrAbh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; text-align: justify">Potentially dilutive securities not included in the calculation of diluted net income (loss) per common share because to do so would be anti-dilutive are as follows (in common stock equivalents): Schedule of anti-dilutive securities excluded from calculation of diluted net loss per share <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td id="xdx_49E_20260101__20260630_zD9xMTdeb81d" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td id="xdx_495_20250101__20250630_z1slJqUBLnj1" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td><td style="display: none; padding-bottom: 1pt; font-weight: bold; visibility: hidden"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_403_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_uShares_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonStockWarrantsMember_z5EDo5ADaCw1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 54%; text-align: left">Common stock warrants</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">193,581</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">193,581</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_uShares_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonStockOptionsMember_zU9unWCSCELc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Common stock options</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">114,059</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">118,249</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_uShares_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--RestrictedStockUnitsRSUMember_zkdqjNiaLsOa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Restricted stock units</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">57,404</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">52,130</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_uShares_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--EmployeesStockPurchasePlanMember_zKIkldvpc1gh" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">ESPP shares</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">380</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,374</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98F_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_uShares_c20260101__20260630_zBXmXSjoNbWf" style="border-bottom: Black 2.5pt double; text-align: right" title="Anti-dilutive securities excluded from calculation of diluted net loss per share">365,424</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_989_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_uShares_c20250101__20250630_z5kKibAdVz02" style="border-bottom: Black 2.5pt double; text-align: right" title="Anti-dilutive securities excluded from calculation of diluted net loss per share">365,334</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

The following table sets forth the computation of basic and diluted net income (loss) per share (in thousands, except share and per share data): Schedule of basic and diluted net income loss per share <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 85%; margin-right: auto"> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: center; visibility: hidden"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td id="xdx_497_20260401__20260630_zJN3wniqPoRf" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td id="xdx_49A_20250401__20250630_zbN1sGrobpC1" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td><td style="display: none; padding-bottom: 1pt; font-weight: bold; visibility: hidden"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td id="xdx_493_20260101__20260630_zXtTVhmutuGl" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td id="xdx_494_20250101__20250630_zuTHsu8IWRE2" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td><td style="display: none; padding-bottom: 1pt; font-weight: bold; visibility: hidden"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three Months Ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Six Months Ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_403_eus-gaap--EarningsPerShareBasicAbstract_iB_zU3N1mo24aNb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Numerator:</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr id="xdx_406_eus-gaap--NetIncomeLoss_pn3n3_zw4qsAUsTZxa" style="vertical-align: bottom; background-color: White"> <td style="width: 33%; text-align: left; padding-bottom: 2.5pt; padding-left: 0.125in">Consolidated net income (loss)</td><td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 10%; text-align: right">452</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 10%; text-align: right">(18,711</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left">)</td><td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 10%; text-align: right">(5,892</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left">)</td><td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 10%; text-align: right">(34,045</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr id="xdx_406_eus-gaap--EarningsPerShareBasicOtherDisclosuresAbstract_iB_z1SHxrmenED9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Denominator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_uShares_z7DNDyquGLFg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0.125in">Denominator for basic net income (loss) per share - weighted-average common stock outstanding</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,660,586</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,170,087</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,581,554</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,167,550</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--EarningsPerShareDilutedAbstract_iB_zuEhV9bIbTdf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0.125in">Effect of dilutive securities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--IncrementalCommonSharesAttributableToShareBasedPaymentArrangements_pid_uShares_zkz19uaN9xs2" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; padding-left: 0.25in">RSUs</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,123</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_uShares_z7lu6pZkWVSk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.125in">Denominator for diluted net income (loss) per share - adjusted weighted-average common stock outstanding</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1,661,709</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1,170,087</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1,581,554</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1,167,550</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--EarningsPerShareBasic_pid_uUSDPShares_z9dNebbKNE92" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Basic net income (loss) per share</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">0.27</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(15.99</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(3.73</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(29.16</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--EarningsPerShareDiluted_pid_uUSDPShares_zZzAD1a3a1R1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Diluted net income (loss) per share</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">0.27</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(15.99</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(3.73</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(29.16</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table>

452000

-18711000

-5892000

-34045000

1660586

1170087

1581554

1167550

1123

1661709

1170087

1581554

1167550

0.27

-15.99

-3.73

-29.16

0.27

-15.99

-3.73

-29.16

<p id="xdx_898_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_zu0b2nOmrAbh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; text-align: justify">Potentially dilutive securities not included in the calculation of diluted net income (loss) per common share because to do so would be anti-dilutive are as follows (in common stock equivalents): Schedule of anti-dilutive securities excluded from calculation of diluted net loss per share <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td id="xdx_49E_20260101__20260630_zD9xMTdeb81d" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td id="xdx_495_20250101__20250630_z1slJqUBLnj1" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td><td style="display: none; padding-bottom: 1pt; font-weight: bold; visibility: hidden"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_403_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_uShares_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonStockWarrantsMember_z5EDo5ADaCw1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 54%; text-align: left">Common stock warrants</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">193,581</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">193,581</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_uShares_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonStockOptionsMember_zU9unWCSCELc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Common stock options</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">114,059</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">118,249</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_uShares_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--RestrictedStockUnitsRSUMember_zkdqjNiaLsOa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Restricted stock units</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">57,404</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">52,130</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_uShares_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--EmployeesStockPurchasePlanMember_zKIkldvpc1gh" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">ESPP shares</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">380</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,374</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98F_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_uShares_c20260101__20260630_zBXmXSjoNbWf" style="border-bottom: Black 2.5pt double; text-align: right" title="Anti-dilutive securities excluded from calculation of diluted net loss per share">365,424</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_989_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_uShares_c20250101__20250630_z5kKibAdVz02" style="border-bottom: Black 2.5pt double; text-align: right" title="Anti-dilutive securities excluded from calculation of diluted net loss per share">365,334</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

193581

114059

118249

57404

52130

380

1374

365424

365334

Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”), or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, Accounting Standards Updates (“ASU”) not included in the Company’s disclosures were assessed and determined to be either not applicable or are not expected to have a material impact on the Company’s financial statements or disclosures. In November 2024, the FASB issued ASU No. 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses,” which requires public entities, at annual and interim reporting periods, to disclose in a tabular format additional information about specific expense categories in the notes to the consolidated financial statements. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements. In December 2025, the FASB issued ASU No. 2025-11, “Interim Reporting (Topic 270): Narrow Scope Improvements”. This update will improve the navigability of required interim disclosures and clarify when that guidance is applicable, and will require entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company will adopt the standard for the interim periods within the year ending December 31, 2028. The Company is currently evaluating the impact of the adoption on its consolidated financial statements and related disclosures.

2. Balance Sheet Details Prepaid expenses and other current assets consist of the following (in thousands): Schedule of prepaid expenses other current assets <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20260630_z0nyVz3iDra9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20251231_zsMdlWbH0Ije" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_405_ecustom--PrepaidResearchAndDevelopmentExpense_pn3n3_uUSD_zoTrsIsi62D8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 54%; text-align: left">Prepaid research and development</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">501</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">663</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--PrepaidInsurance_iI_pn3n3_uUSD_z5bzwQV4qMDj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Prepaid insurance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">111</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_ecustom--OtherPrepaidExpensesAndCurrentAssets_pn3n3_uUSD_zLO8qBC9O0Vl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Other prepaid expenses and current assets</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">102</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">204</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iI_pn3n3_uUSD_zcmpdQMtl6R6" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">714</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">895</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Property and equipment consist of the following (in thousands): Schedule of property and equipment <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Useful life (years)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20260630_zg8lAErxAKU9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20251231_zE6maSrJJTxc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_405_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_uUSD_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--FurnitureFixturesAndOfficeEquipmentMember_zBuFlvgu1VS8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 42%; text-align: left">Furniture, fixtures and office equipment</td><td style="width: 1%"> </td> <td style="width: 10%; text-align: center"><span id="xdx_90B_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--FurnitureFixturesAndOfficeEquipmentMember_zi53IDXci8yj" title="Property plant and equipment useful life">3 - <span id="xdx_904_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--FurnitureFixturesAndOfficeEquipmentMember_zezIFmf23P8c" title="Property plant and equipment useful life">7</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,101</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,101</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_uUSD_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--LaboratoryEquipmentMember_z2ks6aMBBq3l" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Laboratory equipment</td><td> </td> <td style="text-align: center"><span id="xdx_90C_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--LaboratoryEquipmentMember_zxYMoSIeQith" title="Property plant and equipment useful life">5</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,829</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,829</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_uUSD_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_zTJ1kJfDXdnh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Leasehold improvements</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: center"><span id="xdx_90A_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_z5WCeGqKhPRa" title="Property plant and equipment useful life">2 - <span id="xdx_903_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_zYmrLNkyrmY1" title="Property plant and equipment useful life">3</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,498</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,498</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_uUSD_c20260630_zNiPBYoGhhw4" style="text-align: right" title="Property, plant and equipment, gross">5,428</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_uUSD_c20251231_zW9DAi3Jfcoc" style="text-align: right" title="Property, plant and equipment, gross">5,428</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_pn3n3_di_uUSD_zro6aI9iIJpg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less accumulated depreciation and amortization</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(5,428</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(5,308</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--PropertyPlantAndEquipmentNet_iI_pn3n3_uUSD_zmKSTEVlCJm7" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: center"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">120</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Accounts payable and accrued expenses consist of the following (in thousands): Schedule of accounts payable and accrued expenses <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20260630_zma0zanFw6ej" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20251231_zV1ohnDB7qvi" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40E_eus-gaap--AccountsPayableCurrent_iI_pn3n3_uUSD_zoDubWVESow7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 54%; text-align: left">Accounts payable</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">12,705</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">8,194</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_ecustom--AccruedResearchAndDevelopmentExpenseCurrent_iI_pn3n3_uUSD_zJ7oC79CZfag" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accrued research and development (includes related party amounts of $300 and $0, respectively)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,362</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,280</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--OtherAccruedLiabilitiesCurrent_iI_pn3n3_uUSD_zEBttM7V9tPf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Other accrued expenses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">384</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">879</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--AccountsPayableAndAccruedLiabilitiesCurrent_iI_pn3n3_uUSD_zrswl6kfvZCl" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">19,451</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">16,353</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

Prepaid expenses and other current assets consist of the following (in thousands): Schedule of prepaid expenses other current assets <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20260630_z0nyVz3iDra9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20251231_zsMdlWbH0Ije" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_405_ecustom--PrepaidResearchAndDevelopmentExpense_pn3n3_uUSD_zoTrsIsi62D8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 54%; text-align: left">Prepaid research and development</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">501</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">663</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--PrepaidInsurance_iI_pn3n3_uUSD_z5bzwQV4qMDj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Prepaid insurance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">111</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_ecustom--OtherPrepaidExpensesAndCurrentAssets_pn3n3_uUSD_zLO8qBC9O0Vl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Other prepaid expenses and current assets</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">102</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">204</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iI_pn3n3_uUSD_zcmpdQMtl6R6" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">714</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">895</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 501000 663000

111000

28000

102000 204000

714000

895000

Property and equipment consist of the following (in thousands): Schedule of property and equipment <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Useful life (years)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20260630_zg8lAErxAKU9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20251231_zE6maSrJJTxc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_405_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_uUSD_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--FurnitureFixturesAndOfficeEquipmentMember_zBuFlvgu1VS8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 42%; text-align: left">Furniture, fixtures and office equipment</td><td style="width: 1%"> </td> <td style="width: 10%; text-align: center"><span id="xdx_90B_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--FurnitureFixturesAndOfficeEquipmentMember_zi53IDXci8yj" title="Property plant and equipment useful life">3 - <span id="xdx_904_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--FurnitureFixturesAndOfficeEquipmentMember_zezIFmf23P8c" title="Property plant and equipment useful life">7</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,101</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,101</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_uUSD_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--LaboratoryEquipmentMember_z2ks6aMBBq3l" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Laboratory equipment</td><td> </td> <td style="text-align: center"><span id="xdx_90C_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--LaboratoryEquipmentMember_zxYMoSIeQith" title="Property plant and equipment useful life">5</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,829</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,829</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_uUSD_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_zTJ1kJfDXdnh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Leasehold improvements</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: center"><span id="xdx_90A_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_z5WCeGqKhPRa" title="Property plant and equipment useful life">2 - <span id="xdx_903_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260630__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_zYmrLNkyrmY1" title="Property plant and equipment useful life">3</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,498</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,498</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_uUSD_c20260630_zNiPBYoGhhw4" style="text-align: right" title="Property, plant and equipment, gross">5,428</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_uUSD_c20251231_zW9DAi3Jfcoc" style="text-align: right" title="Property, plant and equipment, gross">5,428</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_pn3n3_di_uUSD_zro6aI9iIJpg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less accumulated depreciation and amortization</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(5,428</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(5,308</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--PropertyPlantAndEquipmentNet_iI_pn3n3_uUSD_zmKSTEVlCJm7" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: center"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">120</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

P3Y

P7Y

1101000

P5Y

1829000

P2Y

P3Y

2498000

5428000

5308000

120000

Accounts payable and accrued expenses consist of the following (in thousands): Schedule of accounts payable and accrued expenses <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20260630_zma0zanFw6ej" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20251231_zV1ohnDB7qvi" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40E_eus-gaap--AccountsPayableCurrent_iI_pn3n3_uUSD_zoDubWVESow7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 54%; text-align: left">Accounts payable</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">12,705</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">8,194</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_ecustom--AccruedResearchAndDevelopmentExpenseCurrent_iI_pn3n3_uUSD_zJ7oC79CZfag" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accrued research and development (includes related party amounts of $300 and $0, respectively)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,362</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,280</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--OtherAccruedLiabilitiesCurrent_iI_pn3n3_uUSD_zEBttM7V9tPf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Other accrued expenses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">384</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">879</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--AccountsPayableAndAccruedLiabilitiesCurrent_iI_pn3n3_uUSD_zrswl6kfvZCl" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">19,451</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">16,353</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

12705000

8194000

300000 0 6362000 7280000

384000

879000

19451000

16353000

3. Restructuring In March 2026, the Company announced that it has initiated a formal process to explore and evaluate strategic options to maximize shareholder value, including sale of preclinical and clinical assets, licensing transactions, strategic partnerships or other corporate transactions. In connection with the evaluation of strategic alternatives, the Company implemented a restructuring plan that included a workforce reduction of approximately 70%. The Company recorded restructuring costs of $0 and $0.5 million during the three and six months ended June 30, 2026, of which $0.4 million is included in research and development expense and $0.1 million is included in general and administrative expense for the six months ended June 30, 2026 in the condensed consolidated statements of operations and comprehensive income (loss). Restructuring costs primarily consisted of employee severance, continuing healthcare benefits and other employee-related costs. The Company made cash payments of $0.5 million during the first quarter of 2026 and made immaterial cash payments in the second quarter of 2026. As of June 30, 2026, there is no remaining restructuring liability balance.

0.70

500000

400000

100000

500000

4. Fair Value Measurements The Company’s financial instruments consist of cash and cash equivalents, accounts payable and accrued expenses, and warrants to purchase common stock. The carrying amounts of the Company’s cash and cash equivalents and accounts payable and accrued expenses are considered to be representative of their respective fair values due to their short-term nature. The accounting guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or non-recurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices in active markets. Level 2: Inputs, other than the quoted prices in active markets that are observable either directly or indirectly. Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. When quoted market prices are available in active markets, the fair value of assets and liabilities is estimated within Level 1 of the valuation hierarchy. If quoted prices are not available, then fair values are estimated by using pricing models, quoted prices of assets and liabilities with similar characteristics, or discounted cash flows within Level 2 of the valuation hierarchy. In cases where Level 1 or Level 2 inputs are not available, the fair values are estimated by using inputs within Level 3 of the hierarchy. The Company has determined the estimated fair value of its financial instruments based on appropriate valuation methodologies; however, considerable judgment is required to develop these estimates. Accordingly, these estimated fair values are not necessarily indicative of the amounts the Company could realize in a current market exchange. The estimated fair values can be materially affected by using different assumptions or methodologies. The methods and assumptions used in estimating the fair values of financial instruments are based on carrying values and future cash flows. <p id="xdx_89C_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_z8hTlCzfiyIg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.3pt; text-align: justify">The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands): Schedule of fair value assets and liabilities measured on recurring basis <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 85%; margin-right: auto"> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: center; visibility: hidden"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td id="xdx_494_20260101__20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zRzZfvsCcNlh" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td id="xdx_497_20260101__20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_z4gJhm7ZSwm2" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td id="xdx_494_20260101__20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zBWdKycSNYdh" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td id="xdx_491_20260101__20260630_zRgoZE4cbWS1" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td><td style="display: none; padding-bottom: 1pt; font-weight: bold; visibility: hidden"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of June 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 1pt">Assets</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: right"> </td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2"> </td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2"> </td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2"> </td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_40A_eus-gaap--FairValueOfAssetsAcquired_pn3n3_uUSD_hus-gaap--FairValueByAssetClassAxis__us-gaap--CashAndCashEquivalentsMember_zAH3itT1EGU8" style="vertical-align: bottom; background-color: White"> <td style="width: 38%; text-align: left; padding-left: 10pt">Cash equivalents</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,281</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,281</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; font-weight: bold">Liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_403_ecustom--FairValueWarrantLiability_pn3n3_uUSD_zeJ8iElE0xRg" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Warrants</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">622</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">622</td><td style="text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 85%; margin-right: auto"> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: center; visibility: hidden"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td id="xdx_496_20250101__20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_z2E94hYpAcjd" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td id="xdx_49D_20250101__20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zYeX7JmkyTde" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td id="xdx_49D_20250101__20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zx3cDYweJCYb" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td colspan="2" id="xdx_496_20250101__20251231_zETeetFfc1ei" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td><td style="display: none; padding-bottom: 1pt; font-weight: bold; visibility: hidden"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 1pt">Assets</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: right"> </td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2"> </td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2"> </td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2"> </td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_40A_eus-gaap--FairValueOfAssetsAcquired_pn3n3_uUSD_hus-gaap--FairValueByAssetClassAxis__us-gaap--CashAndCashEquivalentsMember_zmCAvv5TlMs6" style="vertical-align: bottom; background-color: White"> <td style="width: 38%; text-align: left; padding-left: 10pt">Cash equivalents</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">4,285</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">4,285</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; font-weight: bold">Liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_403_ecustom--FairValueWarrantLiability_pn3n3_uUSD_z4UC7G1gXcci" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Warrants</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3,516</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3,516</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--PrePaidAdvance_pn3n3_uUSD_zQUVngGJWJi8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Pre-Paid Advance</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">4,142</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">4,142</td><td style="text-align: left"> </td></tr> </table> No transfers between levels have occurred during the periods presented. Cash Equivalents Cash equivalents are comprised of money market funds, which are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets. Warrant Liability As of June 30, 2026, Level 3 liabilities include the warrant liability which resulted from warrants being issued on December 20, 2024 (as further described in Note 8), which did not meet the criteria for equity classification in accordance with ASC Subtopic 815-40, Derivatives and Hedging - Contracts in Entity’s Own Equity (“ASC 815-40”), and are therefore accounted for as liabilities at fair value. The Company estimates the fair value of its warrants using significant unobservable inputs, which represent Level 3 measurements within the fair value hierarchy. The Company estimated the fair value of the warrants using the Black-Scholes option pricing model. <p id="xdx_89B_eus-gaap--FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputReconciliationTableTextBlock_z7Z1CXMm76va" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.3pt; text-align: justify">The significant inputs used in the valuation models to measure the fair value of the warrants are as follows: Schedule of fair value, net derivative asset (liability) measured on recurring basis, unobservable input reconciliation <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 70%; margin-right: auto"> <tr style="display: marker; vertical-align: bottom; visibility: hidden"> <td style="display: marker; text-align: center; padding-bottom: 1pt; visibility: hidden"> </td><td style="display: marker; font-weight: bold; padding-bottom: 1pt; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: marker; font-weight: bold; text-align: center; visibility: hidden"> </td> <td id="xdx_49A_20260101__20260630__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zn4Gnl8ZSL75" style="border-bottom: Black 1pt solid; display: marker; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: marker; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: marker; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: marker; font-weight: bold; text-align: center; visibility: hidden"> </td> <td id="xdx_49E_20250101__20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zW68spvF3qLb" style="border-bottom: Black 1pt solid; display: marker; font-weight: bold; text-align: center; visibility: hidden"> </td><td style="display: marker; padding-bottom: 1pt; text-align: left; visibility: hidden"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Valuation Date</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--CommonStockPricePerShare_iI_pid_uUSDPShares_zahcnqKAwb28" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%">Common stock price</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">4.14</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">28.39</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Risk-free rate</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_uPure_c20260101__20260630__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zDINndLHUeLg" style="text-align: right" title="Risk-free rate">4.17</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_uPure_c20250101__20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zdUc5Axxwec4" style="text-align: right" title="Risk-free rate">3.68</td><td style="text-align: left">%</td></tr> <tr id="xdx_40D_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_zS4ImFQYSEKb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected term (in years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3.98</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.47</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected volatility</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_uPure_c20260101__20260630__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zXlhop5kEDe5" style="text-align: right" title="Expected volatility">118.4</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_uPure_c20250101__20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zNeVOfk6Gmwj" style="text-align: right" title="Expected volatility">103.2</td><td style="text-align: left">%</td></tr> <tr id="xdx_40B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dp_uPure_z1fF7DmnLhM2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Dividend yield</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.0</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.0</td><td style="text-align: left">%</td></tr> </table> <p id="xdx_89F_ecustom--ScheduleOfTheChangesInTheFairValueOfLiabilitiesTableTextBlock_zZ3MkZ61sMMh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.3pt; text-align: justify">The following table presents the changes in the fair value of Level 3 liabilities for the six months ended June 30, 2026 (in thousands): Schedule of changes in the fair value of warrant liability <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 70%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-bottom: 1pt"> </td> <td style="font-weight: bold; text-align: center; padding-bottom: 1pt; padding-left: 10pt"></td><td colspan="2" id="xdx_4B9_us-gaap--FairValueByFairValueHierarchyLevelAxis_us-gaap--FairValueInputsLevel3Member_zekdePgTCrDb" style="border-bottom: Black 1pt solid; text-align: center">Warrant Liability</td><td style="padding-bottom: 1pt; text-align: right"> </td></tr> <tr id="xdx_43E_c20260101__20260630_ecustom--WarrantLiability_iS_pn3n3_uUSD_zU3bbLe50Pq3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%">Balance at December 31, 2025</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 15%; text-align: right">3,516</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--FairValueAdjustmentOfWarrants_pn3n3_uUSD_zLY83cZTrOe9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Change in fair value of warrant liability</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2,894</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_433_c20260101__20260630_ecustom--WarrantLiability_iE_pn3n3_uUSD_zq6guOHJ470i" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Balance at June 30, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">622</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> The fair value of the warrant liability as of June 30, 2026 was determined using the re-priced exercise price of $4.35 which was determined in April 2026 after the Share Consolidation (refer to Note 8 for further details). Changes in the fair value of the liability-classified warrants are recognized within the gain (loss) on warrant liability, a component of other income (expense) in the condensed consolidated statements of operations and comprehensive income (loss). PPAs Liability As of December 31, 2025, Level 3 liabilities included the Pre-Paid Advance (as defined in Note 7) issued to the Company in November 2025, for which the Company elected the fair value option. The Pre-Paid Advance was fully converted into shares of the Company’s common stock as of February 2026 under the terms of the agreement and no remaining liability was outstanding as of June 30, 2026. The Pre-Paid Advance was classified within Level 3 of the fair value hierarchy as the fair value was derived using a Monte Carlo simulation model in a risk neutral framework, which uses significant unobservable inputs. The significant assumptions used in the valuation model included volatility, expected term, risk-free rates, and credit-adjusted discount rates. <p id="xdx_899_ecustom--ScheduleOfTheChangesInTheFairValueOfPPAsLiabilitiesTableTextBlock_zU005A5pT3n2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.3pt">The following table presents the changes in the fair value of Level 3 liabilities for the six months ended June 30, 2026 (in thousands): Schedule of the changes in the fair value of PPAs liability <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 70%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-bottom: 1pt"></td> <td style="font-weight: bold; text-align: center; padding-bottom: 1pt; padding-left: 10pt"></td><td colspan="2" id="xdx_4B5_us-gaap--FairValueByFairValueHierarchyLevelAxis_us-gaap--FairValueInputsLevel3Member_zM53Rz0y8619" style="border-bottom: Black 1pt solid; text-align: center">PPAs Liability</td><td style="padding-bottom: 1pt; text-align: right"> </td></tr> <tr id="xdx_439_c20260101__20260630_ecustom--PrePaidAdvanceAgreementLiability_iS_pn3n3_uUSD_zBdfHxhYcdzh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%">Balance at December 31, 2025</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 15%; text-align: right">4,142</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--ConversionOfPrePaidAdvanceIntoCommonStock_pn3n3_uUSD_zeTlRkXcCbXl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Conversion of Pre-Paid Advance into common stock</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,869</td><td style="text-align: left">)</td></tr> <tr id="xdx_403_ecustom--ChangeInFairValueOfPrePaidAdvance_pn3n3_uUSD_zdBXCigXLpsi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Change in fair value of PPAs liability</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(273</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_43C_c20260101__20260630_ecustom--PrePaidAdvanceAgreementLiability_iE_pn3n3_zbRi9C71UA5d" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Balance at June 30, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Changes in the fair value of the Pre-Paid Advance are recognized within the gain on PPAs liability, a component of other income (expense) on the condensed consolidated statements of operations and comprehensive income (loss).

<p id="xdx_89C_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_z8hTlCzfiyIg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.3pt; text-align: justify">The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands): Schedule of fair value assets and liabilities measured on recurring basis <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 85%; margin-right: auto"> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: center; visibility: hidden"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td id="xdx_494_20260101__20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zRzZfvsCcNlh" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td id="xdx_497_20260101__20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_z4gJhm7ZSwm2" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td id="xdx_494_20260101__20260630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zBWdKycSNYdh" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td id="xdx_491_20260101__20260630_zRgoZE4cbWS1" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td><td style="display: none; padding-bottom: 1pt; font-weight: bold; visibility: hidden"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of June 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 1pt">Assets</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: right"> </td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2"> </td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2"> </td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2"> </td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_40A_eus-gaap--FairValueOfAssetsAcquired_pn3n3_uUSD_hus-gaap--FairValueByAssetClassAxis__us-gaap--CashAndCashEquivalentsMember_zAH3itT1EGU8" style="vertical-align: bottom; background-color: White"> <td style="width: 38%; text-align: left; padding-left: 10pt">Cash equivalents</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,281</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,281</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; font-weight: bold">Liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_403_ecustom--FairValueWarrantLiability_pn3n3_uUSD_zeJ8iElE0xRg" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Warrants</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">622</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">622</td><td style="text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 85%; margin-right: auto"> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: center; visibility: hidden"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td id="xdx_496_20250101__20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_z2E94hYpAcjd" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td id="xdx_49D_20250101__20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zYeX7JmkyTde" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td id="xdx_49D_20250101__20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zx3cDYweJCYb" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td colspan="2" id="xdx_496_20250101__20251231_zETeetFfc1ei" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td><td style="display: none; padding-bottom: 1pt; font-weight: bold; visibility: hidden"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 1pt">Assets</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: right"> </td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2"> </td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2"> </td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2"> </td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_40A_eus-gaap--FairValueOfAssetsAcquired_pn3n3_uUSD_hus-gaap--FairValueByAssetClassAxis__us-gaap--CashAndCashEquivalentsMember_zmCAvv5TlMs6" style="vertical-align: bottom; background-color: White"> <td style="width: 38%; text-align: left; padding-left: 10pt">Cash equivalents</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">4,285</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">4,285</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; font-weight: bold">Liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_403_ecustom--FairValueWarrantLiability_pn3n3_uUSD_z4UC7G1gXcci" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Warrants</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3,516</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3,516</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--PrePaidAdvance_pn3n3_uUSD_zQUVngGJWJi8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Pre-Paid Advance</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">4,142</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">4,142</td><td style="text-align: left"> </td></tr> </table>

1281000

622000 622000

4285000

3516000 3516000 4142000 4142000

<p id="xdx_89B_eus-gaap--FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputReconciliationTableTextBlock_z7Z1CXMm76va" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.3pt; text-align: justify">The significant inputs used in the valuation models to measure the fair value of the warrants are as follows: Schedule of fair value, net derivative asset (liability) measured on recurring basis, unobservable input reconciliation <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 70%; margin-right: auto"> <tr style="display: marker; vertical-align: bottom; visibility: hidden"> <td style="display: marker; text-align: center; padding-bottom: 1pt; visibility: hidden"> </td><td style="display: marker; font-weight: bold; padding-bottom: 1pt; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: marker; font-weight: bold; text-align: center; visibility: hidden"> </td> <td id="xdx_49A_20260101__20260630__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zn4Gnl8ZSL75" style="border-bottom: Black 1pt solid; display: marker; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: marker; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: marker; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: marker; font-weight: bold; text-align: center; visibility: hidden"> </td> <td id="xdx_49E_20250101__20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zW68spvF3qLb" style="border-bottom: Black 1pt solid; display: marker; font-weight: bold; text-align: center; visibility: hidden"> </td><td style="display: marker; padding-bottom: 1pt; text-align: left; visibility: hidden"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Valuation Date</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--CommonStockPricePerShare_iI_pid_uUSDPShares_zahcnqKAwb28" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%">Common stock price</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">4.14</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">28.39</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Risk-free rate</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_uPure_c20260101__20260630__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zDINndLHUeLg" style="text-align: right" title="Risk-free rate">4.17</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_uPure_c20250101__20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zdUc5Axxwec4" style="text-align: right" title="Risk-free rate">3.68</td><td style="text-align: left">%</td></tr> <tr id="xdx_40D_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_zS4ImFQYSEKb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected term (in years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3.98</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.47</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected volatility</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_uPure_c20260101__20260630__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zXlhop5kEDe5" style="text-align: right" title="Expected volatility">118.4</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_uPure_c20250101__20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zNeVOfk6Gmwj" style="text-align: right" title="Expected volatility">103.2</td><td style="text-align: left">%</td></tr> <tr id="xdx_40B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dp_uPure_z1fF7DmnLhM2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Dividend yield</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.0</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.0</td><td style="text-align: left">%</td></tr> </table>

4.14 28.39

0.0417

0.0368

P3Y11M23D

P4Y5M19D

1.184

1.032

0.000

<p id="xdx_89F_ecustom--ScheduleOfTheChangesInTheFairValueOfLiabilitiesTableTextBlock_zZ3MkZ61sMMh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.3pt; text-align: justify">The following table presents the changes in the fair value of Level 3 liabilities for the six months ended June 30, 2026 (in thousands): Schedule of changes in the fair value of warrant liability <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 70%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-bottom: 1pt"> </td> <td style="font-weight: bold; text-align: center; padding-bottom: 1pt; padding-left: 10pt"></td><td colspan="2" id="xdx_4B9_us-gaap--FairValueByFairValueHierarchyLevelAxis_us-gaap--FairValueInputsLevel3Member_zekdePgTCrDb" style="border-bottom: Black 1pt solid; text-align: center">Warrant Liability</td><td style="padding-bottom: 1pt; text-align: right"> </td></tr> <tr id="xdx_43E_c20260101__20260630_ecustom--WarrantLiability_iS_pn3n3_uUSD_zU3bbLe50Pq3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%">Balance at December 31, 2025</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 15%; text-align: right">3,516</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--FairValueAdjustmentOfWarrants_pn3n3_uUSD_zLY83cZTrOe9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Change in fair value of warrant liability</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2,894</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_433_c20260101__20260630_ecustom--WarrantLiability_iE_pn3n3_uUSD_zq6guOHJ470i" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Balance at June 30, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">622</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 3516000

-2894000

622000

4.35

<p id="xdx_899_ecustom--ScheduleOfTheChangesInTheFairValueOfPPAsLiabilitiesTableTextBlock_zU005A5pT3n2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.3pt">The following table presents the changes in the fair value of Level 3 liabilities for the six months ended June 30, 2026 (in thousands): Schedule of the changes in the fair value of PPAs liability <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 70%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-bottom: 1pt"></td> <td style="font-weight: bold; text-align: center; padding-bottom: 1pt; padding-left: 10pt"></td><td colspan="2" id="xdx_4B5_us-gaap--FairValueByFairValueHierarchyLevelAxis_us-gaap--FairValueInputsLevel3Member_zM53Rz0y8619" style="border-bottom: Black 1pt solid; text-align: center">PPAs Liability</td><td style="padding-bottom: 1pt; text-align: right"> </td></tr> <tr id="xdx_439_c20260101__20260630_ecustom--PrePaidAdvanceAgreementLiability_iS_pn3n3_uUSD_zBdfHxhYcdzh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%">Balance at December 31, 2025</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 15%; text-align: right">4,142</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--ConversionOfPrePaidAdvanceIntoCommonStock_pn3n3_uUSD_zeTlRkXcCbXl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Conversion of Pre-Paid Advance into common stock</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,869</td><td style="text-align: left">)</td></tr> <tr id="xdx_403_ecustom--ChangeInFairValueOfPrePaidAdvance_pn3n3_uUSD_zdBXCigXLpsi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Change in fair value of PPAs liability</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(273</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_43C_c20260101__20260630_ecustom--PrePaidAdvanceAgreementLiability_iE_pn3n3_zbRi9C71UA5d" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Balance at June 30, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 4142000 -3869000 -273000

5. Leases The Company has a single operating lease for its corporate headquarters and laboratory space in San Diego, California. In June 2025, the Company entered into an amendment to the lease which reduced the leased space and extended the lease term for the remaining space through November 2030. Pursuant to the amended lease, the Company also has a one-time option to extend the lease term by an additional three years. The amended lease includes certain rent abatement, rent escalations, tenant improvement allowances and additional charges for common area maintenance and other costs. Under the relevant guidance, the Company reassessed the lease classification and remeasured the lease liability as of the effective date of modification and recognized a lease liability and ROU asset of approximately $6.0 million on the Company’s condensed consolidated balance sheets. The components of lease expense included in the Company’s condensed consolidated statements of operations and comprehensive income (loss) include (in thousands): Components of lease expense <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 85%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td id="xdx_49E_20260401__20260630_zRdX7WGOX018" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td id="xdx_49A_20250401__20250630_ziojaIrXn4E8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td id="xdx_49C_20260101__20260630_zFvAiN27UTj3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td id="xdx_490_20250101__20250630_zcfrVtDKQn27" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three Months Ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Six Months Ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40C_eus-gaap--OperatingLeaseCost_pn3n3_uUSD_zvBpI3cuXGJ9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 38%; text-align: left">Operating lease expense</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">359</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">331</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">718</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">592</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--VariableLeaseCost_pn3n3_uUSD_zMbLVcKLLlBb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Variable lease expense</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">88</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">215</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">207</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">395</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--LeaseCost_pn3n3_uUSD_zAEPG094Dop2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total lease expense, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">447</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">546</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">925</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">987</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Variable lease costs are primarily related to payments made to lessors for common area maintenance, property taxes, insurance, and other operating expenses. The Company did not have any short-term leases or finance leases for the three and six months ended June 30, 2026 and 2025. The weighted average remaining lease term and weighted average discount rate for operating leases were as follows: Summary of weighted average remaining lease term and weighted average discount rate <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 85%; margin-right: auto"> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td id="xdx_49F_20260630_zohodgPJUZf7" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td id="xdx_497_20250630_zM4HN0es9lvl" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td><td style="display: none; padding-bottom: 1pt; font-weight: bold; visibility: hidden"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40D_eus-gaap--OperatingLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_zJHOSMi1DdPd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Weighted average remaining lease term (in years)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">4.40</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">5.40</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_uPure_zCF8zYf1nh1d" style="vertical-align: bottom; background-color: White"> <td>Weighted average discount rate percentage</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9.00</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9.00</td><td style="text-align: left">%</td></tr> </table> Supplemental cash flow information related to leases under which the Company is the lessee was as follows (amounts in thousands): Supplemental cash flow information related to leases <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 85%; margin-right: auto"> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td id="xdx_49E_20260401__20260630_zK8VQrMiZPoa" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td id="xdx_490_20250401__20250630_zX2xZ36W5li1" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td><td style="display: none; padding-bottom: 1pt; font-weight: bold; visibility: hidden"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td id="xdx_49F_20260101__20260630_z4jHTowy19Xe" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td id="xdx_49A_20250101__20250630_zBBxVSj4C0De" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td><td style="display: none; padding-bottom: 1pt; font-weight: bold; visibility: hidden"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three Months Ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Six Months Ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_406_eus-gaap--OperatingLeasePayments_pn3n3_uUSD_zrKG6fW3v1Ni" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 38%; text-align: left">Cash paid for amounts included in the measurement of operating leases</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">365</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">557</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">609</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">845</td><td style="width: 1%; text-align: left"> </td></tr> </table> Maturities of operating lease liabilities as of June 30, 2026 were as follows (in thousands): Maturities of operating lease liabilities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 75%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20260630_zA2tNmTsacO9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Operating lease</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40B_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_pn3n3_uUSD_zZMDr4z3cxZ6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 67%; text-align: left">Six months ending December 31, 2026</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">875</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_pn3n3_uUSD_zDjReLx5ZAr8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2027</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,528</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_iI_pn3n3_uUSD_zP81emfIXAPe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2028</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,574</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFour_iI_pn3n3_uUSD_zGd05jKDnizf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2029</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,621</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFive_iI_pn3n3_uUSD_zSIH6F0TEAXh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">2030</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,529</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iI_pn3n3_uUSD_z1SVHiI3c3R" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Total future lease payments</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">7,127</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_pn3n3_di_uUSD_z6cIFHkrX6Y1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">Less: imputed interest</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,264</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_408_eus-gaap--OperatingLeaseLiability_iI_pn3n3_uUSD_zaQtjs0Xwtyi" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; text-align: left">Total operating lease liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,863</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

6000000.0

The components of lease expense included in the Company’s condensed consolidated statements of operations and comprehensive income (loss) include (in thousands): Components of lease expense <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 85%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td id="xdx_49E_20260401__20260630_zRdX7WGOX018" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td id="xdx_49A_20250401__20250630_ziojaIrXn4E8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td id="xdx_49C_20260101__20260630_zFvAiN27UTj3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td id="xdx_490_20250101__20250630_zcfrVtDKQn27" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three Months Ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Six Months Ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40C_eus-gaap--OperatingLeaseCost_pn3n3_uUSD_zvBpI3cuXGJ9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 38%; text-align: left">Operating lease expense</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">359</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">331</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">718</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">592</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--VariableLeaseCost_pn3n3_uUSD_zMbLVcKLLlBb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Variable lease expense</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">88</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">215</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">207</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">395</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--LeaseCost_pn3n3_uUSD_zAEPG094Dop2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total lease expense, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">447</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">546</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">925</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">987</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

359000

331000

718000

592000

88000

215000

207000

395000

447000

546000

925000

987000

The weighted average remaining lease term and weighted average discount rate for operating leases were as follows: Summary of weighted average remaining lease term and weighted average discount rate <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 85%; margin-right: auto"> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td id="xdx_49F_20260630_zohodgPJUZf7" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td id="xdx_497_20250630_zM4HN0es9lvl" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td><td style="display: none; padding-bottom: 1pt; font-weight: bold; visibility: hidden"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40D_eus-gaap--OperatingLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_zJHOSMi1DdPd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Weighted average remaining lease term (in years)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">4.40</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">5.40</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_uPure_zCF8zYf1nh1d" style="vertical-align: bottom; background-color: White"> <td>Weighted average discount rate percentage</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9.00</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9.00</td><td style="text-align: left">%</td></tr> </table>

P4Y4M24D

P5Y4M24D

0.0900

Supplemental cash flow information related to leases under which the Company is the lessee was as follows (amounts in thousands): Supplemental cash flow information related to leases <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 85%; margin-right: auto"> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td id="xdx_49E_20260401__20260630_zK8VQrMiZPoa" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td id="xdx_490_20250401__20250630_zX2xZ36W5li1" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td><td style="display: none; padding-bottom: 1pt; font-weight: bold; visibility: hidden"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td id="xdx_49F_20260101__20260630_z4jHTowy19Xe" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td id="xdx_49A_20250101__20250630_zBBxVSj4C0De" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td><td style="display: none; padding-bottom: 1pt; font-weight: bold; visibility: hidden"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three Months Ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Six Months Ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_406_eus-gaap--OperatingLeasePayments_pn3n3_uUSD_zrKG6fW3v1Ni" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 38%; text-align: left">Cash paid for amounts included in the measurement of operating leases</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">365</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">557</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">609</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">845</td><td style="width: 1%; text-align: left"> </td></tr> </table>

365000

557000

609000

845000

Maturities of operating lease liabilities as of June 30, 2026 were as follows (in thousands): Maturities of operating lease liabilities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 75%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20260630_zA2tNmTsacO9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Operating lease</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40B_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_pn3n3_uUSD_zZMDr4z3cxZ6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 67%; text-align: left">Six months ending December 31, 2026</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">875</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_pn3n3_uUSD_zDjReLx5ZAr8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2027</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,528</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_iI_pn3n3_uUSD_zP81emfIXAPe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2028</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,574</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFour_iI_pn3n3_uUSD_zGd05jKDnizf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2029</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,621</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFive_iI_pn3n3_uUSD_zSIH6F0TEAXh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">2030</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,529</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iI_pn3n3_uUSD_z1SVHiI3c3R" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Total future lease payments</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">7,127</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_pn3n3_di_uUSD_z6cIFHkrX6Y1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">Less: imputed interest</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,264</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_408_eus-gaap--OperatingLeaseLiability_iI_pn3n3_uUSD_zaQtjs0Xwtyi" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; text-align: left">Total operating lease liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,863</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

875000

1528000

1574000

1621000

1529000

7127000

1264000

5863000

6. Commitments and Contingencies From time to time, the Company may be subject to various claims and suits arising in the ordinary course of business. The Company is not currently a party to any legal proceedings the outcome of which the Company believes, if determined adversely to the Company, would individually or in the aggregate have a material adverse effect on the Company’s business, operating results or financial condition.

7. Pre-Paid Advance In November 2025, the Company closed on the PPAs with YA II PN, Ltd. (“Yorkville”), Anson Investments Master Fund LP and Anson East Master Fund LP (collectively, the “Anson Funds” and together with Yorkville, the “Investors”). Pursuant to the PPAs, the Investors agreed to provide the Company with pre-paid advances having an aggregate principal amount of $7.5 million, at a purchase price equal to <span id="xdx_905_ecustom--DebtInstrumentCarryingAmountPercentageOfFaceAmount_iI_pid_dp_uPure_c20251130__us-gaap--FinancialInstrumentAxis__custom--PrePaidAdvanceAgreementsMember_zCypymRqr5m6" title="Purchase price discount">95% of the face amount. The purchase resulted in gross proceeds to the Company of $<span id="xdx_901_ecustom--GrossProceedsFromPrePaidAdvanceAgreements_pn4n6_uUSD_c20260101__20260630__us-gaap--FinancialInstrumentAxis__custom--PrePaidAdvanceAgreementsMember_zFH3UlzsuSrj" title="Gross proceeds to the Company">7.13 million. The Pre-Paid Advance accrued interest at 4% per annum. As a result of the Company’s election to account for the Pre-Paid Advance under the fair value option in ASC 825, the Pre-Paid Advance was initially recorded at fair value at issuance using the Monte Carlo simulation model, which uses significant unobservable inputs (Level 3). See Note 4 for significant assumptions used in determining the fair value. The Company incurred issuance costs of $0.7 million, which were expensed as incurred, as required under the fair value option, and such costs are presented within other income (expense) on the consolidated statements of operations and comprehensive income (loss) for the twelve months ended December 31, 2025. The Pre-Paid Advance was fully converted into shares of the Company’s common stock as of February 2026 under the terms of the agreement. During the first quarter of 2026, the Company issued common stock to the Investors in settlement of approximately $4.5 million in principal and accrued interest under the Pre-Paid Advance. As of March 31, 2026 and June 30, 2026, there was no remaining outstanding principal balance of the Pre-Paid Advance.

7500000

0.95 7130000

0.04

700000

4500000

0 0

8. Stockholders’ Equity Merger and Related Share Consolidation On April 6, 2026, the Company effected the Share Consolidation of its outstanding shares of common stock pursuant to which every 50 shares of issued and outstanding common stock were converted into one share of common stock. No fractional shares were issued in connection with the Share Consolidation. Stockholders of record who otherwise were entitled to receive fractional shares received an amount in cash (without interest or deduction) equal to the fraction of one share to which such stockholder was otherwise entitled multiplied by the closing price of the common stock on The Nasdaq Capital Market on April 6, 2026. All share and per share amounts prior to the effective date of the Share Consolidation included within these condensed consolidated financial statements have been retrospectively adjusted to reflect the Share Consolidation. November 2025 Standby Equity Purchase Agreement In November 2025, in connection with the entry into the PPAs (as defined in Note 1), the Company entered into the SEPA with Yorkville pursuant to which the Company has the right to sell to Yorkville SEPA Shares to the Commitment Amount, over a 36-month period. Sales of SEPA Shares to Yorkville and the timing of any such sales are at the Company’s option, and the Company is under no obligation to sell such shares to Yorkville. The SEPA will automatically terminate on the earliest to occur of (i) the 36-month anniversary of the effective date or (ii) the date on which Yorkville has purchased SEPA Shares equal to the Commitment Amount. The Company has the right to terminate the SEPA at no cost or penalty with five trading days’ written notice. The Company and Yorkville may also agree to terminate the SEPA by mutual written consent. Each advance (each, a “SEPA Advance”) the Company requests from Yorkville may be for a number of SEPA Shares up to <span id="xdx_90C_ecustom--PercentageOfAverageDailyTradingVolume_iI_pid_uPure_c20251130__us-gaap--PlanNameAxis__custom--StandbyEquityPurchaseAgreementMember_zlJV6mnQ5gK7" title="Percentage of average daily trading volume">100% of the average daily trading volume of the Company’s common stock on The Nasdaq Capital Market during the five trading days immediately prior to the date of the Company’s request. The SEPA Shares delivered by the Company will be purchased by Yorkville at a price equal to <span id="xdx_90D_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardPurchasePriceOfCommonStockPercent_pid_dp_uPure_c20251130__20251130__us-gaap--PlanNameAxis__custom--StandbyEquityPurchaseAgreementMember_zuZAGNY0BTl5" title="Percentage of average daily trading volume">97% of the lowest daily volume weighted average price (“VWAP”) of the Company’s common stock during the three trading days prior to the request, subject to a minimum price that may be specified in the Company’s request. The issuance of shares under the SEPA is subject to further limitations and conditions, including that the shares of common stock beneficially owned by each Investor and its affiliates at any one time will not exceed <span id="xdx_904_ecustom--PercentageOfOutstandingCommonStock_iI_pid_dp_uPure_c20260630__us-gaap--PlanNameAxis__custom--StandbyEquityPurchaseAgreementMember_z2WIFwJzw2hb" title="Percentage of average daily trading volume">4.99% of the then-outstanding shares of the Company’s common stock. As consideration for Yorkville’s commitment to purchase SEPA Shares, the Company paid Yorkville a cash structuring fee and issued <span id="xdx_901_eus-gaap--CommonStockSharesIssued_iI_pid_uShares_c20251230__us-gaap--PlanNameAxis__custom--StandbyEquityPurchaseAgreementMember_zdrZnhOANBgb" title="Percentage of average daily trading volume">4,868 shares of common stock to Yorkville. Such fees, totaling approximately $<span id="xdx_90F_ecustom--StandbyEquityPurchaseAgreementFees_pn5n6_c20250101__20251231__us-gaap--PlanNameAxis__custom--StandbyEquityPurchaseAgreementMember_zQ3NMdIlyVe9" title="Standby equity purchase agreement fees">0.3 million, were expensed as incurred and are presented as a component of other income (expense) on the condensed consolidated statements of operations and comprehensive income (loss). During three and six months ended June 30, 2026, 0 and 48,092 SEPA Shares were sold under the SEPA, respectively, with gross proceeds to the Company totaling approximately $<span id="xdx_903_eus-gaap--ProceedsFromIssuanceOfCommonStock_pn5n6_c20260401__20260630__us-gaap--PlanNameAxis__custom--StandbyEquityPurchaseAgreementMember_zZRUo0LHHJSi" title="Standby equity purchase agreement fees">0.0 million and $<span id="xdx_90C_eus-gaap--ProceedsFromIssuanceOfCommonStock_pn5n6_c20260101__20260630__us-gaap--PlanNameAxis__custom--StandbyEquityPurchaseAgreementMember_zQEWN7db857g" title="Standby equity purchase agreement fees">0.4 million, respectively. December 2024 Offering and Warrant Issuance In December 2024, the Company closed on an offering (the “December 2024 Offering”) of 193,581 shares of common stock at a price of $47.60 per share with accompanying warrants to purchase up to <span id="xdx_90E_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pid_uShares_c20241231__us-gaap--PlanNameAxis__custom--DecemberTwoThousandTwentyFourMember_zBtQqN86RN82" title="Purchase of common stock by warrants">193,581 shares of common stock, which initially had an exercise price of $<span id="xdx_901_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_uUSDPShares_c20241231__us-gaap--PlanNameAxis__custom--DecemberTwoThousandTwentyFourMember_z2abtHKGUNPi" title="Warrants excercise price">59.50 per share (the “Warrants”). Pursuant to the re-pricing mechanism contained in the Warrants, the exercise price of the Warrants was reduced to $<span id="xdx_906_ecustom--ClassOfWarrantExercisePriceAsAdjusted_pid_uUSDPShares_c20260406__20260406__us-gaap--PlanNameAxis__custom--DecemberTwoThousandTwentyFourMember_zAvEDvEHlqFc" title="Adjustment of warrants per share">4.35 to match the lowest VWAP of our common stock during the eleven (11) trading days commencing five (5) trading days immediately preceding the Share Consolidation and ending five (5) trading days immediately following the Share Consolidation. As discussed in Note 4, the Company recorded a liability at fair value related to the issuance of the Warrants, with changes in fair value each reporting period recognized as a component of other income (loss) in the Company’s unaudited condensed consolidated statements of operations and comprehensive income (loss). The fair value of the warrant liability as of June 30, 2026 was determined using the adjusted exercise price of $<span id="xdx_90B_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_uUSDPShares_c20260630__us-gaap--PlanNameAxis__custom--DecemberTwoThousandTwentyFourMember_z2MsUvJpBfl4" title="Warrants excercise price">4.35. The accompanying Warrants became exercisable on June 20, 2025 and will expire five years from the date of initial exercisability. There were <span id="xdx_90D_ecustom--ClassOfWarrantOrRightOutstandingAndExercisable_iI_pid_uShares_c20260630__us-gaap--PlanNameAxis__custom--DecemberTwoThousandTwentyFourMember_ziaPuFjk2NWa" title="Class of Warrant or Right, Outstanding and Exercisable">193,581 Warrants outstanding and exercisable at June 30, 2026. 2020 Equity Incentive Plan Under the 2020 Equity Incentive Plan (the “2020 Plan”), the Company may grant awards of common stock to the Company’s employees, consultants and non-employee directors pursuant to option awards, stock appreciation rights awards, restricted stock awards, restricted stock unit awards, performance stock awards, performance stock unit awards and other stock-based awards. As of June 30, 2026 and December 31, 2025, the total number of common shares authorized for issuance under the 2020 Plan was <span id="xdx_907_ecustom--ClassOfWarrantOrRightOutstandingAndExercisable_iI_pid_uShares_c20260630__us-gaap--PlanNameAxis__custom--TwoThousandTwentyEquityIncentivePlanMember_zQLgDQk7tGDf" title="Common shares authorized for issuance">276,246 and <span id="xdx_901_ecustom--ClassOfWarrantOrRightOutstandingAndExercisable_iI_pid_uShares_c20251231__us-gaap--PlanNameAxis__custom--TwoThousandTwentyEquityIncentivePlanMember_zMwCmCNYtlCd" title="Common shares authorized for issuance">245,477, respectively. On January 1st of each year, commencing with the first January 1st following the effective date of the 2020 Plan, the shares authorized for issuance under the 2020 Plan shall be increased by the number of shares equal to the lesser of <span id="xdx_900_ecustom--PercentageOfAnnualIncreasedShares_pid_dp_uPure_c20260101__20260630__us-gaap--PlanNameAxis__custom--TwoThousandTwentyEquityIncentivePlanMember_zgdpy2uoXsBf" title="Percentage of Annual increased Shares">4% of the total number of shares outstanding on the immediately preceding December 31st and such lesser number of shares determined by the Company’s board of directors. The maximum term of the options granted under the 2020 Plan is no more than <span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights_c20260101__20260630__us-gaap--PlanNameAxis__custom--TwoThousandTwentyEquityIncentivePlanMember_zaSRtnwUh1W4">ten years. Awards under the 2020 Plan generally vest at <span id="xdx_90F_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage_pid_dp_uPure_c20260101__20260630__us-gaap--PlanNameAxis__custom--TwoThousandTwentyEquityIncentivePlanMember_z4hGtkuNGXw8">25% one year from the vesting commencement date and ratably each month thereafter for a period of <span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_dxL_c20260101__20260630__us-gaap--PlanNameAxis__custom--TwoThousandTwentyEquityIncentivePlanMember_zsgtG9FBR2B6" title="::XDX::P36M">36 months, subject to continuous service as an employee, non-employee director, or independent contractor. <p id="xdx_898_eus-gaap--ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock_zUBeKRJkhIC5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">Stock-based compensation expense recognized for all equity awards under the 2020 Plan for the three and six months ended June 30, 2026 and 2025 has been reported in the condensed consolidated statements of operations and comprehensive income (loss) as follows (in thousands): Schedule of stock-based compensation expense <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 85%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three Months Ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Six Months Ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 33%; text-align: left">Research and development</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eus-gaap--ShareBasedCompensation_c20260401__20260630__us-gaap--NatureOfExpenseAxis__custom--ResearchAndDevelopmentMember_z9bPIHyO4iHl" style="width: 10%; text-align: right">135</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_989_eus-gaap--ShareBasedCompensation_c20250401__20250630__us-gaap--NatureOfExpenseAxis__custom--ResearchAndDevelopmentMember_z4040aowZBGj" style="width: 10%; text-align: right">567</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eus-gaap--ShareBasedCompensation_c20260101__20260630__us-gaap--NatureOfExpenseAxis__custom--ResearchAndDevelopmentMember_zlUUB6clbYia" style="width: 10%; text-align: right">457</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_986_eus-gaap--ShareBasedCompensation_c20250101__20250630__us-gaap--NatureOfExpenseAxis__custom--ResearchAndDevelopmentMember_zK3HBQri64v7" style="width: 10%; text-align: right">1,342</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">General and administrative</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensation_c20260401__20260630__us-gaap--NatureOfExpenseAxis__custom--GeneralAndAdministrativeMember_zaztwOyInES9" style="border-bottom: Black 1pt solid; text-align: right">484</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensation_c20250401__20250630__us-gaap--NatureOfExpenseAxis__custom--GeneralAndAdministrativeMember_z4f0e2gVxt07" style="border-bottom: Black 1pt solid; text-align: right">810</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensation_c20260101__20260630__us-gaap--NatureOfExpenseAxis__custom--GeneralAndAdministrativeMember_z4qNZiCMhWja" style="border-bottom: Black 1pt solid; text-align: right">1,118</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensation_c20250101__20250630__us-gaap--NatureOfExpenseAxis__custom--GeneralAndAdministrativeMember_zpeowPJIkzxh" style="border-bottom: Black 1pt solid; text-align: right">1,680</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_982_eus-gaap--ShareBasedCompensation_c20260401__20260630_zgZl2MWf0Kxf" style="border-bottom: Black 2.5pt double; text-align: right" title="Stock-based compensation">619</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_983_eus-gaap--ShareBasedCompensation_c20250401__20250630_zACe5WZBi7x8" style="border-bottom: Black 2.5pt double; text-align: right" title="Stock-based compensation">1,377</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98B_eus-gaap--ShareBasedCompensation_c20260101__20260630_zUqGIPoL2pW" style="border-bottom: Black 2.5pt double; text-align: right" title="Stock-based compensation">1,575</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_986_eus-gaap--ShareBasedCompensation_c20250101__20250630_zI3GJbxag0Mj" style="border-bottom: Black 2.5pt double; text-align: right" title="Stock-based compensation">3,022</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Restricted Stock Units <p id="xdx_89D_eus-gaap--ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivityTableTextBlock_zvNjjRHB0wf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 24.5pt; text-align: justify">The following table summarizes RSU activity under the 2020 Plan for the six months ended June 30, 2026: Summary of restricted stock units <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Number of Shares</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Weighted - Average Grant Date Fair Value</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 54%; text-align: left">Outstanding at December 31, 2025</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_pid_uShares_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_z75KfyQ0BSPh" style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">49,254</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_uUSDPShares_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zrffoDlsnRUe" style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">58.95</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 12.25pt">Granted</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_uShares_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zPNXzv2vblp1" style="font: 10pt Times New Roman, Times, Serif; text-align: right">30,120</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zLRZTraDVrAj" style="font: 10pt Times New Roman, Times, Serif; text-align: right">8.57</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 12.25pt">Vested</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_pid_di_uShares_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zyoWWQTrWz7e" style="font: 10pt Times New Roman, Times, Serif; text-align: right">(12,939</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zKW8v8hFNv87" style="font: 10pt Times New Roman, Times, Serif; text-align: right">43.97</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 12.25pt">Forfeited</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_iN_pid_di_uShares_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_z3MUkeEMyjW5" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(9,031</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_z8xBbkpfd7s1" style="font: 10pt Times New Roman, Times, Serif; text-align: right">54.02</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Outstanding at June 30, 2026</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_pid_uShares_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zwNzlC3G1b9c" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">57,404</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_pid_uUSDPShares_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zjAJ09G62Uk3" style="font: 10pt Times New Roman, Times, Serif; text-align: right">36.67</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> As of June 30, 2026, total unrecognized stock-based compensation expense for RSUs was $<span id="xdx_900_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions_iI_pn5n6_c20250630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zJzmO1uxSz6d">1.5 million, which is expected to be recognized over a remaining weighted-average period of approximately <span id="xdx_900_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_dtxL_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zyItYdHHc5ll" title="::XDX::P3Y1M6D">3.1 years. Stock Options <p id="xdx_89A_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_z4gy2t1jFeNj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 24.5pt; text-align: justify">The following table summarizes stock option activity under the 2020 Plan for the six months ended June 30, 2026: Summary of stock option activity <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 85%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Number of Options</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Weighted - Average Exercise Price Per Share</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Weighted - Average Remaining Contractual Term (In Years)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Aggregate Intrinsic Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 33%">Balance at December 31, 2025</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_uShares_c20260101__20260630__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_z4WhkNhccZg7" style="width: 10%; text-align: right">117,703</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_uUSDPShares_c20260101__20260630__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zLNCfFdH8zvi" style="width: 10%; text-align: right">393.71</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right"><span id="xdx_909_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_z4GjswGN9nJ4">6.43</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right"><span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_pn3n3_c20260101__20260630__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zoWz94wBjK4i" title="Aggregate Intrinsic Value, Beginning balance">—</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Forfeited</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_iN_pid_di_uShares_c20260101__20260630__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zCBvwyxxztVi" style="text-align: right">(3,417</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_pid_uUSDPShares_c20260101__20260630__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zS1CrpYiH5sg" style="text-align: right">198.71</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; padding-left: 10pt">Expired</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod_iN_pid_di_uShares_c20260101__20260630__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zayAOGDvPiL9" style="border-bottom: Black 1pt solid; text-align: right">(227</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left">$</td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice_pid_uUSDPShares_c20260101__20260630__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zTbEQJggVYfj" style="text-align: right">785.66</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Balance at June 30, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_uShares_c20260101__20260630__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zH5GweBaIW91" style="border-bottom: Black 2.5pt double; text-align: right">114,059</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left">$</td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_uUSDPShares_c20260101__20260630__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zZg8kppv7djk" style="text-align: right">388.45</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20260101__20260630__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_z7g8HVSY129" style="text-align: right">5.07</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left">$</td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_pn3n3_c20260101__20260630__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zNgbZT5AV2ic" style="text-align: right" title="Aggregate Intrinsic Value, Ending balance">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Vested and expected to vest at June 30, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber_iI_pid_uShares_c20260630__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zlcdNiEyS9ij" style="border-bottom: Black 2.5pt double; text-align: right">114,059</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left">$</td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice_iI_pid_uUSDPShares_c20260630__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zEtmWEtNEkp8" style="text-align: right">388.45</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1_dtY_c20260101__20260630__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zLoSmUSr9ui2" style="text-align: right">5.07</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left">$</td><td style="text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Exercisable at June 30, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iI_pid_uShares_c20260630__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zxAy9j4bbYFd" style="border-bottom: Black 2.5pt double; text-align: right">105,840</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left">$</td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iI_pid_uUSDPShares_c20260630__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zCOEMB2htrC4" style="text-align: right">404.00</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtY_c20260101__20260630__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zB3mqtZnqt4e" style="text-align: right">4.94</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left">$</td><td style="text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> As of June 30, 2026, total unrecognized stock-based compensation cost for unvested common stock options was $<span id="xdx_90C_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions_iI_pn5n6_c20260630__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zevD9IhIlXT5">1.1 million, which is expected to be recognized over a remaining weighted-average period of approximately <span id="xdx_900_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_dtY_c20260101__20260630__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zU1lTrT6PIUh">0.7 years. There were <span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_dxL_uUSDPShares_c20260101__20260630__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_z70iVygl5sc4" title="::XDX::0">no stock options granted during the six months ended June 30, 2026. The total fair value of options vested during the six months ended June 30, 2026 was $1.0 million. Upon option exercise, the Company issues new shares of its common stock. Employee Stock Purchase Plan The Employee Stock Purchase Plan (the “ESPP”) permits participants to purchase common stock through payroll deductions of up to <span id="xdx_90B_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardPurchasePriceOfCommonStockPercent_pid_dp_uPure_c20260101__20260630__us-gaap--PlanNameAxis__custom--EmployeesStockPurchasePlanMember_zEOpeOeW2RY9">15% of their eligible compensation. As of June 30, 2026 and December 31, 2025, a total of 77,008 shares and 60,717 shares, respectively, of common stock were authorized for issuance under the ESPP. The number of shares of common stock authorized for issuance will automatically increase on January 1 of each calendar year, from January 1, 2021 through January 1, 2030 by the least of (i) <span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfOutstandingStockMaximum_pid_dp_uPure_c20260101__20260630__us-gaap--PlanNameAxis__custom--EmployeesStockPurchasePlanMember_zc3SxuoqzPc2">1.0% of the total number of common shares of our common stock outstanding on December 31 of the preceding calendar year (calculated on a fully diluted basis), (ii) <span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOtherIncreasesDecreasesInPeriod_pid_uShares_c20260101__20260630__us-gaap--PlanNameAxis__custom--EmployeesStockPurchasePlanMember_zvU4yB5R0Uc2">18,593 common shares or (iii) a number determined by the Company’s board of directors that is less than (i) and (ii). The Company issued 800 and 2,709 of common stock under the ESPP during the six months ended June 30, 2026 and 2025. As of June 30, 2026, 59,278 shares of common stock remained available for issuance under the ESPP. Stock-based compensation expense related to the ESPP for the three and six months ended June 30, 2026 and 2025 was immaterial. Common Stock Reserved for Future Issuance <p id="xdx_89F_ecustom--ScheduleOfCommonStockReservedForFutureIssuanceTableTextBlock_zbQ3XTBakL14" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 24.5pt">Common stock reserved for future issuance are as follows in common equivalent shares: Schedule of common stock reserved for future issuance <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; text-align: left">Warrants for the purchase of common stock</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_982_ecustom--WarrantForThePurchaseOfCommonStock_iI_pid_uShares_c20260630__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_ziQfHoIpxFWf" style="width: 10%; text-align: right" title="Warrants for the purchase of common stock">193,581</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_982_ecustom--WarrantForThePurchaseOfCommonStock_iI_pid_uShares_c20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zjmWnocLIdCd" style="width: 10%; text-align: right" title="Warrants for the purchase of common stock">193,581</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Common stock options and restricted stock units issued and outstanding</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--CommonStockSharesOutstanding_iI_pid_uShares_c20260630__us-gaap--AwardTypeAxis__custom--CommonStockOptionsAndRestrictedStockUnitMember_zyBloebg9kVh" style="text-align: right" title="Common stock options and restricted stock units issued and outstanding">171,463</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--CommonStockSharesOutstanding_iI_pid_uShares_c20251231__us-gaap--AwardTypeAxis__custom--CommonStockOptionsAndRestrictedStockUnitMember_zH0MybVrCAN6" style="text-align: right" title="Common stock options and restricted stock units issued and outstanding">166,257</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Awards available for future issuance under the 2020 Plan</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_ecustom--AwardsAvailableForFutureIssuanceUnderTheTwoThousandTwentyPlan_iI_pid_uShares_c20260630__us-gaap--PlanNameAxis__custom--TwoThousandTwentyEquityIncentivePlanMember_zXgcbu0SpWjj" style="text-align: right" title="Awards available for future issuance under the 2020 Plan">39,200</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--AwardsAvailableForFutureIssuanceUnderTheTwoThousandTwentyPlan_iI_pid_uShares_c20251231__us-gaap--PlanNameAxis__custom--TwoThousandTwentyEquityIncentivePlanMember_zhYcpSryaUg8" style="text-align: right" title="Awards available for future issuance under the 2020 Plan">26,013</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Awards available for future issuance under the ESPP</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_ecustom--AwardsAvailableForFutureIssuanceUnderTheESPP_iI_pid_uShares_c20260630__us-gaap--PlanNameAxis__custom--EmployeesStockPurchasePlanMember_zmPtvW0e4a37" style="text-align: right" title="Awards available for future issuance under the ESPP">59,278</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_ecustom--AwardsAvailableForFutureIssuanceUnderTheESPP_iI_pid_uShares_c20251231__us-gaap--PlanNameAxis__custom--EmployeesStockPurchasePlanMember_zseWUPPGtL2j" style="text-align: right" title="Awards available for future issuance under the ESPP">43,786</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Shares available for future conversions of PPAs</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_ecustom--SharesAvailableForFutureConversionsOfPpas_iI_pid_d0_uShares_c20260630__us-gaap--PlanNameAxis__custom--PrePaidAdvanceAgreementPPAsMember_zVMmTJBQS2tk" style="border-bottom: Black 1pt solid; text-align: right" title="Shares available for future conversions of PPAs">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_987_ecustom--SharesAvailableForFutureConversionsOfPpas_iI_pid_uShares_c20251231__us-gaap--PlanNameAxis__custom--PrePaidAdvanceAgreementPPAsMember_z7qFMZJNLhIb" style="border-bottom: Black 1pt solid; text-align: right" title="Shares available for future conversions of PPAs">136,923</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total common stock reserved for future issuance</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_986_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_pid_uShares_c20260630_znBeOnTIGrD1" style="border-bottom: Black 2.5pt double; text-align: right" title="Total common stock reserved for future issuance">463,522</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98D_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_pid_uShares_c20251231_zuVjn1MLZYbi" style="border-bottom: Black 2.5pt double; text-align: right" title="Total common stock reserved for future issuance">566,560</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

0.97

0.0499

4868

300000 0 48092

0.0

400000

193581

47.60

193581

59.50

4.35

193581 276246 245477 0.04

ten years

0.25

<p id="xdx_898_eus-gaap--ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock_zUBeKRJkhIC5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">Stock-based compensation expense recognized for all equity awards under the 2020 Plan for the three and six months ended June 30, 2026 and 2025 has been reported in the condensed consolidated statements of operations and comprehensive income (loss) as follows (in thousands): Schedule of stock-based compensation expense <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 85%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three Months Ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Six Months Ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 33%; text-align: left">Research and development</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eus-gaap--ShareBasedCompensation_c20260401__20260630__us-gaap--NatureOfExpenseAxis__custom--ResearchAndDevelopmentMember_z9bPIHyO4iHl" style="width: 10%; text-align: right">135</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_989_eus-gaap--ShareBasedCompensation_c20250401__20250630__us-gaap--NatureOfExpenseAxis__custom--ResearchAndDevelopmentMember_z4040aowZBGj" style="width: 10%; text-align: right">567</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eus-gaap--ShareBasedCompensation_c20260101__20260630__us-gaap--NatureOfExpenseAxis__custom--ResearchAndDevelopmentMember_zlUUB6clbYia" style="width: 10%; text-align: right">457</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_986_eus-gaap--ShareBasedCompensation_c20250101__20250630__us-gaap--NatureOfExpenseAxis__custom--ResearchAndDevelopmentMember_zK3HBQri64v7" style="width: 10%; text-align: right">1,342</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">General and administrative</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensation_c20260401__20260630__us-gaap--NatureOfExpenseAxis__custom--GeneralAndAdministrativeMember_zaztwOyInES9" style="border-bottom: Black 1pt solid; text-align: right">484</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensation_c20250401__20250630__us-gaap--NatureOfExpenseAxis__custom--GeneralAndAdministrativeMember_z4f0e2gVxt07" style="border-bottom: Black 1pt solid; text-align: right">810</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensation_c20260101__20260630__us-gaap--NatureOfExpenseAxis__custom--GeneralAndAdministrativeMember_z4qNZiCMhWja" style="border-bottom: Black 1pt solid; text-align: right">1,118</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensation_c20250101__20250630__us-gaap--NatureOfExpenseAxis__custom--GeneralAndAdministrativeMember_zpeowPJIkzxh" style="border-bottom: Black 1pt solid; text-align: right">1,680</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_982_eus-gaap--ShareBasedCompensation_c20260401__20260630_zgZl2MWf0Kxf" style="border-bottom: Black 2.5pt double; text-align: right" title="Stock-based compensation">619</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_983_eus-gaap--ShareBasedCompensation_c20250401__20250630_zACe5WZBi7x8" style="border-bottom: Black 2.5pt double; text-align: right" title="Stock-based compensation">1,377</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98B_eus-gaap--ShareBasedCompensation_c20260101__20260630_zUqGIPoL2pW" style="border-bottom: Black 2.5pt double; text-align: right" title="Stock-based compensation">1,575</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_986_eus-gaap--ShareBasedCompensation_c20250101__20250630_zI3GJbxag0Mj" style="border-bottom: Black 2.5pt double; text-align: right" title="Stock-based compensation">3,022</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

135000

567000

457000

1342000

484000

810000

1118000

1680000

619000

1377000

1575000

3022000

<p id="xdx_89D_eus-gaap--ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivityTableTextBlock_zvNjjRHB0wf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 24.5pt; text-align: justify">The following table summarizes RSU activity under the 2020 Plan for the six months ended June 30, 2026: Summary of restricted stock units <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Number of Shares</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Weighted - Average Grant Date Fair Value</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 54%; text-align: left">Outstanding at December 31, 2025</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_pid_uShares_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_z75KfyQ0BSPh" style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">49,254</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_uUSDPShares_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zrffoDlsnRUe" style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">58.95</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 12.25pt">Granted</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_uShares_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zPNXzv2vblp1" style="font: 10pt Times New Roman, Times, Serif; text-align: right">30,120</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zLRZTraDVrAj" style="font: 10pt Times New Roman, Times, Serif; text-align: right">8.57</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 12.25pt">Vested</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_pid_di_uShares_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zyoWWQTrWz7e" style="font: 10pt Times New Roman, Times, Serif; text-align: right">(12,939</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zKW8v8hFNv87" style="font: 10pt Times New Roman, Times, Serif; text-align: right">43.97</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 12.25pt">Forfeited</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_iN_pid_di_uShares_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_z3MUkeEMyjW5" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(9,031</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_z8xBbkpfd7s1" style="font: 10pt Times New Roman, Times, Serif; text-align: right">54.02</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Outstanding at June 30, 2026</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_pid_uShares_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zwNzlC3G1b9c" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">57,404</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_pid_uUSDPShares_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zjAJ09G62Uk3" style="font: 10pt Times New Roman, Times, Serif; text-align: right">36.67</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

49254

58.95

30120

8.57

12939

43.97

9031

54.02

57404

36.67

1500000

<p id="xdx_89A_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_z4gy2t1jFeNj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 24.5pt; text-align: justify">The following table summarizes stock option activity under the 2020 Plan for the six months ended June 30, 2026: Summary of stock option activity <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 85%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Number of Options</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Weighted - Average Exercise Price Per Share</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Weighted - Average Remaining Contractual Term (In Years)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Aggregate Intrinsic Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 33%">Balance at December 31, 2025</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_uShares_c20260101__20260630__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_z4WhkNhccZg7" style="width: 10%; text-align: right">117,703</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_uUSDPShares_c20260101__20260630__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zLNCfFdH8zvi" style="width: 10%; text-align: right">393.71</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right"><span id="xdx_909_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_z4GjswGN9nJ4">6.43</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right"><span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_pn3n3_c20260101__20260630__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zoWz94wBjK4i" title="Aggregate Intrinsic Value, Beginning balance">—</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Forfeited</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_iN_pid_di_uShares_c20260101__20260630__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zCBvwyxxztVi" style="text-align: right">(3,417</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_pid_uUSDPShares_c20260101__20260630__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zS1CrpYiH5sg" style="text-align: right">198.71</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; padding-left: 10pt">Expired</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod_iN_pid_di_uShares_c20260101__20260630__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zayAOGDvPiL9" style="border-bottom: Black 1pt solid; text-align: right">(227</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left">$</td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice_pid_uUSDPShares_c20260101__20260630__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zTbEQJggVYfj" style="text-align: right">785.66</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Balance at June 30, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_uShares_c20260101__20260630__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zH5GweBaIW91" style="border-bottom: Black 2.5pt double; text-align: right">114,059</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left">$</td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_uUSDPShares_c20260101__20260630__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zZg8kppv7djk" style="text-align: right">388.45</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20260101__20260630__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_z7g8HVSY129" style="text-align: right">5.07</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left">$</td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_pn3n3_c20260101__20260630__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zNgbZT5AV2ic" style="text-align: right" title="Aggregate Intrinsic Value, Ending balance">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Vested and expected to vest at June 30, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber_iI_pid_uShares_c20260630__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zlcdNiEyS9ij" style="border-bottom: Black 2.5pt double; text-align: right">114,059</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left">$</td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice_iI_pid_uUSDPShares_c20260630__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zEtmWEtNEkp8" style="text-align: right">388.45</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1_dtY_c20260101__20260630__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zLoSmUSr9ui2" style="text-align: right">5.07</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left">$</td><td style="text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Exercisable at June 30, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iI_pid_uShares_c20260630__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zxAy9j4bbYFd" style="border-bottom: Black 2.5pt double; text-align: right">105,840</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left">$</td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iI_pid_uUSDPShares_c20260630__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zCOEMB2htrC4" style="text-align: right">404.00</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtY_c20260101__20260630__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zB3mqtZnqt4e" style="text-align: right">4.94</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left">$</td><td style="text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

117703

393.71

P6Y5M4D

3417

198.71

227

785.66

114059

388.45

P5Y25D

114059

388.45

P5Y25D

105840

404.00

P4Y11M8D

1100000

P0Y8M12D

1000000.0

0.15

77008

60717

0.010

18593

800

2709

<p id="xdx_89F_ecustom--ScheduleOfCommonStockReservedForFutureIssuanceTableTextBlock_zbQ3XTBakL14" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 24.5pt">Common stock reserved for future issuance are as follows in common equivalent shares: Schedule of common stock reserved for future issuance <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; text-align: left">Warrants for the purchase of common stock</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_982_ecustom--WarrantForThePurchaseOfCommonStock_iI_pid_uShares_c20260630__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_ziQfHoIpxFWf" style="width: 10%; text-align: right" title="Warrants for the purchase of common stock">193,581</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_982_ecustom--WarrantForThePurchaseOfCommonStock_iI_pid_uShares_c20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zjmWnocLIdCd" style="width: 10%; text-align: right" title="Warrants for the purchase of common stock">193,581</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Common stock options and restricted stock units issued and outstanding</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--CommonStockSharesOutstanding_iI_pid_uShares_c20260630__us-gaap--AwardTypeAxis__custom--CommonStockOptionsAndRestrictedStockUnitMember_zyBloebg9kVh" style="text-align: right" title="Common stock options and restricted stock units issued and outstanding">171,463</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--CommonStockSharesOutstanding_iI_pid_uShares_c20251231__us-gaap--AwardTypeAxis__custom--CommonStockOptionsAndRestrictedStockUnitMember_zH0MybVrCAN6" style="text-align: right" title="Common stock options and restricted stock units issued and outstanding">166,257</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Awards available for future issuance under the 2020 Plan</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_ecustom--AwardsAvailableForFutureIssuanceUnderTheTwoThousandTwentyPlan_iI_pid_uShares_c20260630__us-gaap--PlanNameAxis__custom--TwoThousandTwentyEquityIncentivePlanMember_zXgcbu0SpWjj" style="text-align: right" title="Awards available for future issuance under the 2020 Plan">39,200</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--AwardsAvailableForFutureIssuanceUnderTheTwoThousandTwentyPlan_iI_pid_uShares_c20251231__us-gaap--PlanNameAxis__custom--TwoThousandTwentyEquityIncentivePlanMember_zhYcpSryaUg8" style="text-align: right" title="Awards available for future issuance under the 2020 Plan">26,013</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Awards available for future issuance under the ESPP</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_ecustom--AwardsAvailableForFutureIssuanceUnderTheESPP_iI_pid_uShares_c20260630__us-gaap--PlanNameAxis__custom--EmployeesStockPurchasePlanMember_zmPtvW0e4a37" style="text-align: right" title="Awards available for future issuance under the ESPP">59,278</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_ecustom--AwardsAvailableForFutureIssuanceUnderTheESPP_iI_pid_uShares_c20251231__us-gaap--PlanNameAxis__custom--EmployeesStockPurchasePlanMember_zseWUPPGtL2j" style="text-align: right" title="Awards available for future issuance under the ESPP">43,786</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Shares available for future conversions of PPAs</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_ecustom--SharesAvailableForFutureConversionsOfPpas_iI_pid_d0_uShares_c20260630__us-gaap--PlanNameAxis__custom--PrePaidAdvanceAgreementPPAsMember_zVMmTJBQS2tk" style="border-bottom: Black 1pt solid; text-align: right" title="Shares available for future conversions of PPAs">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_987_ecustom--SharesAvailableForFutureConversionsOfPpas_iI_pid_uShares_c20251231__us-gaap--PlanNameAxis__custom--PrePaidAdvanceAgreementPPAsMember_z7qFMZJNLhIb" style="border-bottom: Black 1pt solid; text-align: right" title="Shares available for future conversions of PPAs">136,923</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total common stock reserved for future issuance</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_986_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_pid_uShares_c20260630_znBeOnTIGrD1" style="border-bottom: Black 2.5pt double; text-align: right" title="Total common stock reserved for future issuance">463,522</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98D_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_pid_uShares_c20251231_zuVjn1MLZYbi" style="border-bottom: Black 2.5pt double; text-align: right" title="Total common stock reserved for future issuance">566,560</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 193581 193581

171463

166257

39200 26013 59278 43786 0 136923

463522

566560

9. Collaboration, License and Option Agreements Global Co-Development and Collaboration Agreement with BeOne Medicines In April 2019, the Company entered into a Global Co-Development and Collaboration agreement (the “BeOne Collaboration”) with BeOne Medicines Ltd., formerly BeiGene Ltd. (“BeOne”), for the development, manufacturing and commercialization of evalstotug (BA3071). The BeOne Collaboration was amended several times between 2019 and 2021 and the Company received a total of $<span id="xdx_90A_ecustom--UpfrontNonRefundablePayment_pn5n6_c20190401__20190430__us-gaap--TypeOfArrangementAxis__custom--AmendedBeiGeneCollaborationMember_zfMTYuTH0XJd" title="Upfront non-refundable payment.">25.0 million in non-refundable payments from BeOne during that time. In November 2021, the BeOne Collaboration was terminated, subject to survival of certain provisions, and BeOne handed back rights to know-how and materials received under the amended BeOne Collaboration. As a result, the Company is responsible for the global development and commercialization of evalstotug. As consideration for this amendment, the Company agreed to pay BeOne mid-single digit royalties on sales worldwide and on a limited basis will share in any upfront and milestone payments received through a sublicense of evalstotug. The Company reclassified its then remaining $19.8 million of deferred revenue as a long-term liability which is expected to settle as licensing payments are made to BeOne in accordance with the resulting amendment. In the event the license is terminated, the liability will be extinguished with no further payment to BeOne. The Company did not recognize any revenue related to the collaboration agreement with BeOne during the three and six months ended June 30, 2026 and 2025. The Company had a $19.8 million liability to licensor as of June 30, 2026 and December 31, 2025. License Agreement with Context Therapeutics Inc. In September 2024, the Company entered into a License Agreement (the “Context License Agreement”) with Context Therapeutics Inc. (“Context”). Under the terms of the Context License Agreement, BioAtla granted Context an exclusive, worldwide license to develop, manufacture and commercialize two licensed antibodies, including BA3362 (renamed by Context as CT-202), a Nectin-4 x CD3 T cell engaging (“TCE”) bispecific antibody (the “License”). The Company also transferred know-how, including any necessary materials Context would need to perform research and development. In exchange for the License, the Company is eligible to receive up to $133.5 million in aggregate payments, including an upfront cash payment and potential development, regulatory and commercial milestones, as well as tiered mid-single digit to low double-digit royalties on future net sales of the products. In connection with the execution of the Context License Agreement, the Company also entered into an agreement with Himalaya Therapeutics SEZC, a related party (See Note 10). A single performance obligation was identified under the Context License Agreement comprised of BioAtla’s promise to transfer the License. Context is responsible for developing BA3362 and for global regulatory filings and commercialization. Context will bear all costs associated with the research, development, and commercialization of any products. In accordance with Topic 606, the Company determined the transaction price of the agreement is limited to the up-front payment received, and excluded the variable consideration of development and sale milestone payments and royalties as they were fully constrained. As part of the Company’s evaluation of the milestone constraints, the Company determined the achievement of such milestones are contingent upon success in future developments, regulatory approvals and commercial activities, which are not within its control and are uncertain at this stage. Variable consideration related to royalties would be recognized when the related sales occur. Further, the Company determined that there were no significant financing components, noncash consideration, or amounts that may be refunded to the customer. Management determined that the transfer of the License did not meet any of the criteria for recognizing revenue over time, and therefore revenue was recognized at the point in time that the Context License Agreement was executed and the License was transferred to Context. Additional revenue was recognized for development milestone payment received in November 2025. On May 14, 2026, the Company entered into a First Amendment (the “Context Amendment”) to the Context License Agreement, by and between the Company and Context. Under the terms of the Context Amendment, and in full consideration for the amended license rights described below, Context agreed to pay to the Company: (i) $<span id="xdx_90C_ecustom--AmendedLicenseAgreementFirstPayableAmount_iI_pn3n3_c20260514__us-gaap--TypeOfArrangementAxis__custom--ContextTherapeuticsIncMember_zTZ3gFtSaRSe" title="Amended license agreement first payable amount">4,500,000, payable within five (5) business days of the effective date of the Context Amendment, and (ii) $<span id="xdx_901_ecustom--AmendedLicenseAgreementSecondPayableAmount_iI_pn3n3_c20260801__us-gaap--TypeOfArrangementAxis__custom--ContextTherapeuticsIncMember_zQOWAqssUnv8" title="Amended License Agreement Second Payable Amount">2,000,000, payable by August 1, 2026 (together, the “Amendment Consideration”). The Amendment Consideration was recognized as revenue during the three and six months ended June 30, 2026 as all performance obligations had been previously satisfied. The Amendment Consideration represents consideration for the modification of the existing licensing arrangement and the elimination of future milestone and royalty payment obligations under the Context License Agreement. Accordingly, the Company accounted for the Context Amendment in accordance with ASC 606 contract modification guidance and recognized $6.5 million of revenue. The Amendment Consideration satisfies in full any and all milestone and royalty payment obligations contemplated by the Context License Agreement. In addition, the Context Amendment modified the license granted to Context such that it became irrevocable, exclusive, royalty-free, fully paid-up and non-terminable, and removed any and all diligence obligations with respect to Context. The Company did not recognize any revenue related to the Context License Agreement for the three and six months ended June 30, 2025. 25000000.0

19800000

19800000 19800000 133500000 4500000000 2000000000

10. Related Party Transactions Himalaya Therapeutics SEZC Global Transaction Agreement In September 2024, the Company entered into a Global Transaction Agreement (the “Himalaya Agreement”) with Himalaya. BioAtla and Himalaya had previously entered into an Amended and Restated Exclusive Rights Agreement (the “Amended Rights Agreement”) in January of 2020. Pursuant to the Amended Rights Agreement, Himalaya controls rights to develop, manufacture and commercialize certain assets, including BA3362 which was licensed to Context (see Note 9), in certain territories as further specified in the Amended Rights Agreement. Pursuant to the Himalaya Agreement, Himalaya consented to BioAtla’s execution and performance of the Agreement, and granted to BioAtla an exclusive, worldwide, sublicensable license for those impacted products and intellectual property. Further, as set forth in the Amended Rights Agreement and further clarified in the Himalaya Agreement, BioAtla agreed to pay, subject to any applicable tax withholdings, to Himalaya (i) a mid-teens percentage of all upfront payments and development milestones received by BioAtla from Context under the Context License Agreement; and (ii) a specified percentage of any and all sales milestones and/or royalties based upon Net Sales (as defined in the Context License Agreement) in the People’s Republic of China and the Special Administrative Regions of Hong Kong, Macao and Taiwan that BioAtla receives from Context under the Context License Agreement. The Company is the principal in the Context License Agreement and in the Himalaya Agreement, and will record revenues and expenses on a gross basis given that the Company had full discretion in setting consideration pricing in the Context License Agreement, the Company will be primarily responsible for providing the License, and Himalaya has no obligation to be a part of any of the fulfillment activities. For the three and six months ended June 30, 2026, the Company recognized $1.0 million in expense related to the transactions with Himalaya. For the three and six months ended June 30, 2025, the Company did not recognize any expense related to the transactions with Himalaya. As of June 30, 2026, the Company had $0.3 million due to Himalaya. BA 3021 SPV, LLC BA 3021 SPV LLC, a Delaware limited liability company (the “SPV”), was incorporated in December 2025. However, the Company has not yet completed the legal steps required to form the new entity as a wholly owned subsidiary, and the new entity has not issued any common units or finalized its limited liability company agreement as of June 30, 2026. The Company determined that BioAtla is the primary beneficiary of the SPV as of December 31, 2025 and June 30, 2026.

In September 2024, the Company entered into a Global Transaction Agreement (the “Himalaya Agreement”) with Himalaya. BioAtla and Himalaya had previously entered into an Amended and Restated Exclusive Rights Agreement (the “Amended Rights Agreement”) in January of 2020. Pursuant to the Amended Rights Agreement, Himalaya controls rights to develop, manufacture and commercialize certain assets, including BA3362 which was licensed to Context (see Note 9), in certain territories as further specified in the Amended Rights Agreement. Pursuant to the Himalaya Agreement, Himalaya consented to BioAtla’s execution and performance of the Agreement, and granted to BioAtla an exclusive, worldwide, sublicensable license for those impacted products and intellectual property. Further, as set forth in the Amended Rights Agreement and further clarified in the Himalaya Agreement, BioAtla agreed to pay, subject to any applicable tax withholdings, to Himalaya (i) a mid-teens percentage of all upfront payments and development milestones received by BioAtla from Context under the Context License Agreement; and (ii) a specified percentage of any and all sales milestones and/or royalties based upon Net Sales (as defined in the Context License Agreement) in the People’s Republic of China and the Special Administrative Regions of Hong Kong, Macao and Taiwan that BioAtla receives from Context under the Context License Agreement.

1000000.0

300000

11. 401(k) Plan The Company maintains a defined contribution 401(k) plan available to eligible employees. Employee contributions are voluntary and are determined on an individual basis, limited to the maximum amount allowable under federal tax regulations. The Company, at its discretion, may make certain matching contributions to the 401(k) plan. To date, the Company has not made any matching contributions.

12. Segment Information Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. The Company is a clinical-stage biopharmaceutical company and has not generated any product revenue from its CAB antibody-based products. The Company’s operations are organized and reported as a single reportable segment, which includes all activities related to the discovery, development, and commercialization of its CAB products. The Company’s CODM, its chief executive officer, reviews operating results on an aggregate basis and manages the operations as a single operating segment. The measure of segment assets is reported on the condensed consolidated balance sheets as total assets. The CODM evaluates performance and allocates resources based on consolidated net income or loss that also is reported on the condensed consolidated statements of operations and comprehensive income (loss) as net income (loss), and cash used in operations. <p id="xdx_898_eus-gaap--ScheduleOfSegmentReportingInformationBySegmentTextBlock_zZxUWPJ8NPj2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 22.3pt">The following table provides R&D expenses by program with a reconciliation to net income (loss) for the periods indicated, which are regularly reviewed by the CODM: Schedule of segment expenses reviewed by the CDMO <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 85%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three Months Ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Six Months Ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">(in thousands)</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">(in thousands)</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; text-align: left">Collaboration and other revenue</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_eus-gaap--RevenueFromCollaborativeArrangementExcludingRevenueFromContractWithCustomer_pn3n3_c20260401__20260630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zJirZpGeMcLj" style="width: 10%; text-align: right">6,500</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98A_eus-gaap--RevenueFromCollaborativeArrangementExcludingRevenueFromContractWithCustomer_pn3n3_c20250401__20250630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zBRfr6Qjhuse" style="width: 10%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_eus-gaap--RevenueFromCollaborativeArrangementExcludingRevenueFromContractWithCustomer_pn3n3_c20260101__20260630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_ze8vDKYKNl44" style="width: 10%; text-align: right">6,500</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eus-gaap--RevenueFromCollaborativeArrangementExcludingRevenueFromContractWithCustomer_pn3n3_c20250101__20250630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_z4BaVZby5WZ2" style="width: 10%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Program expenses:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">BA3182 (CAB EpCAM x CAB CD3)</td><td> </td> <td style="text-align: left">$</td><td id="xdx_983_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20260401__20260630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--BAThreeOneEightTwoMember_zbFk1rHr1Rd3" style="text-align: right">322</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98D_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20250401__20250630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--BAThreeOneEightTwoMember_zcgXFfddeL27" style="text-align: right">2,136</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_983_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20260101__20260630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--BAThreeOneEightTwoMember_zsP2hbFudaM5" style="text-align: right">2,141</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_987_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20250101__20250630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--BAThreeOneEightTwoMember_zKxImKe7U5o2" style="text-align: right">3,076</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Other CAB Programs</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20260401__20260630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--OtherCABProgramsMember_zli7sw1j2CAa" style="border-bottom: Black 1pt solid; text-align: right">2,031</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98F_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20250401__20250630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--OtherCABProgramsMember_zXn7UcKCR7s3" style="border-bottom: Black 1pt solid; text-align: right">8,032</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20260101__20260630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--OtherCABProgramsMember_zWEowC2bNkte" style="border-bottom: Black 1pt solid; text-align: right">2,044</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20250101__20250630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--OtherCABProgramsMember_z4F7zAoiz6Xh" style="border-bottom: Black 1pt solid; text-align: right">14,300</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Total program expenses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20260401__20260630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--TotalProgramExpensesMember_zfrnKFvF7T44" style="border-bottom: Black 1pt solid; text-align: right">2,353</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_987_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20250401__20250630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--TotalProgramExpensesMember_z3HwTbZf7oV1" style="border-bottom: Black 1pt solid; text-align: right">10,168</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_983_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20260101__20260630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--TotalProgramExpensesMember_zoiSGsnAu7df" style="border-bottom: Black 1pt solid; text-align: right">4,185</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_987_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20250101__20250630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--TotalProgramExpensesMember_zG1VywgdyPEj" style="border-bottom: Black 1pt solid; text-align: right">17,376</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Personnel and related</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20260401__20260630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--PersonnelAndRelatedMember_zRytVe1up7K8" style="text-align: right">481</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20250401__20250630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--PersonnelAndRelatedMember_zfgczNg8CKqb" style="text-align: right">2,145</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20260101__20260630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--PersonnelAndRelatedMember_zjAjxaz07hId" style="text-align: right">2,248</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20250101__20250630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--PersonnelAndRelatedMember_ztV8PzGWBAg4" style="text-align: right">5,603</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Equity-based compensation</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20260401__20260630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--EquityBasedCompensationMember_zYOIiAfklOBf" style="text-align: right">135</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20250401__20250630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--EquityBasedCompensationMember_zhdrSpOhDMV1" style="text-align: right">567</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20260101__20260630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--EquityBasedCompensationMember_z0DZY57gFyq7" style="text-align: right">457</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20250101__20250630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--EquityBasedCompensationMember_ztaTPkvopIea" style="text-align: right">1,342</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Facilities and other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20260401__20260630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--FacilitiesAndOtherMember_zCDg4aZBcJcb" style="border-bottom: Black 1pt solid; text-align: right">373</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20250401__20250630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--FacilitiesAndOtherMember_zdRQr98pSel5" style="border-bottom: Black 1pt solid; text-align: right">804</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20260101__20260630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--FacilitiesAndOtherMember_zQ8K781qXt44" style="border-bottom: Black 1pt solid; text-align: right">1,034</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_987_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20250101__20250630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--FacilitiesAndOtherMember_zq2ImyXlRLgk" style="border-bottom: Black 1pt solid; text-align: right">1,718</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Total research and development expenses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20260401__20260630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_z4xyFXlEF7U9" style="border-bottom: Black 1pt solid; text-align: right">3,342</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20250401__20250630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zztlXfPsOLOc" style="border-bottom: Black 1pt solid; text-align: right">13,684</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20260101__20260630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zdvAUuZbqtoj" style="border-bottom: Black 1pt solid; text-align: right">7,924</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20250101__20250630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zz0DNxqcW3Ci" style="border-bottom: Black 1pt solid; text-align: right">26,039</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">General and administrative expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Personnel and related</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--GeneralAndAdministrativeExpense_pn3n3_c20260401__20260630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--PersonnelAndRelatedMember_zLzsri2lPfk7" style="text-align: right">727</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--GeneralAndAdministrativeExpense_pn3n3_c20250401__20250630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--PersonnelAndRelatedMember_z3YJGg497O3l" style="text-align: right">1,577</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--GeneralAndAdministrativeExpense_pn3n3_c20260101__20260630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--PersonnelAndRelatedMember_zSRX27tiGNc6" style="text-align: right">1,910</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--GeneralAndAdministrativeExpense_pn3n3_c20250101__20250630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--PersonnelAndRelatedMember_zBTu9298zXAk" style="text-align: right">3,680</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Equity-based compensation</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--GeneralAndAdministrativeExpense_pn3n3_c20260401__20260630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--EquityBasedCompensationMember_zsdx2IPT0Ylb" style="text-align: right">485</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--GeneralAndAdministrativeExpense_pn3n3_c20250401__20250630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--EquityBasedCompensationMember_znQwjskFxat" style="text-align: right">810</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--GeneralAndAdministrativeExpense_pn3n3_c20260101__20260630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--EquityBasedCompensationMember_z5rLcCnnDPZ8" style="text-align: right">1,119</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--GeneralAndAdministrativeExpense_pn3n3_c20250101__20250630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--EquityBasedCompensationMember_zOrtKEIIO7T9" style="text-align: right">1,680</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Facilities and other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--GeneralAndAdministrativeExpense_pn3n3_c20260401__20260630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--FacilitiesAndOtherMember_zZFXDw3wxULb" style="border-bottom: Black 1pt solid; text-align: right">1,719</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_eus-gaap--GeneralAndAdministrativeExpense_pn3n3_c20250401__20250630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--FacilitiesAndOtherMember_z4UenK3Prtjc" style="border-bottom: Black 1pt solid; text-align: right">2,576</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--GeneralAndAdministrativeExpense_pn3n3_c20260101__20260630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--FacilitiesAndOtherMember_zZ3Gq293tFk5" style="border-bottom: Black 1pt solid; text-align: right">4,628</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_983_eus-gaap--GeneralAndAdministrativeExpense_pn3n3_c20250101__20250630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--FacilitiesAndOtherMember_zk9PCuxDMi5b" style="border-bottom: Black 1pt solid; text-align: right">4,862</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Total general and administrative expenses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eus-gaap--GeneralAndAdministrativeExpense_pn3n3_c20260401__20260630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zQyZrWdb5jkk" style="border-bottom: Black 1pt solid; text-align: right">2,931</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_eus-gaap--GeneralAndAdministrativeExpense_pn3n3_c20250401__20250630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_z9AQzxnWbDU2" style="border-bottom: Black 1pt solid; text-align: right">4,963</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_986_eus-gaap--GeneralAndAdministrativeExpense_pn3n3_c20260101__20260630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zb2kt9duOivk" style="border-bottom: Black 1pt solid; text-align: right">7,657</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_989_eus-gaap--GeneralAndAdministrativeExpense_pn3n3_c20250101__20250630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zT3LirSTKgDl" style="border-bottom: Black 1pt solid; text-align: right">10,222</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Interest and other income (expense)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eus-gaap--OtherNonoperatingIncomeExpense_pn3n3_c20260401__20260630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_z1a2aFte1aS1" style="border-bottom: Black 1pt solid; text-align: right">225</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--OtherNonoperatingIncomeExpense_pn3n3_c20250401__20250630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zkzZD91fzBBa" style="border-bottom: Black 1pt solid; text-align: right">(64</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_989_eus-gaap--OtherNonoperatingIncomeExpense_pn3n3_c20260101__20260630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zImfpIw7lX7a" style="border-bottom: Black 1pt solid; text-align: right">3,189</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_eus-gaap--OtherNonoperatingIncomeExpense_pn3n3_c20250101__20250630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zJoCSfncwvGa" style="border-bottom: Black 1pt solid; text-align: right">2,216</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Net income (loss) and comprehensive income (loss)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98E_eus-gaap--NetIncomeLoss_pn3n3_c20260401__20260630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zMLcLkfEW3Md" style="border-bottom: Black 2.5pt double; text-align: right">452</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_983_eus-gaap--NetIncomeLoss_pn3n3_c20250401__20250630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zWoLoAQmPo2d" style="border-bottom: Black 2.5pt double; text-align: right">(18,711</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_987_eus-gaap--NetIncomeLoss_pn3n3_c20260101__20260630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zo7S5aeuaUa4" style="border-bottom: Black 2.5pt double; text-align: right">(5,892</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98D_eus-gaap--NetIncomeLoss_pn3n3_c20250101__20250630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zxCrmQhJAlZa" style="border-bottom: Black 2.5pt double; text-align: right">(34,045</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table>

<p id="xdx_898_eus-gaap--ScheduleOfSegmentReportingInformationBySegmentTextBlock_zZxUWPJ8NPj2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 22.3pt">The following table provides R&D expenses by program with a reconciliation to net income (loss) for the periods indicated, which are regularly reviewed by the CODM: Schedule of segment expenses reviewed by the CDMO <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 85%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three Months Ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Six Months Ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">(in thousands)</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">(in thousands)</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; text-align: left">Collaboration and other revenue</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_eus-gaap--RevenueFromCollaborativeArrangementExcludingRevenueFromContractWithCustomer_pn3n3_c20260401__20260630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zJirZpGeMcLj" style="width: 10%; text-align: right">6,500</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98A_eus-gaap--RevenueFromCollaborativeArrangementExcludingRevenueFromContractWithCustomer_pn3n3_c20250401__20250630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zBRfr6Qjhuse" style="width: 10%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_eus-gaap--RevenueFromCollaborativeArrangementExcludingRevenueFromContractWithCustomer_pn3n3_c20260101__20260630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_ze8vDKYKNl44" style="width: 10%; text-align: right">6,500</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eus-gaap--RevenueFromCollaborativeArrangementExcludingRevenueFromContractWithCustomer_pn3n3_c20250101__20250630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_z4BaVZby5WZ2" style="width: 10%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Program expenses:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">BA3182 (CAB EpCAM x CAB CD3)</td><td> </td> <td style="text-align: left">$</td><td id="xdx_983_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20260401__20260630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--BAThreeOneEightTwoMember_zbFk1rHr1Rd3" style="text-align: right">322</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98D_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20250401__20250630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--BAThreeOneEightTwoMember_zcgXFfddeL27" style="text-align: right">2,136</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_983_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20260101__20260630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--BAThreeOneEightTwoMember_zsP2hbFudaM5" style="text-align: right">2,141</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_987_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20250101__20250630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--BAThreeOneEightTwoMember_zKxImKe7U5o2" style="text-align: right">3,076</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Other CAB Programs</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20260401__20260630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--OtherCABProgramsMember_zli7sw1j2CAa" style="border-bottom: Black 1pt solid; text-align: right">2,031</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98F_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20250401__20250630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--OtherCABProgramsMember_zXn7UcKCR7s3" style="border-bottom: Black 1pt solid; text-align: right">8,032</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20260101__20260630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--OtherCABProgramsMember_zWEowC2bNkte" style="border-bottom: Black 1pt solid; text-align: right">2,044</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20250101__20250630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--OtherCABProgramsMember_z4F7zAoiz6Xh" style="border-bottom: Black 1pt solid; text-align: right">14,300</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Total program expenses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20260401__20260630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--TotalProgramExpensesMember_zfrnKFvF7T44" style="border-bottom: Black 1pt solid; text-align: right">2,353</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_987_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20250401__20250630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--TotalProgramExpensesMember_z3HwTbZf7oV1" style="border-bottom: Black 1pt solid; text-align: right">10,168</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_983_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20260101__20260630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--TotalProgramExpensesMember_zoiSGsnAu7df" style="border-bottom: Black 1pt solid; text-align: right">4,185</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_987_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20250101__20250630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--TotalProgramExpensesMember_zG1VywgdyPEj" style="border-bottom: Black 1pt solid; text-align: right">17,376</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Personnel and related</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20260401__20260630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--PersonnelAndRelatedMember_zRytVe1up7K8" style="text-align: right">481</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20250401__20250630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--PersonnelAndRelatedMember_zfgczNg8CKqb" style="text-align: right">2,145</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20260101__20260630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--PersonnelAndRelatedMember_zjAjxaz07hId" style="text-align: right">2,248</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20250101__20250630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--PersonnelAndRelatedMember_ztV8PzGWBAg4" style="text-align: right">5,603</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Equity-based compensation</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20260401__20260630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--EquityBasedCompensationMember_zYOIiAfklOBf" style="text-align: right">135</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20250401__20250630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--EquityBasedCompensationMember_zhdrSpOhDMV1" style="text-align: right">567</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20260101__20260630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--EquityBasedCompensationMember_z0DZY57gFyq7" style="text-align: right">457</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20250101__20250630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--EquityBasedCompensationMember_ztaTPkvopIea" style="text-align: right">1,342</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Facilities and other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20260401__20260630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--FacilitiesAndOtherMember_zCDg4aZBcJcb" style="border-bottom: Black 1pt solid; text-align: right">373</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20250401__20250630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--FacilitiesAndOtherMember_zdRQr98pSel5" style="border-bottom: Black 1pt solid; text-align: right">804</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20260101__20260630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--FacilitiesAndOtherMember_zQ8K781qXt44" style="border-bottom: Black 1pt solid; text-align: right">1,034</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_987_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20250101__20250630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--FacilitiesAndOtherMember_zq2ImyXlRLgk" style="border-bottom: Black 1pt solid; text-align: right">1,718</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Total research and development expenses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20260401__20260630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_z4xyFXlEF7U9" style="border-bottom: Black 1pt solid; text-align: right">3,342</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20250401__20250630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zztlXfPsOLOc" style="border-bottom: Black 1pt solid; text-align: right">13,684</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20260101__20260630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zdvAUuZbqtoj" style="border-bottom: Black 1pt solid; text-align: right">7,924</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20250101__20250630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zz0DNxqcW3Ci" style="border-bottom: Black 1pt solid; text-align: right">26,039</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">General and administrative expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Personnel and related</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--GeneralAndAdministrativeExpense_pn3n3_c20260401__20260630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--PersonnelAndRelatedMember_zLzsri2lPfk7" style="text-align: right">727</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--GeneralAndAdministrativeExpense_pn3n3_c20250401__20250630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--PersonnelAndRelatedMember_z3YJGg497O3l" style="text-align: right">1,577</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--GeneralAndAdministrativeExpense_pn3n3_c20260101__20260630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--PersonnelAndRelatedMember_zSRX27tiGNc6" style="text-align: right">1,910</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--GeneralAndAdministrativeExpense_pn3n3_c20250101__20250630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--PersonnelAndRelatedMember_zBTu9298zXAk" style="text-align: right">3,680</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Equity-based compensation</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--GeneralAndAdministrativeExpense_pn3n3_c20260401__20260630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--EquityBasedCompensationMember_zsdx2IPT0Ylb" style="text-align: right">485</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--GeneralAndAdministrativeExpense_pn3n3_c20250401__20250630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--EquityBasedCompensationMember_znQwjskFxat" style="text-align: right">810</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--GeneralAndAdministrativeExpense_pn3n3_c20260101__20260630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--EquityBasedCompensationMember_z5rLcCnnDPZ8" style="text-align: right">1,119</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--GeneralAndAdministrativeExpense_pn3n3_c20250101__20250630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--EquityBasedCompensationMember_zOrtKEIIO7T9" style="text-align: right">1,680</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Facilities and other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--GeneralAndAdministrativeExpense_pn3n3_c20260401__20260630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--FacilitiesAndOtherMember_zZFXDw3wxULb" style="border-bottom: Black 1pt solid; text-align: right">1,719</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_eus-gaap--GeneralAndAdministrativeExpense_pn3n3_c20250401__20250630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--FacilitiesAndOtherMember_z4UenK3Prtjc" style="border-bottom: Black 1pt solid; text-align: right">2,576</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--GeneralAndAdministrativeExpense_pn3n3_c20260101__20260630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--FacilitiesAndOtherMember_zZ3Gq293tFk5" style="border-bottom: Black 1pt solid; text-align: right">4,628</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_983_eus-gaap--GeneralAndAdministrativeExpense_pn3n3_c20250101__20250630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--FacilitiesAndOtherMember_zk9PCuxDMi5b" style="border-bottom: Black 1pt solid; text-align: right">4,862</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Total general and administrative expenses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eus-gaap--GeneralAndAdministrativeExpense_pn3n3_c20260401__20260630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zQyZrWdb5jkk" style="border-bottom: Black 1pt solid; text-align: right">2,931</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_eus-gaap--GeneralAndAdministrativeExpense_pn3n3_c20250401__20250630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_z9AQzxnWbDU2" style="border-bottom: Black 1pt solid; text-align: right">4,963</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_986_eus-gaap--GeneralAndAdministrativeExpense_pn3n3_c20260101__20260630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zb2kt9duOivk" style="border-bottom: Black 1pt solid; text-align: right">7,657</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_989_eus-gaap--GeneralAndAdministrativeExpense_pn3n3_c20250101__20250630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zT3LirSTKgDl" style="border-bottom: Black 1pt solid; text-align: right">10,222</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Interest and other income (expense)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eus-gaap--OtherNonoperatingIncomeExpense_pn3n3_c20260401__20260630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_z1a2aFte1aS1" style="border-bottom: Black 1pt solid; text-align: right">225</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--OtherNonoperatingIncomeExpense_pn3n3_c20250401__20250630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zkzZD91fzBBa" style="border-bottom: Black 1pt solid; text-align: right">(64</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_989_eus-gaap--OtherNonoperatingIncomeExpense_pn3n3_c20260101__20260630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zImfpIw7lX7a" style="border-bottom: Black 1pt solid; text-align: right">3,189</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_eus-gaap--OtherNonoperatingIncomeExpense_pn3n3_c20250101__20250630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zJoCSfncwvGa" style="border-bottom: Black 1pt solid; text-align: right">2,216</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Net income (loss) and comprehensive income (loss)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98E_eus-gaap--NetIncomeLoss_pn3n3_c20260401__20260630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zMLcLkfEW3Md" style="border-bottom: Black 2.5pt double; text-align: right">452</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_983_eus-gaap--NetIncomeLoss_pn3n3_c20250401__20250630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zWoLoAQmPo2d" style="border-bottom: Black 2.5pt double; text-align: right">(18,711</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_987_eus-gaap--NetIncomeLoss_pn3n3_c20260101__20260630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zo7S5aeuaUa4" style="border-bottom: Black 2.5pt double; text-align: right">(5,892</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98D_eus-gaap--NetIncomeLoss_pn3n3_c20250101__20250630__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zxCrmQhJAlZa" style="border-bottom: Black 2.5pt double; text-align: right">(34,045</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table>

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13. Subsequent Events In connection with the preparation of the condensed consolidated financial statements for the three and six months ended June 30, 2026, the Company has completed an evaluation of all subsequent events through August 13, 2026, which represents the date the condensed consolidated financial statements were issued, for events requiring adjustment to or disclosure in the financial statements. The Company has further evaluated subsequent events for disclosure purposes through October 19, 2026. Except as described below or elsewhere in these condensed consolidated financial statements, the Company has concluded that no subsequent event has occurred that requires disclosure or adjustment to the financial statements. License Agreement with Context Therapeutics Inc. In connection with the Context Amendment, the Company received the additional $<span id="xdx_904_ecustom--AmendedLicenseAgreementPaymentReceived_iI_pn5n6_uUSD_c20260801__us-gaap--TypeOfArrangementAxis__custom--ContextTherapeuticsIncMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zJBv6PwnBii3">2.0 million payment from Context that was due by August 1, 2026. Nasdaq On August 26, 2026, the Company was notified that a determination was made to delist the Company’s common stock, par value $<span id="xdx_908_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_uUSDPShares_c20260826__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zE8jjPWQPSXl">0.0001 per share (the “Common Stock”), from Nasdaq. Trading of the Common Stock on Nasdaq was suspended at the opening of business on August 31, 2026. On August 31, 2026, the Common Stock began to be quoted on the OTC Markets system under its current trading symbol “BCAB”. The Common Stock is currently quoted on the OTCQB Venture Market. SEPA On October 15, 2026, the Company entered into a Standby Equity Purchase Agreement with Yorkville (the “2026 SEPA”) pursuant to which the Company has the right to sell to Yorkville up to $<span id="xdx_907_ecustom--SaleOfStockMaximumCommitmentAmount_iI_dm_c20261015__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--PlanNameAxis__custom--StandbyEquityPurchaseAgreementMember__srt--CounterpartyNameAxis__custom--YorkvilleMember_zaFfewJx7TYk" title="Sale Of Stock Maximum Commitment Amount">40.0 million of shares of the Company’s common stock, par value $<span id="xdx_90C_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_uUSDPShares_c20261015__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--PlanNameAxis__custom--StandbyEquityPurchaseAgreementMember__srt--CounterpartyNameAxis__custom--YorkvilleMember_zRaqe7vYtYE">0.0001 per share (the “Common Stock”) (such amount, the “Commitment Amount”), subject to certain limitations and conditions set forth in the 2026 SEPA, during the 36 months following the Effective Date (such shares, the “SEPA Shares”). Sales of the SEPA Shares to Yorkville and the timing of any such sales, if elected to be utilized by the Company at a future date, are at the Company’s option, and the Company is under no obligation to sell any SEPA Shares to Yorkville. As consideration for Yorkville’s commitment to purchase the SEPA Shares, the Company agreed to pay to Yorkville a commitment fee of $<span id="xdx_90F_ecustom--CommitmentFeeAmount_iI_c20261015__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__srt--CounterpartyNameAxis__custom--YorkvilleMember_zNXRRrv0Tbu7" title="Commitment Fee Amount">500,000 (the “Commitment Fee”), which was earned on the Effective Date. One-half of the Commitment Fee is payable within five days of the Effective Date and the remaining one-half is payable on or before December 31, 2026, in each case, at the Company’s election, either in cash or by the issuance to Yorkville of warrants (the “Commitment Fee Warrants”) exercisable for a number of shares of Common Stock (the “Commitment Shares”). On October 16, 2026, the Company issued Commitment Fee Warrants to Yorkville exercisable for 182,110 Commitment Shares in payment of the first installment of the Commitment Fee. <span id="xdx_908_eus-gaap--SubsequentEventDescription_c20261015__20261015__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--PlanNameAxis__custom--StandbyEquityPurchaseAgreementMember__srt--CounterpartyNameAxis__custom--YorkvilleMember_zGbSMuIkQ5c5">On October 15, 2026, in connection with entering into the 2026 SEPA described above, the Company terminated the SEPA dated as of November 20, 2025 (the “Prior SEPA”), between the Company and Yorkville. Pursuant to the Prior SEPA, the Company had the right, but not the obligation, to sell to Yorkville up to $15.0 million of shares of Common Stock. Prior to its termination, the Company sold an aggregate of 48,092 shares of Common Stock to Yorkville under the Prior SEPA for aggregate gross proceeds of approximately $0.4 million.

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On October 15, 2026, in connection with entering into the 2026 SEPA described above, the Company terminated the SEPA dated as of November 20, 2025 (the “Prior SEPA”), between the Company and Yorkville. Pursuant to the Prior SEPA, the Company had the right, but not the obligation, to sell to Yorkville up to $15.0 million of shares of Common Stock. Prior to its termination, the Company sold an aggregate of 48,092 shares of Common Stock to Yorkville under the Prior SEPA for aggregate gross proceeds of approximately $0.4 million.

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<p id="xdx_806_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureAndSignificantAccountingPoliciesTextBlock_zIx8c6KNN3X8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">1. Organization and Summary of Significant Accounting Policies Organization BioAtla, LLC was formed in Delaware in March 2007 and was converted to a Delaware corporation in July 2020 and renamed BioAtla, Inc. (the “Company”). The Company has a proprietary platform for creating biologics, including its conditionally active biologics (“CAB” or “CABs”). CABs have been designed to be active only under certain conditions found in diseased tissue, while remaining inactive in normal tissue. The Company is currently in clinical development of several CAB drug candidates including: its two lead CAB antibody drug conjugates (“CAB ADC”), mecbotamab vedotin (BA3011), a CAB ADC targeting AXL, and ozuriftamab vedotin (BA3021), a CAB ADC targeting ROR2; evalstotug (BA3071), a CAB anti-CTLA-4 antibody; and BA3182 (CAB-EpCAM x CAB-CD3), a CAB bispecific antibody targeting EpCAM. <p id="xdx_845_eus-gaap--OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock_zINMbgh4cuwj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). BioAtla, Inc. is a single legal entity with one consolidated variable interest entity (“VIE”), BA 3021 SPV LLC (see Note 10). Liquidity and Going Concern The Company has incurred cumulative operating losses and negative cash flows from operations since its inception and expects to continue to incur significant expenses and operating losses for the foreseeable future as it continues development of its product candidates. As of December 31, 2025, the Company had an accumulated deficit of $545.6 million. The Company plans to continue to fund its losses from operations and capital funding needs through public or private equity or debt financings, or other sources. If the Company is not able to secure adequate additional funding, the Company may be forced to make reductions in spending, extend payment terms with suppliers, liquidate assets where possible, or suspend or curtail planned programs. Any of these actions could materially harm the Company’s business, results of operations and future prospects. Management is required to perform a two-step analysis of the Company’s ability to continue as a going concern. Management must first evaluate whether there are conditions and events that raise substantial doubt about the Company’s ability to continue as a going concern (Step 1). If management concludes that substantial doubt is raised, management is also required to consider whether its plans alleviate that doubt (Step 2). Management’s assessment concluded that there is substantial doubt about the Company’s ability to continue as a going concern for a period of at least one year from the issuance date of these consolidated financial statements. The Company has prepared its consolidated financial statements on a going concern basis, which assumes that the Company will realize its assets and satisfy its liabilities in the normal course of business. The accompanying consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from the outcome of the uncertainty concerning the Company’s ability to continue as a going concern. <p id="xdx_847_eus-gaap--ConsolidationVariableInterestEntityPolicy_z12o3nZjQ1Y3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Variable Interest Entities The Company consolidates entities in which it has a controlling financial interest. The Company determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a VIE. VIEs are entities in which (i) the total equity investment at risk is sufficient to enable the entity to finance its activities independently, (ii) the equity holders have the power to direct the activities of the entity that most significantly impact its economic performance, the obligation to absorb the losses of the entity and the right to receive the residual returns of the entity and (iii) the legal entity is structured with substantive voting rights. A VIE is an entity that lacks one or more of the characteristics of a voting interest entity. The Company has a controlling financial interest in a VIE when the Company has a variable interest or interests that provide it with (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Company evaluates its relationships with its VIEs on an ongoing basis to determine whether or not it has a controlling financial interest (see Note 10). Use of Estimates The Company’s consolidated financial statements are prepared in accordance with U.S. GAAP. The preparation of the Company’s consolidated financial statements requires it to make estimates and assumptions that impact the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in the Company’s consolidated financial statements and accompanying notes. The most significant estimates in the Company’s consolidated financial statements relate to accruals for research and development costs, equity-based compensation, and fair value measurements related to the Pre-Paid Advance Agreements (the “PPAs”) and SEPA (as defined in Note 8). These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of revenue and expenses that are not readily apparent from other sources. Actual results may differ materially and adversely from these estimates. To the extent there are material differences between the estimates and actual results, the Company’s future results of operations will be affected. Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of 90 days or less at the date of purchase to be cash equivalents. Cash equivalents consist of highly rated securities including U.S. Government and U.S. Treasury money market funds, which are unrestricted as to withdrawal or use. The cash and cash equivalents balance as of December 31, 2025 and 2024 includes $4.3 million and $38.8 million, respectively, invested in U.S. Government and U.S. Treasury money market funds. Concentrations of Risk Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash and cash equivalents. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits and may invest cash that is not required for immediate operating needs in highly liquid instruments that bear minimal risk. The Company has not experienced any losses in such accounts and management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. Property and Equipment Property and equipment are stated at cost and depreciated on a straight-line basis over the estimated useful life of the related assets. Leasehold improvements are stated at cost and amortized on a straight-line basis over the lesser of the remaining term of the related lease or the estimated useful life of the leasehold improvements. Repairs and maintenance costs are charged to expense as incurred and expenditures that materially extend the useful lives of assets are capitalized. <p id="xdx_848_eus-gaap--ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock_zTfliHLfsav3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Impairment of Long-Lived Assets The Company reviews long-lived assets, such as property and equipment, for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured as the amount by which the carrying amount of the assets exceeds the fair value of the assets. Fair value would be assessed using discounted cash flows or other appropriate measures of fair value. The Company has not recognized any impairment losses for the years ended December 31, 2025 and 2024. Leases The Company determines if an arrangement is a lease at inception. An arrangement is or contains a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. If a lease is identified, classification is determined at lease commencement. Operating lease liabilities are recognized at the present value of the future lease payments at the lease commencement date. The Company’s leases do not provide an implicit interest rate and therefore the Company estimates its incremental borrowing rate to discount lease payments. The incremental borrowing rate reflects the interest rate that the Company would have to pay to borrow on a collateralized basis an amount equal to the lease payments in a similar economic environment over a similar term. Operating lease right-of-use (“ROU”) assets are based on the corresponding lease liability adjusted for any lease payments made at or before commencement, initial direct costs, and lease incentives. Renewals or early terminations are not accounted for unless the Company is reasonably certain to exercise these options. Operating lease expense is recognized and the ROU asset is amortized on a straight-line basis over the lease term. Variable lease costs are recognized as incurred and are not included in the calculation of the ROU asset or the related lease liability. The Company has a single lease agreement with lease and non-lease components, which are accounted for as a single lease component. Payments for short-term leases, defined as leases with a term of twelve months or less, are expensed on a straight-line basis over the lease term. The Company does not currently have any short-term leases. Operating leases are included in operating lease right-of-use assets, operating lease liabilities, and operating lease liabilities, non current on the Company’s consolidated balance sheets. The Company does not have any finance leases. <p id="xdx_84C_ecustom--DerivativeInstrumentsAndWarrantLiabilitiesPolicyTextBlock_zL5b6HuBktia" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Derivative Instruments and Warrant Liabilities The Company evaluates its financial instruments and other contracts, including issued warrants to purchase common stock, to determine if those instruments are required to be recognized as derivatives or contain features that qualify as embedded derivatives under the relevant accounting standards (see Note 4 and Note 8). The result of this accounting treatment is that the derivative is carried at fair value as an asset or liability with changes in fair value recognized in earnings at each reporting date. Changes in the fair value of derivatives are recorded in the consolidated statements of operations and comprehensive loss as a component of other income (expense). <p id="xdx_84B_eus-gaap--FairValueMeasurementPolicyPolicyTextBlock_zlLsoYU7A2uk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Fair Value Option Under the ASC 825, Financial Instruments (“ASC 825”) the Company has the irrevocable option to report certain financial assets and financial liabilities at fair value on an instrument-by-instrument basis. Under the PPAs entered into in November 2025, pre-paid advances having an aggregate principal amount of $7.5 million (the “Pre-Paid Advance”) were issued to the Company. The Company elected the fair value option to account for the Pre-Paid Advance (See Note 4 and Note 7). The fair value option was elected as management believes fair value measurement better aligns with the instrument’s economic risks and expected settlement outcomes. This election also eliminates the need to bifurcate the embedded conversion features and account for them separately as derivative instruments. The Pre-Paid Advance was initially recorded at fair value at issuance, which was determined to be equal to the transaction price of $7.15 million. Issuance costs incurred in connection with the Pre-Paid Advance were expensed as incurred, consistent with the requirements applicable to instruments measured at fair value under ASC 825. Subsequent to initial recognition, the Company remeasures the Pre-Paid Advance to fair value at each reporting date, with changes in fair value recognized in earnings within the loss on PPAs liability on the consolidated statements of operations and comprehensive loss. The change in fair value related to accrued interest is presented with the total change in fair value of the Pre-Paid Advance as a single line within the loss on PPAs liability on the consolidated statements of operations and comprehensive loss. <p id="xdx_84F_eus-gaap--RevenueRecognitionRevenueReductions_zoLSTTujfea7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 22.3pt"> Revenue Recognition The Company recognizes revenue in a manner that depicts the transfer of control of a product or service to a customer and reflects the amount of the consideration the Company is entitled to receive in exchange for such product or service. In doing so, the Company follows a five-step approach: (i) identify the contract with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations, and (v) recognize revenue when (or as) the customer obtains control of the product or service. The Company considers the terms of a contract and all relevant facts and circumstances when applying the revenue recognition standard. A customer is a party that has entered into a contract with the Company, where the purpose of the contract is to obtain a product or a service that is an output of the Company’s ordinary activities in exchange for consideration. To be considered a contract, (i) the contract must be approved (in writing, orally, or in accordance with other customary business practices), (ii) each party’s rights regarding the product or the service to be transferred can be identified, (iii) the payment terms for the product or the service to be transferred can be identified, (iv) the contract must have commercial substance (that is, the risk, timing or amount of future cash flows is expected to change as a result of the contract), and (v) it is probable that the Company will collect substantially all of the consideration to which it is entitled to receive in exchange for the transfer of the product or the service. A performance obligation is defined as a promise to transfer a product or a service to a customer. The Company identifies each promise to transfer a product or a service (or a bundle of products or services, or a series of products and services that are substantially the same and have the same pattern of transfer) that is distinct. A product or service is distinct if both (i) the customer can benefit from the product or the service either on its own or together with other resources that are readily available to the customer and (ii) the Company’s promise to transfer the product or the service to the customer is separately identifiable from other promises in the contract. Each distinct promise to transfer a product or a service is a unit of accounting for revenue recognition. If a promise to transfer a product or a service is not separately identifiable from other promises in the contract, such promises should be combined into a single performance obligation. The transaction price is the amount of consideration the Company is entitled to receive in exchange for the transfer of control of a product or a service to a customer. To determine the transaction price, the Company considers the existence of any significant financing component, the effects of any variable elements, non-cash consideration and consideration payable to the customer. If a significant financing component exists, the transaction price is adjusted for the time value of money. If an element of variability exists, the Company must estimate the consideration it expects to receive and use that amount as the basis for recognizing revenue as the product or service is transferred to the customer. There are two methods for determining the amount of variable consideration: (i) the expected value method, which is the sum of probability-weighted amounts in a range of possible consideration amounts, and (ii) the most likely amount method, which identifies the single most likely amount in a range of possible consideration amounts. If a contract has multiple performance obligations, the Company allocates the transaction price to each distinct performance obligation in an amount that reflects the consideration the Company is entitled to receive in exchange for satisfying each distinct performance obligation. For each distinct performance obligation, revenue is recognized when the Company transfers control of the product or the service applicable to such performance obligation. In those instances where the Company first receives consideration in advance of satisfying its performance obligation, the Company classifies such consideration as deferred revenue until (or as) the Company satisfies such performance obligation. In those instances where the Company first satisfies its performance obligation prior to its receipt of consideration, the consideration is recorded as accounts receivable. The Company expenses incremental costs of obtaining and fulfilling a contract as incurred if the expected amortization period for the asset that would be recognized is one year or less, or if the amount of the asset is immaterial. Otherwise, such costs are capitalized as contract assets if they are incremental to the contract and amortized to expense proportionate to revenue recognition of the underlying contract. Research and Development Expenses The Company’s activities have largely consisted of research and development efforts related to developing our CAB programs. Research and development expenses consist of expenses incurred in performing research and development activities including salaries and benefits, facilities and other overhead expenses, clinical trials, contract services and other outside expenses. Research and development expenses are charged to expense as incurred. Payments for these activities are based on the terms of the individual agreements, which may differ from the pattern of costs incurred, and are reflected in the accompanying consolidated balance sheets as prepaid or accrued expenses. When evaluating the adequacy of the accrued expenses, the Company analyzes progress of the services, including the phase or completion of events, invoices received and contracted costs. Significant judgments and estimates may be made in determining the accrued balances at the end of any reporting period. Actual results could differ from the Company’s estimates. As of December 31, 2025, the Company has accrued $5.8 million related to clinical trial costs. The Company has entered into contracts related to its clinical trials with clinical research organizations. The Company reviews and accrues clinical trial costs based on work performed, which relies on estimates and assumptions of total trial management costs, sites activated, patients enrolled, and number of patient visits. The Company follows this method since reasonably dependable estimates of the costs applicable to clinical trials can be made. Accrued clinical trial costs are subject to revisions as the trials progress. Revisions are charged to expense in the period in which the facts that give rise to the revision become known. A modification in the protocol of a clinical trial or cancellation of a trial could result in a material change to the Company’s results of operations. Patent Costs Costs related to filing and pursuing patent applications are recorded as general and administrative expenses and expensed as incurred since recoverability of such expenditures is uncertain. <p id="xdx_84B_eus-gaap--ShareBasedCompensationOptionAndIncentivePlansPolicy_zz1Af8Bpw1v9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Stock-Based Compensation Stock-based compensation expense represents the grant date fair value of equity awards, consisting of stock options, restricted stock units (“RSUs”) and employee stock purchase plan rights, over the requisite service period of the awards (usually the vesting period) on a straight-line basis. The Company estimates the fair value of stock option grants and employee stock purchase plan rights using the Black-Scholes option pricing model. The fair value of RSUs is based on the closing sales price of the Company’s common stock on the date of grant. Equity award forfeitures are recognized as they occur. Income Taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized as income in the period that includes the enactment date. The Company recognizes net deferred tax assets to the extent that the Company believes these assets are more likely than not to be realized. In making such a determination, management considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, exclusive of reversing temporary difference, tax-planning strategies, and the results of recent operations. If management determines that the Company would be able to realize its deferred tax assets in the future in excess of their net recorded amount, management would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. The Company records uncertain tax positions on the basis of a two-step process whereby (1) management determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, management recognizes the largest amount of tax benefit that is more than 50% likely to be realized upon ultimate settlement with the related tax authority. The Company recognizes interest and penalties related to unrecognized tax benefits within income tax expense. Any accrued interest and penalties are included within the related tax liability. Comprehensive Loss Comprehensive loss is defined as a change in equity during a period from transactions and other events and circumstances from non-owner sources, and consists of net loss and other comprehensive gain (loss). There have been no items qualifying as other comprehensive loss and, therefore, for all periods presented, the Company’s comprehensive loss was the same as its reported net loss. Net Loss Per Share Basic net loss per common share is computed by dividing the net loss by the weighted-average number of common shares outstanding for the period, without consideration for potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common shares and dilutive common stock equivalents outstanding for the period determined using the treasury-stock method. Dilutive common stock equivalents are comprised of common stock warrants, RSUs, common stock options outstanding under the Company’s stock option plan, contingently issuable shares under the BioAtla, Inc. Employee Stock Purchase Plan (the “ESPP”), and potential future conversions of the Pre-Paid Advance into common stock (“PPA Shares”). <p id="xdx_897_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_zj7CqW1kpcC1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 22.3pt">Potentially dilutive securities not included in the calculation of diluted net loss per common share because to do so would be anti-dilutive are as follows (in common stock equivalents): <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto"> <tr style="display: none"> <td style="display: none"> Schedule of anti-dilutive securities excluded from calculation of diluted net loss per share</td> <td style="display: none"> </td> <td id="xdx_49A_20250101__20251231_z3LCEiEXir44" style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_491_20240101__20241231_zRYeaoSnboQg" style="display: none"> </td> <td style="display: none"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center">December 31,</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center">2025</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center">2024</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td></tr> <tr id="xdx_403_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_uShares_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonStockWarrantsMember_zPhDsvaUVdsc" style="font: 10pt Times New Roman, Times, Serif; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 51%; padding-top: 0.7pt; padding-right: 0.7pt">Common stock warrants</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 12%; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">193,581</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 12%; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">193,581</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt"> </td></tr> <tr id="xdx_407_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_uShares_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonStockOptionsMember_zV9Bgu6pE7S4" style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt">Common stock options</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">117,581</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">121,920</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td></tr> <tr id="xdx_40A_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_uShares_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--RestrictedStockUnitsRSUMember_zZx8I8a9Ow5c" style="font: 10pt Times New Roman, Times, Serif; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt">Restricted stock units</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">48,678</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">31,060</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td></tr> <tr id="xdx_40E_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_uShares_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--EmployeesStockPurchasePlanMember_zbgO2ZcO4jH7" style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt">ESPP shares</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">991</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">1,577</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td></tr> <tr id="xdx_402_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--PrePaidAdvanceMember_zgMskK57YjVc" style="font: 10pt Times New Roman, Times, Serif; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt">PPA Shares</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">136,923</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">—</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt">Total</td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td id="xdx_98C_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_uShares_c20250101__20251231_zMmb0JsjlRTi" style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right" title="Anti-dilutive securities excluded from calculation of diluted net loss per share">497,754</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td id="xdx_984_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_uShares_c20240101__20241231_zpi7pJoCmujl" style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right" title="Anti-dilutive securities excluded from calculation of diluted net loss per share">348,138</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td></tr> </table> Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”), or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, Accounting Standards Updates (“ASU”) not included in the Company’s disclosures were assessed and determined to be either not applicable or are not expected to have a material impact on the Company’s financial statements or disclosures. In November 2024, the FASB issued Accounting Standards Update ASU No. 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses,” which requires public entities, at annual and interim reporting periods, to disclose in a tabular format additional information about specific expense categories in the notes to the consolidated financial statements. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements. In December 2025, the FASB issued ASU No. 2025-11, “Interim Reporting (Topic 270): Narrow Scope Improvements”. This update will improve the navigability of required interim disclosures and clarify when that guidance is applicable, and will require entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company will adopt the standard for the interim periods within the year ending December 31, 2028. The Company is currently evaluating the impact of the adoption on its consolidated financial statements and related disclosures. Recently Adopted Accounting Standards In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. ASU 2023-09 is effective for public entities with annual periods beginning after December 15, 2024, with early adoption permitted. The Company adopted ASU 2023-09 in the fourth quarter of 2025. The Company expanded its income tax disclosures as a result of adopting this new accounting standard.

Organization BioAtla, LLC was formed in Delaware in March 2007 and was converted to a Delaware corporation in July 2020 and renamed BioAtla, Inc. (the “Company”). The Company has a proprietary platform for creating biologics, including its conditionally active biologics (“CAB” or “CABs”). CABs have been designed to be active only under certain conditions found in diseased tissue, while remaining inactive in normal tissue. The Company is currently in clinical development of several CAB drug candidates including: its two lead CAB antibody drug conjugates (“CAB ADC”), mecbotamab vedotin (BA3011), a CAB ADC targeting AXL, and ozuriftamab vedotin (BA3021), a CAB ADC targeting ROR2; evalstotug (BA3071), a CAB anti-CTLA-4 antibody; and BA3182 (CAB-EpCAM x CAB-CD3), a CAB bispecific antibody targeting EpCAM. 2007-03

<p id="xdx_845_eus-gaap--OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock_zINMbgh4cuwj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). BioAtla, Inc. is a single legal entity with one consolidated variable interest entity (“VIE”), BA 3021 SPV LLC (see Note 10).

Liquidity and Going Concern The Company has incurred cumulative operating losses and negative cash flows from operations since its inception and expects to continue to incur significant expenses and operating losses for the foreseeable future as it continues development of its product candidates. As of December 31, 2025, the Company had an accumulated deficit of $545.6 million. The Company plans to continue to fund its losses from operations and capital funding needs through public or private equity or debt financings, or other sources. If the Company is not able to secure adequate additional funding, the Company may be forced to make reductions in spending, extend payment terms with suppliers, liquidate assets where possible, or suspend or curtail planned programs. Any of these actions could materially harm the Company’s business, results of operations and future prospects. Management is required to perform a two-step analysis of the Company’s ability to continue as a going concern. Management must first evaluate whether there are conditions and events that raise substantial doubt about the Company’s ability to continue as a going concern (Step 1). If management concludes that substantial doubt is raised, management is also required to consider whether its plans alleviate that doubt (Step 2). Management’s assessment concluded that there is substantial doubt about the Company’s ability to continue as a going concern for a period of at least one year from the issuance date of these consolidated financial statements. The Company has prepared its consolidated financial statements on a going concern basis, which assumes that the Company will realize its assets and satisfy its liabilities in the normal course of business. The accompanying consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from the outcome of the uncertainty concerning the Company’s ability to continue as a going concern.

<p id="xdx_847_eus-gaap--ConsolidationVariableInterestEntityPolicy_z12o3nZjQ1Y3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Variable Interest Entities The Company consolidates entities in which it has a controlling financial interest. The Company determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a VIE. VIEs are entities in which (i) the total equity investment at risk is sufficient to enable the entity to finance its activities independently, (ii) the equity holders have the power to direct the activities of the entity that most significantly impact its economic performance, the obligation to absorb the losses of the entity and the right to receive the residual returns of the entity and (iii) the legal entity is structured with substantive voting rights. A VIE is an entity that lacks one or more of the characteristics of a voting interest entity. The Company has a controlling financial interest in a VIE when the Company has a variable interest or interests that provide it with (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Company evaluates its relationships with its VIEs on an ongoing basis to determine whether or not it has a controlling financial interest (see Note 10).

Use of Estimates The Company’s consolidated financial statements are prepared in accordance with U.S. GAAP. The preparation of the Company’s consolidated financial statements requires it to make estimates and assumptions that impact the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in the Company’s consolidated financial statements and accompanying notes. The most significant estimates in the Company’s consolidated financial statements relate to accruals for research and development costs, equity-based compensation, and fair value measurements related to the Pre-Paid Advance Agreements (the “PPAs”) and SEPA (as defined in Note 8). These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of revenue and expenses that are not readily apparent from other sources. Actual results may differ materially and adversely from these estimates. To the extent there are material differences between the estimates and actual results, the Company’s future results of operations will be affected.

Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of 90 days or less at the date of purchase to be cash equivalents. Cash equivalents consist of highly rated securities including U.S. Government and U.S. Treasury money market funds, which are unrestricted as to withdrawal or use. The cash and cash equivalents balance as of December 31, 2025 and 2024 includes $4.3 million and $38.8 million, respectively, invested in U.S. Government and U.S. Treasury money market funds.

4300000

38800000

Concentrations of Risk Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash and cash equivalents. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits and may invest cash that is not required for immediate operating needs in highly liquid instruments that bear minimal risk. The Company has not experienced any losses in such accounts and management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held.

Property and Equipment Property and equipment are stated at cost and depreciated on a straight-line basis over the estimated useful life of the related assets. Leasehold improvements are stated at cost and amortized on a straight-line basis over the lesser of the remaining term of the related lease or the estimated useful life of the leasehold improvements. Repairs and maintenance costs are charged to expense as incurred and expenditures that materially extend the useful lives of assets are capitalized.

<p id="xdx_848_eus-gaap--ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock_zTfliHLfsav3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Impairment of Long-Lived Assets The Company reviews long-lived assets, such as property and equipment, for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured as the amount by which the carrying amount of the assets exceeds the fair value of the assets. Fair value would be assessed using discounted cash flows or other appropriate measures of fair value. The Company has not recognized any impairment losses for the years ended December 31, 2025 and 2024.

Leases The Company determines if an arrangement is a lease at inception. An arrangement is or contains a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. If a lease is identified, classification is determined at lease commencement. Operating lease liabilities are recognized at the present value of the future lease payments at the lease commencement date. The Company’s leases do not provide an implicit interest rate and therefore the Company estimates its incremental borrowing rate to discount lease payments. The incremental borrowing rate reflects the interest rate that the Company would have to pay to borrow on a collateralized basis an amount equal to the lease payments in a similar economic environment over a similar term. Operating lease right-of-use (“ROU”) assets are based on the corresponding lease liability adjusted for any lease payments made at or before commencement, initial direct costs, and lease incentives. Renewals or early terminations are not accounted for unless the Company is reasonably certain to exercise these options. Operating lease expense is recognized and the ROU asset is amortized on a straight-line basis over the lease term. Variable lease costs are recognized as incurred and are not included in the calculation of the ROU asset or the related lease liability. The Company has a single lease agreement with lease and non-lease components, which are accounted for as a single lease component. Payments for short-term leases, defined as leases with a term of twelve months or less, are expensed on a straight-line basis over the lease term. The Company does not currently have any short-term leases. Operating leases are included in operating lease right-of-use assets, operating lease liabilities, and operating lease liabilities, non current on the Company’s consolidated balance sheets. The Company does not have any finance leases.

<p id="xdx_84C_ecustom--DerivativeInstrumentsAndWarrantLiabilitiesPolicyTextBlock_zL5b6HuBktia" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Derivative Instruments and Warrant Liabilities The Company evaluates its financial instruments and other contracts, including issued warrants to purchase common stock, to determine if those instruments are required to be recognized as derivatives or contain features that qualify as embedded derivatives under the relevant accounting standards (see Note 4 and Note 8). The result of this accounting treatment is that the derivative is carried at fair value as an asset or liability with changes in fair value recognized in earnings at each reporting date. Changes in the fair value of derivatives are recorded in the consolidated statements of operations and comprehensive loss as a component of other income (expense).

<p id="xdx_84B_eus-gaap--FairValueMeasurementPolicyPolicyTextBlock_zlLsoYU7A2uk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Fair Value Option Under the ASC 825, Financial Instruments (“ASC 825”) the Company has the irrevocable option to report certain financial assets and financial liabilities at fair value on an instrument-by-instrument basis. Under the PPAs entered into in November 2025, pre-paid advances having an aggregate principal amount of $7.5 million (the “Pre-Paid Advance”) were issued to the Company. The Company elected the fair value option to account for the Pre-Paid Advance (See Note 4 and Note 7). The fair value option was elected as management believes fair value measurement better aligns with the instrument’s economic risks and expected settlement outcomes. This election also eliminates the need to bifurcate the embedded conversion features and account for them separately as derivative instruments. The Pre-Paid Advance was initially recorded at fair value at issuance, which was determined to be equal to the transaction price of $7.15 million. Issuance costs incurred in connection with the Pre-Paid Advance were expensed as incurred, consistent with the requirements applicable to instruments measured at fair value under ASC 825. Subsequent to initial recognition, the Company remeasures the Pre-Paid Advance to fair value at each reporting date, with changes in fair value recognized in earnings within the loss on PPAs liability on the consolidated statements of operations and comprehensive loss. The change in fair value related to accrued interest is presented with the total change in fair value of the Pre-Paid Advance as a single line within the loss on PPAs liability on the consolidated statements of operations and comprehensive loss.

7500000 7150000

<p id="xdx_84F_eus-gaap--RevenueRecognitionRevenueReductions_zoLSTTujfea7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 22.3pt"> Revenue Recognition The Company recognizes revenue in a manner that depicts the transfer of control of a product or service to a customer and reflects the amount of the consideration the Company is entitled to receive in exchange for such product or service. In doing so, the Company follows a five-step approach: (i) identify the contract with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations, and (v) recognize revenue when (or as) the customer obtains control of the product or service. The Company considers the terms of a contract and all relevant facts and circumstances when applying the revenue recognition standard. A customer is a party that has entered into a contract with the Company, where the purpose of the contract is to obtain a product or a service that is an output of the Company’s ordinary activities in exchange for consideration. To be considered a contract, (i) the contract must be approved (in writing, orally, or in accordance with other customary business practices), (ii) each party’s rights regarding the product or the service to be transferred can be identified, (iii) the payment terms for the product or the service to be transferred can be identified, (iv) the contract must have commercial substance (that is, the risk, timing or amount of future cash flows is expected to change as a result of the contract), and (v) it is probable that the Company will collect substantially all of the consideration to which it is entitled to receive in exchange for the transfer of the product or the service. A performance obligation is defined as a promise to transfer a product or a service to a customer. The Company identifies each promise to transfer a product or a service (or a bundle of products or services, or a series of products and services that are substantially the same and have the same pattern of transfer) that is distinct. A product or service is distinct if both (i) the customer can benefit from the product or the service either on its own or together with other resources that are readily available to the customer and (ii) the Company’s promise to transfer the product or the service to the customer is separately identifiable from other promises in the contract. Each distinct promise to transfer a product or a service is a unit of accounting for revenue recognition. If a promise to transfer a product or a service is not separately identifiable from other promises in the contract, such promises should be combined into a single performance obligation. The transaction price is the amount of consideration the Company is entitled to receive in exchange for the transfer of control of a product or a service to a customer. To determine the transaction price, the Company considers the existence of any significant financing component, the effects of any variable elements, non-cash consideration and consideration payable to the customer. If a significant financing component exists, the transaction price is adjusted for the time value of money. If an element of variability exists, the Company must estimate the consideration it expects to receive and use that amount as the basis for recognizing revenue as the product or service is transferred to the customer. There are two methods for determining the amount of variable consideration: (i) the expected value method, which is the sum of probability-weighted amounts in a range of possible consideration amounts, and (ii) the most likely amount method, which identifies the single most likely amount in a range of possible consideration amounts. If a contract has multiple performance obligations, the Company allocates the transaction price to each distinct performance obligation in an amount that reflects the consideration the Company is entitled to receive in exchange for satisfying each distinct performance obligation. For each distinct performance obligation, revenue is recognized when the Company transfers control of the product or the service applicable to such performance obligation. In those instances where the Company first receives consideration in advance of satisfying its performance obligation, the Company classifies such consideration as deferred revenue until (or as) the Company satisfies such performance obligation. In those instances where the Company first satisfies its performance obligation prior to its receipt of consideration, the consideration is recorded as accounts receivable. The Company expenses incremental costs of obtaining and fulfilling a contract as incurred if the expected amortization period for the asset that would be recognized is one year or less, or if the amount of the asset is immaterial. Otherwise, such costs are capitalized as contract assets if they are incremental to the contract and amortized to expense proportionate to revenue recognition of the underlying contract.

Research and Development Expenses The Company’s activities have largely consisted of research and development efforts related to developing our CAB programs. Research and development expenses consist of expenses incurred in performing research and development activities including salaries and benefits, facilities and other overhead expenses, clinical trials, contract services and other outside expenses. Research and development expenses are charged to expense as incurred. Payments for these activities are based on the terms of the individual agreements, which may differ from the pattern of costs incurred, and are reflected in the accompanying consolidated balance sheets as prepaid or accrued expenses. When evaluating the adequacy of the accrued expenses, the Company analyzes progress of the services, including the phase or completion of events, invoices received and contracted costs. Significant judgments and estimates may be made in determining the accrued balances at the end of any reporting period. Actual results could differ from the Company’s estimates. As of December 31, 2025, the Company has accrued $5.8 million related to clinical trial costs. The Company has entered into contracts related to its clinical trials with clinical research organizations. The Company reviews and accrues clinical trial costs based on work performed, which relies on estimates and assumptions of total trial management costs, sites activated, patients enrolled, and number of patient visits. The Company follows this method since reasonably dependable estimates of the costs applicable to clinical trials can be made. Accrued clinical trial costs are subject to revisions as the trials progress. Revisions are charged to expense in the period in which the facts that give rise to the revision become known. A modification in the protocol of a clinical trial or cancellation of a trial could result in a material change to the Company’s results of operations.

5800000

Patent Costs Costs related to filing and pursuing patent applications are recorded as general and administrative expenses and expensed as incurred since recoverability of such expenditures is uncertain.

<p id="xdx_84B_eus-gaap--ShareBasedCompensationOptionAndIncentivePlansPolicy_zz1Af8Bpw1v9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Stock-Based Compensation Stock-based compensation expense represents the grant date fair value of equity awards, consisting of stock options, restricted stock units (“RSUs”) and employee stock purchase plan rights, over the requisite service period of the awards (usually the vesting period) on a straight-line basis. The Company estimates the fair value of stock option grants and employee stock purchase plan rights using the Black-Scholes option pricing model. The fair value of RSUs is based on the closing sales price of the Company’s common stock on the date of grant. Equity award forfeitures are recognized as they occur.

Income Taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized as income in the period that includes the enactment date. The Company recognizes net deferred tax assets to the extent that the Company believes these assets are more likely than not to be realized. In making such a determination, management considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, exclusive of reversing temporary difference, tax-planning strategies, and the results of recent operations. If management determines that the Company would be able to realize its deferred tax assets in the future in excess of their net recorded amount, management would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. The Company records uncertain tax positions on the basis of a two-step process whereby (1) management determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, management recognizes the largest amount of tax benefit that is more than 50% likely to be realized upon ultimate settlement with the related tax authority. The Company recognizes interest and penalties related to unrecognized tax benefits within income tax expense. Any accrued interest and penalties are included within the related tax liability.

Comprehensive Loss Comprehensive loss is defined as a change in equity during a period from transactions and other events and circumstances from non-owner sources, and consists of net loss and other comprehensive gain (loss). There have been no items qualifying as other comprehensive loss and, therefore, for all periods presented, the Company’s comprehensive loss was the same as its reported net loss.

Net Loss Per Share Basic net loss per common share is computed by dividing the net loss by the weighted-average number of common shares outstanding for the period, without consideration for potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common shares and dilutive common stock equivalents outstanding for the period determined using the treasury-stock method. Dilutive common stock equivalents are comprised of common stock warrants, RSUs, common stock options outstanding under the Company’s stock option plan, contingently issuable shares under the BioAtla, Inc. Employee Stock Purchase Plan (the “ESPP”), and potential future conversions of the Pre-Paid Advance into common stock (“PPA Shares”). <p id="xdx_897_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_zj7CqW1kpcC1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 22.3pt">Potentially dilutive securities not included in the calculation of diluted net loss per common share because to do so would be anti-dilutive are as follows (in common stock equivalents): <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto"> <tr style="display: none"> <td style="display: none"> Schedule of anti-dilutive securities excluded from calculation of diluted net loss per share</td> <td style="display: none"> </td> <td id="xdx_49A_20250101__20251231_z3LCEiEXir44" style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_491_20240101__20241231_zRYeaoSnboQg" style="display: none"> </td> <td style="display: none"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center">December 31,</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center">2025</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center">2024</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td></tr> <tr id="xdx_403_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_uShares_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonStockWarrantsMember_zPhDsvaUVdsc" style="font: 10pt Times New Roman, Times, Serif; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 51%; padding-top: 0.7pt; padding-right: 0.7pt">Common stock warrants</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 12%; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">193,581</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 12%; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">193,581</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt"> </td></tr> <tr id="xdx_407_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_uShares_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonStockOptionsMember_zV9Bgu6pE7S4" style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt">Common stock options</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">117,581</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">121,920</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td></tr> <tr id="xdx_40A_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_uShares_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--RestrictedStockUnitsRSUMember_zZx8I8a9Ow5c" style="font: 10pt Times New Roman, Times, Serif; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt">Restricted stock units</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">48,678</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">31,060</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td></tr> <tr id="xdx_40E_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_uShares_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--EmployeesStockPurchasePlanMember_zbgO2ZcO4jH7" style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt">ESPP shares</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">991</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">1,577</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td></tr> <tr id="xdx_402_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--PrePaidAdvanceMember_zgMskK57YjVc" style="font: 10pt Times New Roman, Times, Serif; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt">PPA Shares</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">136,923</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">—</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt">Total</td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td id="xdx_98C_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_uShares_c20250101__20251231_zMmb0JsjlRTi" style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right" title="Anti-dilutive securities excluded from calculation of diluted net loss per share">497,754</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td id="xdx_984_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_uShares_c20240101__20241231_zpi7pJoCmujl" style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right" title="Anti-dilutive securities excluded from calculation of diluted net loss per share">348,138</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td></tr> </table>

<p id="xdx_897_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_zj7CqW1kpcC1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 22.3pt">Potentially dilutive securities not included in the calculation of diluted net loss per common share because to do so would be anti-dilutive are as follows (in common stock equivalents): <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto"> <tr style="display: none"> <td style="display: none"> Schedule of anti-dilutive securities excluded from calculation of diluted net loss per share</td> <td style="display: none"> </td> <td id="xdx_49A_20250101__20251231_z3LCEiEXir44" style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_491_20240101__20241231_zRYeaoSnboQg" style="display: none"> </td> <td style="display: none"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center">December 31,</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center">2025</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center">2024</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td></tr> <tr id="xdx_403_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_uShares_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonStockWarrantsMember_zPhDsvaUVdsc" style="font: 10pt Times New Roman, Times, Serif; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 51%; padding-top: 0.7pt; padding-right: 0.7pt">Common stock warrants</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 12%; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">193,581</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 12%; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">193,581</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt"> </td></tr> <tr id="xdx_407_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_uShares_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonStockOptionsMember_zV9Bgu6pE7S4" style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt">Common stock options</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">117,581</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">121,920</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td></tr> <tr id="xdx_40A_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_uShares_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--RestrictedStockUnitsRSUMember_zZx8I8a9Ow5c" style="font: 10pt Times New Roman, Times, Serif; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt">Restricted stock units</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">48,678</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">31,060</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td></tr> <tr id="xdx_40E_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_uShares_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--EmployeesStockPurchasePlanMember_zbgO2ZcO4jH7" style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt">ESPP shares</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">991</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">1,577</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td></tr> <tr id="xdx_402_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--PrePaidAdvanceMember_zgMskK57YjVc" style="font: 10pt Times New Roman, Times, Serif; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt">PPA Shares</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">136,923</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">—</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt">Total</td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td id="xdx_98C_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_uShares_c20250101__20251231_zMmb0JsjlRTi" style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right" title="Anti-dilutive securities excluded from calculation of diluted net loss per share">497,754</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td id="xdx_984_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_uShares_c20240101__20241231_zpi7pJoCmujl" style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right" title="Anti-dilutive securities excluded from calculation of diluted net loss per share">348,138</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td></tr> </table>

193581

117581

121920

48678

31060

991

1577

136923

497754

348138

Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”), or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, Accounting Standards Updates (“ASU”) not included in the Company’s disclosures were assessed and determined to be either not applicable or are not expected to have a material impact on the Company’s financial statements or disclosures. In November 2024, the FASB issued Accounting Standards Update ASU No. 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses,” which requires public entities, at annual and interim reporting periods, to disclose in a tabular format additional information about specific expense categories in the notes to the consolidated financial statements. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements. In December 2025, the FASB issued ASU No. 2025-11, “Interim Reporting (Topic 270): Narrow Scope Improvements”. This update will improve the navigability of required interim disclosures and clarify when that guidance is applicable, and will require entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company will adopt the standard for the interim periods within the year ending December 31, 2028. The Company is currently evaluating the impact of the adoption on its consolidated financial statements and related disclosures. Recently Adopted Accounting Standards In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. ASU 2023-09 is effective for public entities with annual periods beginning after December 15, 2024, with early adoption permitted. The Company adopted ASU 2023-09 in the fourth quarter of 2025. The Company expanded its income tax disclosures as a result of adopting this new accounting standard.

2. Balance Sheet Details <p id="xdx_893_ecustom--ScheduleOfPrepaidExpensesOtherCurrentAssetsTableTextBlock_zS0g5ZAmA732" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 22pt">Prepaid expenses and other current assets consist of the following (in thousands): <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 85%; border-collapse: collapse; margin-right: auto"> <tr style="display: none"> <td style="display: none"> Schedule of prepaid expenses other current assets</td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_49F_20251231_zaxIM7tX6ITl" style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_494_20241231_zCxgDWjB27I7" style="display: none"> </td> <td style="display: none"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="6" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">December 31,</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2025</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2024</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr id="xdx_405_ecustom--PrepaidResearchAndDevelopmentExpense_pn3n3_uUSD_zl8JBstTAld1" style="font: 10pt Times New Roman, Times, Serif; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 55%">Prepaid research and development</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%">$</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 12%; text-align: right">663</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%">$</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 12%; text-align: right">1,739</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">Other prepaid expenses and current assets</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td id="xdx_98B_ecustom--OtherPrepaidExpensesAndCurrentAssets_iI_pn3n3_dxL_c20251231_zLTXPTfOCS4f" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right" title="Other prepaid expenses and current assets::XDX::204">232</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td id="xdx_98F_ecustom--OtherPrepaidExpensesAndCurrentAssets_iI_pn3n3_c20241231_zcMwF7YgY02i" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right" title="Other prepaid expenses and current assets">447</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td></tr> <tr id="xdx_40B_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iI_pn3n3_uUSD_zbCItM00d8Yg" style="font: 10pt Times New Roman, Times, Serif; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">Total</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">$</td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">895</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">$</td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">2,186</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td></tr> </table> Property and equipment consist of the following (in thousands): <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 85%; border-collapse: collapse; margin-right: auto"> <tr style="display: none"> <td style="display: none"> Schedule of property and equipment</td> <td style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_490_20251231_zMtpNdWCXZ5a" style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_49E_20241231_zwrDB7na23U6" style="display: none"> </td> <td style="display: none"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="6" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">December 31,</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Useful life (years)</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2025</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2024</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr id="xdx_405_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_uUSD_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--FurnitureFixturesAndOfficeEquipmentMember_zTmt5FDTlufa" style="font: 10pt Times New Roman, Times, Serif; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 42%">Furniture, fixtures and office equipment</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 12%; text-align: center"><span id="xdx_901_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--FurnitureFixturesAndOfficeEquipmentMember_zkj66ZmINNec" title="Property plant and equipment useful life">3 - <span id="xdx_90C_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--FurnitureFixturesAndOfficeEquipmentMember_zUc3Dt42BJh9" title="Property plant and equipment useful life">7</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%">$</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 12%; text-align: right">1,101</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%">$</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 12%; text-align: right">1,721</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"> </td></tr> <tr id="xdx_400_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_uUSD_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--LaboratoryEquipmentMember_z3vQWy45XSN2" style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">Laboratory equipment</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span id="xdx_90E_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--LaboratoryEquipmentMember_zUz0at1BK7ik" title="Property plant and equipment useful life">5</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">1,829</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">2,280</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td></tr> <tr id="xdx_408_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_uUSD_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_zmHVzoEY5v1k" style="font: 10pt Times New Roman, Times, Serif; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">Leasehold improvements</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span id="xdx_90A_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_zmG1IttbG2ya" title="Property plant and equipment useful life">2 - <span id="xdx_908_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_ziJ2bC1ReFQi" title="Property plant and equipment useful life">3</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">2,498</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">3,680</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td id="xdx_986_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_uUSD_c20251231_zJ2NjzJtteAe" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right" title="Property, plant and equipment, gross">5,428</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td id="xdx_981_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_uUSD_c20241231_zTqZoWeGRa94" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right" title="Property, plant and equipment, gross">7,681</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td></tr> <tr id="xdx_40D_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_pn3n3_di_uUSD_z4NjHXNI6mHk" style="font: 10pt Times New Roman, Times, Serif; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-bottom: 1pt">Less accumulated depreciation and amortization</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">(5,308</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 1pt">)</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">(7,003</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 1pt">)</td></tr> <tr id="xdx_403_eus-gaap--PropertyPlantAndEquipmentNet_iI_pn3n3_uUSD_zi50nOk62Jqc" style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">Total</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">$</td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">120</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">$</td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">678</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td></tr> </table> <p id="xdx_894_eus-gaap--ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock_zOeD7vfsY2hd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 22pt">Accounts payable and accrued expenses consist of the following (in thousands): <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 85%; border-collapse: collapse; margin-right: auto"> <tr style="display: none"> <td style="display: none"> Schedule of accounts payable and accrued expenses</td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_492_20251231_z9msqTbskCZb" style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_499_20241231_z2bIRH4axsL4" style="display: none"> </td> <td style="display: none"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="6" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">December 31,</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2025</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2024</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr id="xdx_40E_eus-gaap--AccountsPayableCurrent_iI_pn3n3_uUSD_zdHHAAg5kpq4" style="font: 10pt Times New Roman, Times, Serif; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 55%">Accounts payable</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%">$</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 12%; text-align: right">8,194</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%">$</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 12%; text-align: right">1,902</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"> </td></tr> <tr id="xdx_403_eus-gaap--AccruedSalariesCurrent_iI_pn3n3_zzMgHVWELvzh" style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">Accrued compensation</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">37</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">2,726</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td></tr> <tr id="xdx_405_ecustom--AccruedResearchAndDevelopmentExpenseCurrent_iI_pn3n3_zxSoptdVe1n8" style="font: 10pt Times New Roman, Times, Serif; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">Accrued research and development</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">7,280</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">8,033</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">Other accrued expenses</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td id="xdx_983_eus-gaap--OtherAccruedLiabilitiesCurrent_iI_pn3n3_dxL_c20251231_zlVv8351x4mg" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right" title="Other accrued expenses::XDX::879">842</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td id="xdx_981_eus-gaap--OtherAccruedLiabilitiesCurrent_iI_pn3n3_c20241231_zsOGU1kGwXR6" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right" title="Other accrued expenses">1,043</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td></tr> <tr id="xdx_40B_eus-gaap--AccountsPayableAndAccruedLiabilitiesCurrent_iI_pn3n3_zMxuEMwPtoY" style="font: 10pt Times New Roman, Times, Serif; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">Total</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">$</td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">16,353</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">$</td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">13,704</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td></tr> </table>

<p id="xdx_893_ecustom--ScheduleOfPrepaidExpensesOtherCurrentAssetsTableTextBlock_zS0g5ZAmA732" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 22pt">Prepaid expenses and other current assets consist of the following (in thousands): <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 85%; border-collapse: collapse; margin-right: auto"> <tr style="display: none"> <td style="display: none"> Schedule of prepaid expenses other current assets</td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_49F_20251231_zaxIM7tX6ITl" style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_494_20241231_zCxgDWjB27I7" style="display: none"> </td> <td style="display: none"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="6" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">December 31,</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2025</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2024</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr id="xdx_405_ecustom--PrepaidResearchAndDevelopmentExpense_pn3n3_uUSD_zl8JBstTAld1" style="font: 10pt Times New Roman, Times, Serif; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 55%">Prepaid research and development</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%">$</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 12%; text-align: right">663</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%">$</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 12%; text-align: right">1,739</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">Other prepaid expenses and current assets</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td id="xdx_98B_ecustom--OtherPrepaidExpensesAndCurrentAssets_iI_pn3n3_dxL_c20251231_zLTXPTfOCS4f" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right" title="Other prepaid expenses and current assets::XDX::204">232</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td id="xdx_98F_ecustom--OtherPrepaidExpensesAndCurrentAssets_iI_pn3n3_c20241231_zcMwF7YgY02i" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right" title="Other prepaid expenses and current assets">447</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td></tr> <tr id="xdx_40B_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iI_pn3n3_uUSD_zbCItM00d8Yg" style="font: 10pt Times New Roman, Times, Serif; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">Total</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">$</td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">895</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">$</td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">2,186</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td></tr> </table> 663000 1739000 447000

895000

2186000

Property and equipment consist of the following (in thousands): <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 85%; border-collapse: collapse; margin-right: auto"> <tr style="display: none"> <td style="display: none"> Schedule of property and equipment</td> <td style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_490_20251231_zMtpNdWCXZ5a" style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_49E_20241231_zwrDB7na23U6" style="display: none"> </td> <td style="display: none"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="6" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">December 31,</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Useful life (years)</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2025</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2024</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr id="xdx_405_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_uUSD_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--FurnitureFixturesAndOfficeEquipmentMember_zTmt5FDTlufa" style="font: 10pt Times New Roman, Times, Serif; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 42%">Furniture, fixtures and office equipment</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 12%; text-align: center"><span id="xdx_901_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--FurnitureFixturesAndOfficeEquipmentMember_zkj66ZmINNec" title="Property plant and equipment useful life">3 - <span id="xdx_90C_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--FurnitureFixturesAndOfficeEquipmentMember_zUc3Dt42BJh9" title="Property plant and equipment useful life">7</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%">$</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 12%; text-align: right">1,101</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%">$</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 12%; text-align: right">1,721</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"> </td></tr> <tr id="xdx_400_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_uUSD_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--LaboratoryEquipmentMember_z3vQWy45XSN2" style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">Laboratory equipment</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span id="xdx_90E_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--LaboratoryEquipmentMember_zUz0at1BK7ik" title="Property plant and equipment useful life">5</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">1,829</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">2,280</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td></tr> <tr id="xdx_408_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_uUSD_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_zmHVzoEY5v1k" style="font: 10pt Times New Roman, Times, Serif; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">Leasehold improvements</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span id="xdx_90A_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_zmG1IttbG2ya" title="Property plant and equipment useful life">2 - <span id="xdx_908_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_ziJ2bC1ReFQi" title="Property plant and equipment useful life">3</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">2,498</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">3,680</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td id="xdx_986_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_uUSD_c20251231_zJ2NjzJtteAe" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right" title="Property, plant and equipment, gross">5,428</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td id="xdx_981_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_uUSD_c20241231_zTqZoWeGRa94" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right" title="Property, plant and equipment, gross">7,681</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td></tr> <tr id="xdx_40D_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_pn3n3_di_uUSD_z4NjHXNI6mHk" style="font: 10pt Times New Roman, Times, Serif; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-bottom: 1pt">Less accumulated depreciation and amortization</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">(5,308</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 1pt">)</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">(7,003</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 1pt">)</td></tr> <tr id="xdx_403_eus-gaap--PropertyPlantAndEquipmentNet_iI_pn3n3_uUSD_zi50nOk62Jqc" style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">Total</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">$</td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">120</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">$</td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">678</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td></tr> </table>

P3Y

P7Y

1101000

1721000

P5Y

1829000

2280000

P2Y

P3Y

2498000

3680000

5428000

7681000

5308000

7003000

120000

678000

<p id="xdx_894_eus-gaap--ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock_zOeD7vfsY2hd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 22pt">Accounts payable and accrued expenses consist of the following (in thousands): <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 85%; border-collapse: collapse; margin-right: auto"> <tr style="display: none"> <td style="display: none"> Schedule of accounts payable and accrued expenses</td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_492_20251231_z9msqTbskCZb" style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_499_20241231_z2bIRH4axsL4" style="display: none"> </td> <td style="display: none"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="6" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">December 31,</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2025</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2024</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr id="xdx_40E_eus-gaap--AccountsPayableCurrent_iI_pn3n3_uUSD_zdHHAAg5kpq4" style="font: 10pt Times New Roman, Times, Serif; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 55%">Accounts payable</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%">$</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 12%; text-align: right">8,194</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%">$</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 12%; text-align: right">1,902</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"> </td></tr> <tr id="xdx_403_eus-gaap--AccruedSalariesCurrent_iI_pn3n3_zzMgHVWELvzh" style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">Accrued compensation</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">37</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">2,726</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td></tr> <tr id="xdx_405_ecustom--AccruedResearchAndDevelopmentExpenseCurrent_iI_pn3n3_zxSoptdVe1n8" style="font: 10pt Times New Roman, Times, Serif; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">Accrued research and development</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">7,280</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">8,033</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">Other accrued expenses</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td id="xdx_983_eus-gaap--OtherAccruedLiabilitiesCurrent_iI_pn3n3_dxL_c20251231_zlVv8351x4mg" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right" title="Other accrued expenses::XDX::879">842</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td id="xdx_981_eus-gaap--OtherAccruedLiabilitiesCurrent_iI_pn3n3_c20241231_zsOGU1kGwXR6" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right" title="Other accrued expenses">1,043</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td></tr> <tr id="xdx_40B_eus-gaap--AccountsPayableAndAccruedLiabilitiesCurrent_iI_pn3n3_zMxuEMwPtoY" style="font: 10pt Times New Roman, Times, Serif; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">Total</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">$</td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">16,353</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">$</td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">13,704</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td></tr> </table>

8194000

1902000

37000

2726000

7280000 8033000

1043000

16353000

13704000

3. Restructuring In March 2025, the Company implemented a corporate restructuring, which included a reduction in force, designed to improve the Company’s operating model and cost structure. In connection with the restructuring, the Company implemented a reduction in workforce of approximately 30%, which was initiated in the first quarter of 2025. The Company recorded restructuring costs of $0.6 million, during the year ended December 31, 2025, of which $0.5 million is included in research and development expense and $0.1 million is included in general administrative expense in the consolidated statements of operations and comprehensive loss. Restructuring costs primarily consisted of employee severance, continuing healthcare benefits and other employee-related costs. These benefits were fully paid out during the second quarter of 2025, and there is no remaining restructuring liability as of December 31, 2025.

0.30

600000

500000

100000

4. Fair Value Measurements The Company’s financial instruments consist of cash and cash equivalents, pre-paid advances, accounts payable and accrued expenses, and warrants to purchase common stock. The carrying amounts of the Company’s cash and cash equivalents and accounts payable and accrued expenses are considered to be representative of their respective fair values due to their short-term nature. The accounting guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or non-recurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices in active markets. Level 2: Inputs, other than the quoted prices in active markets that are observable either directly or indirectly. Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. When quoted market prices are available in active markets, the fair value of assets and liabilities is estimated within Level 1 of the valuation hierarchy. If quoted prices are not available, then fair values are estimated by using pricing models, quoted prices of assets and liabilities with similar characteristics, or discounted cash flows within Level 2 of the valuation hierarchy. In cases where Level 1 or Level 2 inputs are not available, the fair values are estimated by using inputs within Level 3 of the hierarchy. The Company has determined the estimated fair value of its financial instruments based on appropriate valuation methodologies; however, considerable judgment is required to develop these estimates. Accordingly, these estimated fair values are not necessarily indicative of the amounts the Company could realize in a current market exchange. The estimated fair values can be materially affected by using different assumptions or methodologies. The methods and assumptions used in estimating the fair values of financial instruments are based on carrying values and future cash flows. <p id="xdx_89C_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_zmJqnkcgkuud" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 22.3pt">The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands): <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto"> <tr style="display: none"> <td style="display: none"> Schedule of fair value assets and liabilities measured on recurring basis</td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_497_20250101__20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zAIc2JnROVt3" style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_49F_20250101__20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zZUsCGuVNphj" style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_496_20250101__20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_z1vdSSNJDlw7" style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_49D_20250101__20251231_zlNZuGry5Tpg" style="display: none"> </td> <td style="display: none"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="14" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center">As of December 31, 2025</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center">Level 1</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center">Level 2</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center">Level 3</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center">Total</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td></tr> <tr id="xdx_408_eus-gaap--AssetsAbstract_iB_z9qL5OtVnrp4" style="font: 10pt Times New Roman, Times, Serif; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt">Assets</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt"> </td></tr> <tr id="xdx_40A_eus-gaap--FairValueOfAssetsAcquired_pn3n3_uUSD_hus-gaap--FairValueByAssetClassAxis__us-gaap--CashAndCashEquivalentsMember_zECw95LLfwn6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; width: 28%; padding-top: 0.7pt; padding-right: 0.7pt; padding-left: 10pt">Cash equivalents</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 10%; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">4,285</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 10%; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">—</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 10%; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">—</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 10%; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">4,285</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt"> </td></tr> <tr id="xdx_408_eus-gaap--LiabilitiesAbstract_iB_pn3n3_zUXes2aIU8d5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt">Liabilities</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td></tr> <tr id="xdx_403_ecustom--FairValueWarrantLiability_pn3n3_uUSD_zBxykrxKu6sc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; padding-left: 10pt">Warrants</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">—</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">—</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">3,516</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">3,516</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td></tr> <tr id="xdx_407_ecustom--PrePaidAdvance_pn3n3_z98Kv19r7MVc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; padding-left: 10pt">Pre-Paid Advance</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">—</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">—</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">4,142</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">4,142</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto"> <tr style="display: none"> <td style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_494_20240101__20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zvQyb9O4hFo2" style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_49A_20240101__20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zxEepL3wGid5" style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_492_20240101__20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zzHZsi2dciO8" style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_496_20240101__20241231_z9R7ms4nEMng" style="display: none"> </td> <td style="display: none"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="14" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center">As of December 31, 2024</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center">Level 1</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center">Level 2</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center">Level 3</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center">Total</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td></tr> <tr id="xdx_408_eus-gaap--AssetsAbstract_iB_zovyVoJNXXKk" style="font: 10pt Times New Roman, Times, Serif; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt">Assets</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt"> </td></tr> <tr id="xdx_40A_eus-gaap--FairValueOfAssetsAcquired_pn3n3_uUSD_hus-gaap--FairValueByAssetClassAxis__us-gaap--CashAndCashEquivalentsMember_zGZeC6bwZmb3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; width: 28%; padding-top: 0.7pt; padding-right: 0.7pt; padding-left: 10pt">Cash equivalents</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 10%; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">38,822</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 10%; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">—</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 10%; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">—</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 10%; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">38,822</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt"> </td></tr> <tr id="xdx_408_eus-gaap--LiabilitiesAbstract_iB_pn3n3_zR8IrTY6ddV9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt">Liabilities</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td></tr> <tr id="xdx_403_ecustom--FairValueWarrantLiability_pn3n3_uUSD_ztCotw3JHvw9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; padding-left: 10pt">Warrants</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">—</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">—</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">3,811</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">3,811</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td></tr> </table> No transfers between levels have occurred during the periods presented. Cash Equivalents Cash equivalents are comprised of money market funds, which are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets. Warrant Liability As of December 31, 2025, Level 3 liabilities include the warrant liability which resulted from warrants being issued on December 20, 2024 (as further described in Note 8), which did not meet the criteria for equity classification in accordance with ASC Subtopic 815-40, Derivatives and Hedging - Contracts in Entity’s Own Equity (“ASC 815-40”), and are therefore accounted for as liabilities at fair value. The Company estimates the fair value of its warrants using significant unobservable inputs, which represent Level 3 measurements within the fair value hierarchy. The Company estimated the fair value of the warrants using the Black-Scholes option pricing model. <p id="xdx_89B_eus-gaap--FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputReconciliationTableTextBlock_ziXB8hvNCOy8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 22.3pt; text-align: justify">The significant inputs used in the valuation models to measure the fair value of the warrants are as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 65%; border-collapse: collapse; margin-right: auto"> <tr style="display: none"> <td style="display: none"> Schedule of fair value, net derivative asset (liability) measured on recurring basis, unobservable input reconciliation</td> <td style="display: none"> </td> <td id="xdx_49E_20250101__20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zynFYiCLmf3e" style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_49F_20240101__20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zEJzhOy8yzZb" style="display: none"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center">Valuation Date</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; width: 28%; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center">December 31, 2025</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center">December 31, 2024</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt">Common stock price</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td id="xdx_98E_ecustom--CommonStockPricePerShare_pid_dxL_uUSDPShares_c20250101__20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zr92EKkPp1q3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right" title="Common stock price::XDX::28.39">$28.40</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td id="xdx_98C_ecustom--CommonStockPricePerShare_pid_uUSDPShares_c20240101__20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zqrGPOpm97Mf" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">$29.55</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt">Risk-free rate</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_uPure_c20250101__20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zO7yBdTJNbA6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right" title="Risk-free rate">3.68%</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_uPure_c20240101__20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zIg1o7hRcRSk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right" title="Risk-free rate">4.40%</td></tr> <tr id="xdx_40D_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_z0njdJuGLeGe" style="font: 10pt Times New Roman, Times, Serif; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt">Expected term (in years)</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">4.47</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">5.47</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt">Expected volatility</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_uPure_c20250101__20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zbpgU3kt4dO2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right" title="Expected volatility">103.2%</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_uPure_c20240101__20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zkFEHlgYPev9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right" title="Expected volatility">94.6%</td></tr> <tr id="xdx_408_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dp_uPure_zbtkH9mXo89i" style="font: 10pt Times New Roman, Times, Serif; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt">Dividend yield</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">0.0%</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">0.0%</td></tr> </table> <p id="xdx_89C_ecustom--ScheduleOfTheChangesInTheFairValueOfLiabilitiesTableTextBlock_zR8ycmuJ83Ga" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 22.3pt; text-align: justify">The following table presents the changes in the fair value of Level 3 liabilities for the year ended December 31, 2025 (in thousands): <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 65%; border-collapse: collapse; margin-right: auto"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> Schedule of changes in the fair value of warrant liability</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" id="xdx_4B0_us-gaap--FairValueByFairValueHierarchyLevelAxis_us-gaap--FairValueInputsLevel3Member_zlAK7XzPpCMi" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Warrant Liability</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr id="xdx_431_c20250101__20251231_ecustom--WarrantLiability_iS_pn3n3_zxvZ8jSTGUxf" style="font: 10pt Times New Roman, Times, Serif; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 42%">Balance at December 31, 2024</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%">$</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: right">3,811</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"> </td></tr> <tr id="xdx_408_eus-gaap--FairValueAdjustmentOfWarrants_pn3n3_uUSD_z1BRwmp7qXy4" style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 10pt; padding-bottom: 1pt">Change in fair value of warrant liability</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">(295</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 1pt">)</td></tr> <tr id="xdx_43F_c20250101__20251231_ecustom--WarrantLiability_iE_pn3n3_z23Fy7UVdCd6" style="font: 10pt Times New Roman, Times, Serif; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">Balance at December 31, 2025</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">$</td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">3,516</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td></tr> </table> Changes in the fair value of the liability-classified warrants are recognized within the gain on warrant liability, a component of other income (expense) in the consolidated statements of operations and comprehensive loss. PPAs Liability As of December 31, 2025, Level 3 liabilities include the Pre-Paid Advance issued to the Company in November 2025 (as further described in Note 7), for which the Company elected the fair value option. The Pre-Paid Advance is classified within Level 3 of the fair value hierarchy as the fair value is derived using a Monte Carlo simulation model in a risk neutral framework, which uses significant unobservable inputs. The significant assumptions used in the valuation model include volatility, expected term, risk-free rates, and credit-adjusted discount rates. <p id="xdx_893_ecustom--ScheduleOfTheChangesInTheFairValueOfPPAsLiabilitiesTableTextBlock_zk4gOPF7ywLl" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 22.3pt">The following table presents the changes in the fair value of Level 3 liabilities for the year ended December 31, 2025 (in thousands): <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 65%; border-collapse: collapse; margin-right: auto"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> Schedule of the changes in the fair value of PPAs liability</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" id="xdx_4B7_us-gaap--FairValueByFairValueHierarchyLevelAxis_us-gaap--FairValueInputsLevel3Member_zOin4Dm2bc5h" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center">PPAs Liability</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td></tr> <tr id="xdx_435_c20250101__20251231_ecustom--PrePaidAdvanceAgreementLiability_iS_pn3n3_zICRkZrXvMg" style="font: 10pt Times New Roman, Times, Serif; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 42%; padding-top: 0.7pt; padding-right: 0.7pt">Balance at December 31, 2024</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">—</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt"> </td></tr> <tr id="xdx_408_ecustom--IssuanceOfPrePaidAdvance_pn3n3_zLAHlruo5th3" style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt; padding-left: 10pt">Issuance of Pre-Paid Advance</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">7,125</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td></tr> <tr id="xdx_40F_ecustom--PartialConversionOfPrePaidAdvanceIntoCommonStock_iN_pn3n3_di_zIbOWQyS8ABf" style="font: 10pt Times New Roman, Times, Serif; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt; padding-left: 10pt">Partial conversion of Pre-Paid Advance into common stock</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">(3,389</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt">)</td></tr> <tr id="xdx_403_ecustom--ChangeInFairValueOfPrePaidAdvance_pn3n3_uUSD_ziutHq0oGCj2" style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt; padding-left: 10pt">Change in fair value of PPAs liability</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">406</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td></tr> <tr id="xdx_43E_c20250101__20251231_ecustom--PrePaidAdvanceAgreementLiability_iE_pn3n3_zkHNtar9nRKe" style="font: 10pt Times New Roman, Times, Serif; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt">Balance at December 31, 2025</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">4,142</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td></tr> </table> Changes in the fair value of the Pre-Paid Advance are recognized within the loss on PPAs liability, a component of other income (expense) on the consolidated statements of operations and comprehensive loss.

<p id="xdx_89C_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_zmJqnkcgkuud" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 22.3pt">The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands): <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto"> <tr style="display: none"> <td style="display: none"> Schedule of fair value assets and liabilities measured on recurring basis</td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_497_20250101__20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zAIc2JnROVt3" style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_49F_20250101__20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zZUsCGuVNphj" style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_496_20250101__20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_z1vdSSNJDlw7" style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_49D_20250101__20251231_zlNZuGry5Tpg" style="display: none"> </td> <td style="display: none"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="14" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center">As of December 31, 2025</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center">Level 1</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center">Level 2</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center">Level 3</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center">Total</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td></tr> <tr id="xdx_408_eus-gaap--AssetsAbstract_iB_z9qL5OtVnrp4" style="font: 10pt Times New Roman, Times, Serif; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt">Assets</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt"> </td></tr> <tr id="xdx_40A_eus-gaap--FairValueOfAssetsAcquired_pn3n3_uUSD_hus-gaap--FairValueByAssetClassAxis__us-gaap--CashAndCashEquivalentsMember_zECw95LLfwn6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; width: 28%; padding-top: 0.7pt; padding-right: 0.7pt; padding-left: 10pt">Cash equivalents</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 10%; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">4,285</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 10%; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">—</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 10%; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">—</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 10%; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">4,285</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt"> </td></tr> <tr id="xdx_408_eus-gaap--LiabilitiesAbstract_iB_pn3n3_zUXes2aIU8d5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt">Liabilities</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td></tr> <tr id="xdx_403_ecustom--FairValueWarrantLiability_pn3n3_uUSD_zBxykrxKu6sc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; padding-left: 10pt">Warrants</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">—</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">—</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">3,516</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">3,516</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td></tr> <tr id="xdx_407_ecustom--PrePaidAdvance_pn3n3_z98Kv19r7MVc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; padding-left: 10pt">Pre-Paid Advance</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">—</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">—</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">4,142</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">4,142</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto"> <tr style="display: none"> <td style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_494_20240101__20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zvQyb9O4hFo2" style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_49A_20240101__20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zxEepL3wGid5" style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_492_20240101__20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zzHZsi2dciO8" style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_496_20240101__20241231_z9R7ms4nEMng" style="display: none"> </td> <td style="display: none"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="14" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center">As of December 31, 2024</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center">Level 1</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center">Level 2</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center">Level 3</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center">Total</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td></tr> <tr id="xdx_408_eus-gaap--AssetsAbstract_iB_zovyVoJNXXKk" style="font: 10pt Times New Roman, Times, Serif; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt">Assets</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt"> </td></tr> <tr id="xdx_40A_eus-gaap--FairValueOfAssetsAcquired_pn3n3_uUSD_hus-gaap--FairValueByAssetClassAxis__us-gaap--CashAndCashEquivalentsMember_zGZeC6bwZmb3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; width: 28%; padding-top: 0.7pt; padding-right: 0.7pt; padding-left: 10pt">Cash equivalents</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 10%; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">38,822</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 10%; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">—</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 10%; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">—</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 10%; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">38,822</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt"> </td></tr> <tr id="xdx_408_eus-gaap--LiabilitiesAbstract_iB_pn3n3_zR8IrTY6ddV9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt">Liabilities</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td></tr> <tr id="xdx_403_ecustom--FairValueWarrantLiability_pn3n3_uUSD_ztCotw3JHvw9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; padding-left: 10pt">Warrants</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">—</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">—</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">3,811</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">3,811</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td></tr> </table>

4285000

3516000 3516000 4142000 4142000

38822000

3811000 3811000

<p id="xdx_89B_eus-gaap--FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputReconciliationTableTextBlock_ziXB8hvNCOy8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 22.3pt; text-align: justify">The significant inputs used in the valuation models to measure the fair value of the warrants are as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 65%; border-collapse: collapse; margin-right: auto"> <tr style="display: none"> <td style="display: none"> Schedule of fair value, net derivative asset (liability) measured on recurring basis, unobservable input reconciliation</td> <td style="display: none"> </td> <td id="xdx_49E_20250101__20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zynFYiCLmf3e" style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_49F_20240101__20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zEJzhOy8yzZb" style="display: none"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center">Valuation Date</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; width: 28%; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center">December 31, 2025</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center">December 31, 2024</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt">Common stock price</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td id="xdx_98E_ecustom--CommonStockPricePerShare_pid_dxL_uUSDPShares_c20250101__20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zr92EKkPp1q3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right" title="Common stock price::XDX::28.39">$28.40</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td id="xdx_98C_ecustom--CommonStockPricePerShare_pid_uUSDPShares_c20240101__20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zqrGPOpm97Mf" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">$29.55</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt">Risk-free rate</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_uPure_c20250101__20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zO7yBdTJNbA6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right" title="Risk-free rate">3.68%</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_uPure_c20240101__20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zIg1o7hRcRSk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right" title="Risk-free rate">4.40%</td></tr> <tr id="xdx_40D_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_z0njdJuGLeGe" style="font: 10pt Times New Roman, Times, Serif; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt">Expected term (in years)</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">4.47</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">5.47</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt">Expected volatility</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_uPure_c20250101__20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zbpgU3kt4dO2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right" title="Expected volatility">103.2%</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_uPure_c20240101__20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zkFEHlgYPev9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right" title="Expected volatility">94.6%</td></tr> <tr id="xdx_408_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dp_uPure_zbtkH9mXo89i" style="font: 10pt Times New Roman, Times, Serif; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt">Dividend yield</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">0.0%</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">0.0%</td></tr> </table>

29.55

0.0368

0.0440

P4Y5M19D

P5Y5M19D

1.032

0.946

0.000

<p id="xdx_89C_ecustom--ScheduleOfTheChangesInTheFairValueOfLiabilitiesTableTextBlock_zR8ycmuJ83Ga" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 22.3pt; text-align: justify">The following table presents the changes in the fair value of Level 3 liabilities for the year ended December 31, 2025 (in thousands): <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 65%; border-collapse: collapse; margin-right: auto"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> Schedule of changes in the fair value of warrant liability</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" id="xdx_4B0_us-gaap--FairValueByFairValueHierarchyLevelAxis_us-gaap--FairValueInputsLevel3Member_zlAK7XzPpCMi" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Warrant Liability</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr id="xdx_431_c20250101__20251231_ecustom--WarrantLiability_iS_pn3n3_zxvZ8jSTGUxf" style="font: 10pt Times New Roman, Times, Serif; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 42%">Balance at December 31, 2024</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%">$</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: right">3,811</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"> </td></tr> <tr id="xdx_408_eus-gaap--FairValueAdjustmentOfWarrants_pn3n3_uUSD_z1BRwmp7qXy4" style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 10pt; padding-bottom: 1pt">Change in fair value of warrant liability</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">(295</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 1pt">)</td></tr> <tr id="xdx_43F_c20250101__20251231_ecustom--WarrantLiability_iE_pn3n3_z23Fy7UVdCd6" style="font: 10pt Times New Roman, Times, Serif; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">Balance at December 31, 2025</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">$</td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">3,516</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td></tr> </table> 3811000

-295000

3516000 <p id="xdx_893_ecustom--ScheduleOfTheChangesInTheFairValueOfPPAsLiabilitiesTableTextBlock_zk4gOPF7ywLl" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 22.3pt">The following table presents the changes in the fair value of Level 3 liabilities for the year ended December 31, 2025 (in thousands): <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 65%; border-collapse: collapse; margin-right: auto"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> Schedule of the changes in the fair value of PPAs liability</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" id="xdx_4B7_us-gaap--FairValueByFairValueHierarchyLevelAxis_us-gaap--FairValueInputsLevel3Member_zOin4Dm2bc5h" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center">PPAs Liability</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td></tr> <tr id="xdx_435_c20250101__20251231_ecustom--PrePaidAdvanceAgreementLiability_iS_pn3n3_zICRkZrXvMg" style="font: 10pt Times New Roman, Times, Serif; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 42%; padding-top: 0.7pt; padding-right: 0.7pt">Balance at December 31, 2024</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">—</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt"> </td></tr> <tr id="xdx_408_ecustom--IssuanceOfPrePaidAdvance_pn3n3_zLAHlruo5th3" style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt; padding-left: 10pt">Issuance of Pre-Paid Advance</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">7,125</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td></tr> <tr id="xdx_40F_ecustom--PartialConversionOfPrePaidAdvanceIntoCommonStock_iN_pn3n3_di_zIbOWQyS8ABf" style="font: 10pt Times New Roman, Times, Serif; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt; padding-left: 10pt">Partial conversion of Pre-Paid Advance into common stock</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">(3,389</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt">)</td></tr> <tr id="xdx_403_ecustom--ChangeInFairValueOfPrePaidAdvance_pn3n3_uUSD_ziutHq0oGCj2" style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt; padding-left: 10pt">Change in fair value of PPAs liability</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">406</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td></tr> <tr id="xdx_43E_c20250101__20251231_ecustom--PrePaidAdvanceAgreementLiability_iE_pn3n3_zkHNtar9nRKe" style="font: 10pt Times New Roman, Times, Serif; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt">Balance at December 31, 2025</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">4,142</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td></tr> </table> 7125000 3389000 406000 4142000

5. Leases The Company has a single operating lease for its corporate headquarters and laboratory space in San Diego, California. In June 2025, the Company entered into an amendment to the lease which reduced the leased space and extended the lease term for the remaining space through November 2030. Pursuant to the amended lease, the Company also has a one-time option to extend the lease term by an additional three years. The amended lease includes certain rent abatement, rent escalations, tenant improvement allowances and additional charges for common area maintenance and other costs. Under the relevant guidance, the Company reassessed the lease classification and remeasured the lease liability as of the effective date of modification and recognized a lease liability and ROU asset of approximately $6.0 million on the Company’s consolidated balance sheets. <p id="xdx_892_eus-gaap--LeaseCostTableTextBlock_ziGpBSQysXt2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 22.3pt; text-align: justify">The components of lease expense included in the Company’s consolidated statements of operations and comprehensive loss include (in thousands): <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 65%; border-collapse: collapse; margin-right: auto"> <tr style="display: none"> <td style="display: none"> Components of lease expense</td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_496_20250101__20251231_zsWHSclODqej" style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_496_20240101__20241231_z5f7Mz7w1fKh" style="display: none"> </td> <td style="display: none"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center">Years ended December 31,</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center">2025</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center">2024</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td></tr> <tr id="xdx_40C_eus-gaap--OperatingLeaseCost_pn3n3_uUSD_zJanT7Bt46fe" style="font: 10pt Times New Roman, Times, Serif; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 34%; padding-top: 0.7pt; padding-right: 0.7pt">Operating lease expense</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 10%; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">1,311</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 10%; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">1,043</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt"> </td></tr> <tr id="xdx_40A_eus-gaap--VariableLeaseCost_pn3n3_uUSD_zJCgzHxP5Ljd" style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt">Variable lease expense</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">568</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">689</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td></tr> <tr id="xdx_404_eus-gaap--LeaseCost_pn3n3_uUSD_zA71KbrImzAj" style="font: 10pt Times New Roman, Times, Serif; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt">Total lease expense, net</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">1,879</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">1,732</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td></tr> </table> Variable lease costs are primarily related to payments made to lessors for common area maintenance, property taxes, insurance, and other operating expenses. The Company did not have any short-term leases or finance leases for the years ended December 31, 2025 and 2024. <p id="xdx_89A_eus-gaap--ScheduleOfInterestRateDerivativesTableTextBlock_zpCBuw7xByK9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 22.3pt; text-align: justify">The weighted average remaining lease term and weighted average discount rate for operating leases were as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 75%; border-collapse: collapse; margin-right: auto"> <tr style="display: none"> <td style="display: none"> Summary of weighted average remaining lease term and weighted average discount rate</td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_491_20251231_z4tMW9xO6LG7" style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_496_20241231_znX1CcMea3a7" style="display: none"> </td> <td style="display: none"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="6" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">December 31,</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2025</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2024</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr id="xdx_40D_eus-gaap--OperatingLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_zNc2HDr91enh" style="font: 10pt Times New Roman, Times, Serif; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 44%">Weighted average remaining lease term (in years)</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 10%; text-align: right">4.9</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 10%; text-align: right">0.5</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"> </td></tr> <tr id="xdx_407_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_uPure_zL2BSjnUzyof" style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">Weighted average discount rate percentage</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">9.00</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">%</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">3.50</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">%</td></tr> </table> <p id="xdx_897_eus-gaap--ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock_zonOPwk74r6e" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 22.3pt; text-align: justify">Supplemental cash flow information related to leases under which the Company is the lessee was as follows (amounts in thousands): <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 75%; border-collapse: collapse; margin-right: auto"> <tr style="display: none"> <td style="display: none"> Supplemental cash flow information related to leases</td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_496_20250101__20251231_zAO2gG9NnIAd" style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_496_20240101__20241231_zqbkCslH2Os" style="display: none"> </td> <td style="display: none"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center">Years ended December 31,</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center">2025</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center">2024</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td></tr> <tr id="xdx_406_eus-gaap--OperatingLeasePayments_pn3n3_uUSD_zFd4SHS76Dug" style="font: 10pt Times New Roman, Times, Serif; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 44%; padding-top: 0.7pt; padding-right: 0.7pt">Cash paid for amounts included in the measurement of operating leases</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 10%; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">967</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 10%; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">1,685</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt"> </td></tr> </table> <p id="xdx_89A_eus-gaap--LesseeOperatingLeaseLiabilityMaturityTableTextBlock_zkywW969Bl6f" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 22.3pt; text-align: justify">Maturities of operating lease liabilities as of December 31, 2025 were as follows (in thousands): <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 65%; border-collapse: collapse; margin-right: auto"> <tr style="display: none"> <td style="display: none"> Maturities of operating lease liabilities</td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_492_20251231_ztJ25SRmETp1" style="display: none"> </td> <td style="display: none"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt">Years ending December 31:</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center">Operating lease</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td></tr> <tr id="xdx_40B_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_pn3n3_uUSD_zKguKdvZiBkb" style="font: 10pt Times New Roman, Times, Serif; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 45%; padding-top: 0.7pt; padding-right: 0.7pt">2026</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 12%; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">1,484</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt"> </td></tr> <tr id="xdx_409_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_pn3n3_uUSD_zwDIzcrh6Vf7" style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt">2027</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">1,528</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td></tr> <tr id="xdx_401_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_iI_pn3n3_uUSD_zSHhP5oDixeh" style="font: 10pt Times New Roman, Times, Serif; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt">2028</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">1,574</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td></tr> <tr id="xdx_40E_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFour_iI_pn3n3_uUSD_z81XxEtnM431" style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt">2029</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">1,621</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td></tr> <tr id="xdx_401_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFive_iI_pn3n3_uUSD_zC6yqxtA7lok" style="font: 10pt Times New Roman, Times, Serif; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt">2030</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">1,529</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td></tr> <tr id="xdx_40E_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iI_pn3n3_uUSD_zYAymAS1oxUe" style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt">Total future lease payments</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">7,736</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td></tr> <tr id="xdx_404_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_pn3n3_di_uUSD_zoOi6N6uABX3" style="font: 10pt Times New Roman, Times, Serif; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt">Less imputed interest</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">(1,536</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt">)</td></tr> <tr id="xdx_408_eus-gaap--OperatingLeaseLiability_iI_pn3n3_uUSD_zFxXDent4hb1" style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt">Total operating lease liabilities</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">6,200</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td></tr> </table>

<p id="xdx_892_eus-gaap--LeaseCostTableTextBlock_ziGpBSQysXt2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 22.3pt; text-align: justify">The components of lease expense included in the Company’s consolidated statements of operations and comprehensive loss include (in thousands): <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 65%; border-collapse: collapse; margin-right: auto"> <tr style="display: none"> <td style="display: none"> Components of lease expense</td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_496_20250101__20251231_zsWHSclODqej" style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_496_20240101__20241231_z5f7Mz7w1fKh" style="display: none"> </td> <td style="display: none"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center">Years ended December 31,</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center">2025</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center">2024</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td></tr> <tr id="xdx_40C_eus-gaap--OperatingLeaseCost_pn3n3_uUSD_zJanT7Bt46fe" style="font: 10pt Times New Roman, Times, Serif; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 34%; padding-top: 0.7pt; padding-right: 0.7pt">Operating lease expense</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 10%; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">1,311</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 10%; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">1,043</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt"> </td></tr> <tr id="xdx_40A_eus-gaap--VariableLeaseCost_pn3n3_uUSD_zJCgzHxP5Ljd" style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt">Variable lease expense</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">568</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">689</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td></tr> <tr id="xdx_404_eus-gaap--LeaseCost_pn3n3_uUSD_zA71KbrImzAj" style="font: 10pt Times New Roman, Times, Serif; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt">Total lease expense, net</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">1,879</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">1,732</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td></tr> </table>

1311000

1043000

568000

689000

1879000

1732000

<p id="xdx_89A_eus-gaap--ScheduleOfInterestRateDerivativesTableTextBlock_zpCBuw7xByK9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 22.3pt; text-align: justify">The weighted average remaining lease term and weighted average discount rate for operating leases were as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 75%; border-collapse: collapse; margin-right: auto"> <tr style="display: none"> <td style="display: none"> Summary of weighted average remaining lease term and weighted average discount rate</td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_491_20251231_z4tMW9xO6LG7" style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_496_20241231_znX1CcMea3a7" style="display: none"> </td> <td style="display: none"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="6" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">December 31,</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2025</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2024</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr id="xdx_40D_eus-gaap--OperatingLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_zNc2HDr91enh" style="font: 10pt Times New Roman, Times, Serif; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 44%">Weighted average remaining lease term (in years)</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 10%; text-align: right">4.9</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 10%; text-align: right">0.5</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"> </td></tr> <tr id="xdx_407_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_uPure_zL2BSjnUzyof" style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">Weighted average discount rate percentage</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">9.00</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">%</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">3.50</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">%</td></tr> </table>

P4Y10M24D

P0Y6M

0.0900

0.0350

<p id="xdx_897_eus-gaap--ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock_zonOPwk74r6e" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 22.3pt; text-align: justify">Supplemental cash flow information related to leases under which the Company is the lessee was as follows (amounts in thousands): <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 75%; border-collapse: collapse; margin-right: auto"> <tr style="display: none"> <td style="display: none"> Supplemental cash flow information related to leases</td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_496_20250101__20251231_zAO2gG9NnIAd" style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_496_20240101__20241231_zqbkCslH2Os" style="display: none"> </td> <td style="display: none"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center">Years ended December 31,</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center">2025</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center">2024</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td></tr> <tr id="xdx_406_eus-gaap--OperatingLeasePayments_pn3n3_uUSD_zFd4SHS76Dug" style="font: 10pt Times New Roman, Times, Serif; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 44%; padding-top: 0.7pt; padding-right: 0.7pt">Cash paid for amounts included in the measurement of operating leases</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 10%; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">967</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 10%; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">1,685</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt"> </td></tr> </table>

967000

1685000

<p id="xdx_89A_eus-gaap--LesseeOperatingLeaseLiabilityMaturityTableTextBlock_zkywW969Bl6f" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 22.3pt; text-align: justify">Maturities of operating lease liabilities as of December 31, 2025 were as follows (in thousands): <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 65%; border-collapse: collapse; margin-right: auto"> <tr style="display: none"> <td style="display: none"> Maturities of operating lease liabilities</td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_492_20251231_ztJ25SRmETp1" style="display: none"> </td> <td style="display: none"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt">Years ending December 31:</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center">Operating lease</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td></tr> <tr id="xdx_40B_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_pn3n3_uUSD_zKguKdvZiBkb" style="font: 10pt Times New Roman, Times, Serif; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 45%; padding-top: 0.7pt; padding-right: 0.7pt">2026</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 12%; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">1,484</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt"> </td></tr> <tr id="xdx_409_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_pn3n3_uUSD_zwDIzcrh6Vf7" style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt">2027</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">1,528</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td></tr> <tr id="xdx_401_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_iI_pn3n3_uUSD_zSHhP5oDixeh" style="font: 10pt Times New Roman, Times, Serif; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt">2028</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">1,574</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td></tr> <tr id="xdx_40E_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFour_iI_pn3n3_uUSD_z81XxEtnM431" style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt">2029</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">1,621</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td></tr> <tr id="xdx_401_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFive_iI_pn3n3_uUSD_zC6yqxtA7lok" style="font: 10pt Times New Roman, Times, Serif; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt">2030</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">1,529</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td></tr> <tr id="xdx_40E_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iI_pn3n3_uUSD_zYAymAS1oxUe" style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt">Total future lease payments</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">7,736</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td></tr> <tr id="xdx_404_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_pn3n3_di_uUSD_zoOi6N6uABX3" style="font: 10pt Times New Roman, Times, Serif; background-color: #CFF0FC"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt">Less imputed interest</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">(1,536</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt">)</td></tr> <tr id="xdx_408_eus-gaap--OperatingLeaseLiability_iI_pn3n3_uUSD_zFxXDent4hb1" style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt">Total operating lease liabilities</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">6,200</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td></tr> </table>

1484000

1528000

1574000

1621000

1529000

7736000

1536000

6200000

6. Commitments and Contingencies From time to time, the Company may be subject to various claims and suits arising in the ordinary course of business. The Company is not currently a party to any legal proceedings the outcome of which the Company believes, if determined adversely to the Company, would individually or in the aggregate have a material adverse effect on the Company’s business, operating results or financial condition.

7. Pre-Paid Advance In November 2025, the Company closed on the PPAs with YA II PN, Ltd. (“Yorkville”), Anson Investments Master Fund LP and Anson East Master Fund LP (collectively, the “Anson Funds” and together with Yorkville, the “Investors”). Pursuant to the PPAs, the Investors agreed to provide the Company with the Pre-Paid Advance consisting of an aggregate principal amount of $7.5 million, at a purchase price equal to <span id="xdx_900_ecustom--DebtInstrumentCarryingAmountPercentageOfFaceAmount_iI_pid_uPure_c20251130__us-gaap--FinancialInstrumentAxis__custom--PrePaidAdvanceAgreementsMember_zrPMTWPKiAya" title="Purchase price discount">95% of the face amount. The purchase resulted in gross proceeds to the Company of $<span id="xdx_90D_ecustom--GrossProceedsFromPrePaidAdvanceAgreements_pn4n6_uUSD_c20250101__20251231__us-gaap--FinancialInstrumentAxis__custom--PrePaidAdvanceAgreementsMember_zJtdLokA9CQg" title="Gross proceeds to the Company">7.13 million. The Pre-Paid Advance matures on November 21, 2026, and accrues interest at 4% per annum, subject to an increase to <span id="xdx_905_ecustom--DefaultInterestRatePercentage_iI_pid_dp_uPure_c20251130__us-gaap--FinancialInstrumentAxis__custom--PrePaidAdvanceAgreementsMember_zYWiTJWaHoIc" title="Default interest rate percentage">18% upon certain Events of Default (as defined in the PPAs). The Company may, at its option, on any date the VWAP of the Company’s common stock is less than the Fixed Price, prepay all or part of the outstanding Pre-Paid Advance, plus a <span id="xdx_907_ecustom--DebtInstrumentPrepaymentPremiumPercentage_iI_pid_dp_uPure_c20251130__us-gaap--FinancialInstrumentAxis__custom--PrePaidAdvanceAgreementsMember_zCObDFlP66Ij" title="Prepayment premium">10% premium and any accrued and unpaid interest. The Pre-Paid Advance may be repaid in cash or, at each Investor’s option via written notice (each, a “Purchase Notice”), converted into shares of the Company’s common stock at a purchase price per share equal to the lower of (a) $69.50 (the “Fixed Price”) and (b) 95% of the lowest daily volume weighted average price (“VWAP”) of the Company’s common stock for the seven trading days preceding the Purchase Notice (such price, the “Market Price”), at all times subject to a floor of $11.50 (the “Floor Price”). The Investors may also elect to use the Fixed Price in any Purchase Notice even if it is greater or less than the Market Price. The issuance of shares under the PPAs is subject to further limitations and conditions, including that the shares of common stock beneficially owned by each Investor and its affiliates at any one time will not exceed 4.99% of the then-outstanding shares of the Company’s common stock. Pursuant to the rules of The Nasdaq Capital Market, the total aggregate number of shares issuable under the terms of the PPAs and the SEPA (as defined in Note 8) was initially limited to a number equivalent to <span id="xdx_907_ecustom--PercentageOfOutstandingCommonStock_iI_pid_dp_uPure_c20251130__us-gaap--FinancialInstrumentAxis__custom--PrePaidAdvanceAgreementsMember_zlFr2gnPiOXi" title="Percentage of outstanding common stock for exchange cap">19.99% of the outstanding shares of the common stock as of November 17, 2025 (the “Exchange Cap”). On December 30, 2025, the Company’s stockholders’ approved the issuance of shares under the PPAs and the SEPA in excess of the Exchange Cap. In the event certain events occur, including (i) the failure to maintain a closing stock price greater than the Floor Price for any five of seven consecutive trading days, (ii) any of the shares to be issued pursuant to the PPAs are not eligible to be sold pursuant to an effective registration statement for a period of 10 consecutive trading days or (iii) the Company has issued substantially all of the shares available under the Exchange Cap (as defined below) (the date on which any event described in (i) through (iii) occurs, the “Amortization Event Date”), the Company will be required to make monthly cash payments equal to the lesser of 18% of each Investor’s respective initial Pre-Paid Advance amount, or the outstanding principal balance of such Pre-Paid Advance on the Amortization Event Date, plus a 10% payment premium and any accrued and unpaid interest. Such payments will continue until either all amounts outstanding under the Pre-Paid Advance are paid in full or certain cure conditions have been met. As a result of the Company’s election to account for the Pre-Paid Advance under the fair value option in ASC 825, the Pre-Paid Advance was initially recorded at fair value at issuance and is remeasured to fair value at each reporting date, with changes in fair value recognized in earnings within the loss on PPAs liability on the consolidated statements of operations and comprehensive loss. The Company estimates the fair value of the Pre-Paid Advance using the Monte Carlo simulation model, which uses significant unobservable inputs (Level 3). See Note 4 for significant assumptions used in determining the fair value. The Company incurred issuance costs of $0.7 million, which were expensed as incurred, as required under the fair value option, and such costs are presented within other income (expense) on the consolidated statements of operations and comprehensive loss. From the issuance date to December 31, 2025, the Company issued common stock to the Investors in settlement of approximately $3.1 million in principal and accrued interest under the Pre-Paid Advance. The remaining principal and accrued interest under the Pre-Paid Advance has been converted into common stock as of March 2026 (refer to Note 14). As of December 31, 2025, the outstanding principal balance of the Pre-Paid Advance was $4.5 million. The Pre-Paid Advance had a fair value of $4.1 million as of that date and is classified as a current obligation in the accompanying consolidated balance sheets.

7500000

0.95 7130000

2026-11-21

0.04

0.18 0.10

69.50

0.95 0.1999 In the event certain events occur, including (i) the failure to maintain a closing stock price greater than the Floor Price for any five of seven consecutive trading days, (ii) any of the shares to be issued pursuant to the PPAs are not eligible to be sold pursuant to an effective registration statement for a period of 10 consecutive trading days or (iii) the Company has issued substantially all of the shares available under the Exchange Cap (as defined below) (the date on which any event described in (i) through (iii) occurs, the “Amortization Event Date”), the Company will be required to make monthly cash payments equal to the lesser of 18% of each Investor’s respective initial Pre-Paid Advance amount, or the outstanding principal balance of such Pre-Paid Advance on the Amortization Event Date, plus a 10% payment premium and any accrued and unpaid interest. Such payments will continue until either all amounts outstanding under the Pre-Paid Advance are paid in full or certain cure conditions have been met.

700000

3100000

4500000

4100000

8. Stockholders’ Equity Description of securities of Delaware corporation The Company is authorized to issue 200,000,000 shares of preferred stock, par value $0.0001 per share, 350,000,000 shares of common stock, par value $0.0001 per share, and 15,368,569 shares of Class B common stock, par value $0.0001 per share. Dividends Subject to preferences that may be applicable to any outstanding shares of preferred stock, holders of the Company’s common stock and Class B common stock are entitled to receive dividends only if declared from time to time by the Company’s board of directors out of assets which are legally available. Liquidation preferences Upon any liquidation, dissolution or winding-up of the Company, holders of the Company’s common stock and Class B common stock are entitled to share ratably in all assets remaining after payment of all liabilities and the liquidation preferences of any of our outstanding shares of preferred stock. Conversion Holders of the Company’s common stock have no conversion rights, while holders of the Company’s Class B common stock shall have the right to convert each share of Class B common stock into one share of common stock at such holder’s election, provided that as a result of such conversion, such holder would not beneficially own in excess of 4.99% of any class of the Company’s securities registered under the Securities Exchange Act of 1934, as amended, unless otherwise as expressly provided for in the Company’s amended and restated certificate of incorporation. This ownership limitation may be increased or decreased to any other percentage designated by such holder of Class B common stock upon <span id="xdx_90D_ecustom--PeriodRelatedToChangingOfOwnershipLimitationPercentageDesignatedByClassBCommonStockHolder_dtD_c20250101__20251231_zGjOC2omcPC9" title="Period related to changing of ownership limitation percentage designated by Class B common stock holder">61 days’ notice to the Company. Voting rights Except as otherwise expressly provided in the Company’s amended and restated certificate of incorporation or as required by applicable law, on any matter that is submitted to a vote by the Company’s stockholders, holders of the Company’s common stock are entitled to one vote per share of common stock, and holders of the Company’s Class B common stock are not entitled to any votes per share of Class B common stock, including for the election of directors. November 2025 Standby Equity Purchase Agreement In November 2025, in connection with the entry into the PPAs (as defined in Note 1), the Company entered into a Standby Equity Purchase Agreement (the “SEPA”) with Yorkville pursuant to which the Company has the right to sell to Yorkville up to $15.0 million of shares of common stock (the “Commitment Amount”, and such shares, the “SEPA Shares”), over a 36-month period. Sales of SEPA Shares to Yorkville and the timing of any such sales are at the Company’s option, and the Company is under no obligation to sell such shares to Yorkville. The SEPA will automatically terminate on the earliest to occur of (i) the 36-month anniversary of the effective date or (ii) the date on which Yorkville has purchased SEPA Shares equal to the Commitment Amount. The Company has the right to terminate the SEPA at no cost or penalty with five trading days’ written notice. The Company and Yorkville may also agree to terminate the SEPA by mutual written consent. Each advance (each, a “SEPA Advance”) the Company requests from Yorkville may be for a number of SEPA Shares up to <span id="xdx_90D_ecustom--PercentageOfAverageDailyTradingVolume_iI_pid_uPure_c20251130__us-gaap--PlanNameAxis__custom--StandbyEquityPurchaseAgreementMember_zkMLisgVKuje" title="Percentage of average daily trading volume">100% of the average daily trading volume of the Company’s common stock on The Nasdaq Capital Market during the five trading days immediately prior to the date of the Company’s request. The SEPA Shares delivered by the Company will be purchased by Yorkville at a price equal to <span id="xdx_907_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardPurchasePriceOfCommonStockPercent_pid_dp_uPure_c20251130__20251130__us-gaap--PlanNameAxis__custom--StandbyEquityPurchaseAgreementMember_zOmeAZ4QUXx9" title="Purchase common stock through payroll deductions of up to compensations, percent">97% of the lowest daily VWAP of the Company’s common stock during the three trading days prior to the request, subject to a minimum price that may be specified in the Company’s request. The Company may not request a SEPA Advance until all amounts outstanding under the Pre-Paid Advance (as defined in Note 1) have been repaid in full, unless an Amortization Event (as defined in Note 7) has occurred and is continuing, provided that all proceeds from any such SEPA Advance are used to repay the obligations outstanding under the Pre-Paid Advance. The issuance of shares under the SEPA is subject to further limitations and conditions, including that the shares of common stock beneficially owned by each Investor and its affiliates at any one time will not exceed <span id="xdx_90B_ecustom--PercentageOfOutstandingCommonStock_iI_c20251130__us-gaap--PlanNameAxis__custom--StandbyEquityPurchaseAgreementMember__srt--RangeAxis__srt--MaximumMember_zqEALE9NUCl2" title="Percentage of outstanding common stock">4.99% of the then-outstanding shares of the Company’s common stock. Pursuant to the rules of The Nasdaq Capital Market, the total aggregate number of shares issuable under the terms of the PPAs (as defined in Note 7) and the SEPA was initially limited to a number equivalent to <span id="xdx_903_ecustom--PercentageOfOutstandingCommonStockForExchangeCap_iI_c20251130__us-gaap--PlanNameAxis__custom--StandbyEquityPurchaseAgreementMember_zCeNISgvY6Yg" title="Percentage of outstanding common stock for exchange cap">19.99% of the outstanding shares of the common stock as of November 17, 2025 (the “Exchange Cap”). On December 30, 2025, the Company’s stockholders approved the issuance of shares under the PPAs and the SEPA in excess of the Exchange Cap. As consideration for Yorkville’s commitment to purchase SEPA Shares, the Company paid Yorkville a cash structuring fee and issued 4,868 shares of common stock to Yorkville. Such fees, totaling approximately $<span id="xdx_909_ecustom--StandbyEquityPurchaseAgreementFees_pn5n6_c20250101__20251231__us-gaap--PlanNameAxis__custom--StandbyEquityPurchaseAgreementMember_zsAVD1PA7OJa" title="Standby equity purchase agreement fees">0.3 million, were expensed as incurred and are presented as a component of other income (expense) on the consolidated statements of operations and comprehensive loss. During the year ended December 31, 2025, no SEPA Shares were sold under the SEPA. December 2024 Offering and Warrant Issuance In December 2024, the Company closed on an offering (the “December 2024 Offering”) of 193,581 shares of common stock at a price of $47.60 per share with accompanying warrants to purchase up to <span id="xdx_90D_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pid_c20241231__us-gaap--PlanNameAxis__custom--DecemberTwoThousandTwentyFourOfferingMember_z1maV6Z15Ho8" title="Purchase of common stock by warrants">193,581 shares of common stock, which have an exercise price of $<span id="xdx_90F_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_uUSDPShares_c20241231__us-gaap--PlanNameAxis__custom--DecemberTwoThousandTwentyFourOfferingMember_zdwud4sGbg14" title="Warrants excercise price">59.50 per share (the “Warrants”). The gross proceeds from the December 2024 Offering were approximately $9.2 million, before deducting $0.7 million of placement agent fees and other offering expenses payable by the Company. As discussed in Note 4, the Company recorded a liability at fair value related to the issuance of the Warrants, with changes in fair value each reporting period recognized as a component of other income (loss) in the Company’s consolidated statements of operations and comprehensive loss. The accompanying Warrants became exercisable on June 20, 2025 and will expire five years from the date of initial exercisability. There were <span id="xdx_90C_ecustom--ClassOfWarrantOrRightOutstandingAndExercisable_iI_pid_c20251231__us-gaap--PlanNameAxis__custom--DecemberTwoThousandTwentyFourOfferingMember_zX5NkRUt4eHh" title="Class of Warrant or Right, Outstanding and Exercisable">193,581 Warrants outstanding and exercisable at December 31, 2025. 2020 Equity Incentive Plan On October 29, 2020, the Company’s board of directors approved the adoption of the BioAtla, Inc. 2020 Equity Incentive Plan (the “2020 Plan”) and approved certain amendments to the 2020 Plan in December 2020. The Company’s stockholders approved the 2020 Plan, as amended, in December 2020. Under the 2020 Plan, the Company may grant awards of common stock to the Company’s employees, consultants and non-employee directors pursuant to option awards, stock appreciation rights awards, restricted stock awards, restricted stock unit awards, performance stock awards, performance stock unit awards and other stock-based awards. As of December 31, 2025 and 2024, the total number of common shares authorized for issuance under the 2020 Plan was <span id="xdx_904_ecustom--CommonSharesAuthorizedForIssuance_iI_c20251231__us-gaap--PlanNameAxis__custom--TwoThousandTwentyEquityIncentivePlanMember_zBkCPZNE8Ri" title="Common shares authorized for issuance">245,477 and <span id="xdx_907_ecustom--CommonSharesAuthorizedForIssuance_iI_c20241231__us-gaap--PlanNameAxis__custom--TwoThousandTwentyEquityIncentivePlanMember_zlCp6LV3Ojag" title="Common shares authorized for issuance">214,708, respectively. On January 1st of each year, commencing with the first January 1st following the effective date of the 2020 Plan, the shares authorized for issuance under the 2020 Plan shall be increased by the number of shares equal to the lesser of 4% of the total number of shares outstanding on the immediately preceding December 31st and such lesser number of shares determined by the Company’s board of directors. The maximum term of the options granted under the 2020 Plan is no more than <span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights_c20250101__20251231__us-gaap--PlanNameAxis__custom--TwoThousandTwentyEquityIncentivePlanMember_zfhOlb18tqPe" title="Vesting terms, description">ten years. Awards under the 2020 Plan generally vest at <span id="xdx_902_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage_c20250101__20251231__us-gaap--PlanNameAxis__custom--TwoThousandTwentyEquityIncentivePlanMember_zRXPyZEjg7q4" title="Vesting percentage">25% one year from the vesting commencement date and ratably each month thereafter for a period of <span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_dtM_c20250101__20251231__us-gaap--PlanNameAxis__custom--TwoThousandTwentyEquityIncentivePlanMember_zAwj8VTb4ERj" title="Vesting period">36 months, subject to continuous service. On February 26, 2023, the Compensation Committee of the Company’s board of directors approved a modification to the Company’s 2020 Plan to allow vesting of RSUs or stock options, as applicable, subject to the grantee’s continued service to the Company and/or one of its subsidiaries as an employee, non-employee director, or independent contractor. <p id="xdx_898_eus-gaap--ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock_z2trZRs0TGM2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 22pt">Stock-based compensation expense recognized for all equity awards under the 2020 Plan has been reported in the consolidated statements of operations and comprehensive loss as follows (in thousands): <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 60%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="text-align: center"> Schedule of stock-based compensation expense</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Years ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 30%; text-align: left">Research and development</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eus-gaap--ShareBasedCompensation_pn3n3_c20250101__20251231__us-gaap--NatureOfExpenseAxis__custom--ResearchAndDevelopmentMember_zjTfxKGRyxci" style="width: 12%; text-align: right">2,199</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_983_eus-gaap--ShareBasedCompensation_pn3n3_c20240101__20241231__us-gaap--NatureOfExpenseAxis__custom--ResearchAndDevelopmentMember_zhrk730aFTz6" style="width: 12%; text-align: right">4,238</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">General and administrative</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensation_pn3n3_c20250101__20251231__us-gaap--NatureOfExpenseAxis__custom--GeneralAndAdministrativeMember_zectnpUtrO08" style="border-bottom: Black 1pt solid; text-align: right">3,235</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensation_pn3n3_c20240101__20241231__us-gaap--NatureOfExpenseAxis__custom--GeneralAndAdministrativeMember_zWeBiHKEMke7" style="border-bottom: Black 1pt solid; text-align: right">4,683</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98A_eus-gaap--ShareBasedCompensation_pn3n3_c20250101__20251231_zCOX5Arh55Ub" style="border-bottom: Black 2.5pt double; text-align: right" title="Stock-based compensation">5,434</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98A_eus-gaap--ShareBasedCompensation_pn3n3_c20240101__20241231_zy4psY6PBWw" style="border-bottom: Black 2.5pt double; text-align: right" title="Stock-based compensation">8,921</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Restricted Stock Units <p id="xdx_89D_eus-gaap--ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivityTableTextBlock_z2pAaQkPje9e" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 22.3pt">The following table summarizes RSU activity under the 2020 Plan for the year ended December 31, 2025: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 70%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="text-align: center"> Summary of restricted stock units </td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Number of Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Weighted - Average Grant Date Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 33%; text-align: left">Outstanding at December 31, 2024</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_pid_uShares_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zpYRJ7N4pQVb" style="width: 15%; text-align: right" title="Number of shares, Outstanding at beginning">31,060</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_uUSDPShares_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zyAN579rLzHf" style="width: 15%; text-align: right" title="Weighted - Average Grant Date Fair Value, beginning">124.00</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0.125in">Granted</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_uShares_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zA2I6b87ISk6" style="text-align: right" title="Number of shares, Granted">37,260</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zNRDk2CZIMJe" style="text-align: right" title="Weighted - Average Grant Date Fair Value, Granted">16.00</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0.125in">Vested</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_pid_di_uShares_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zFyyEm7PgCge" style="text-align: right" title="Number of shares, Vested">(14,565</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zKkQ94oNqY04" style="text-align: right" title="Weighted - Average Grant Date Fair Value, Vested">119.00</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0.125in">Forfeited</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_iN_pid_di_uShares_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zLBJKeKcgPJ6" style="border-bottom: Black 1pt solid; text-align: right" title="Number of shares, Forfeited">(5,077</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left">$</td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zBomdzWXZeyh" style="text-align: right" title="Weighted - Average Grant Date Fair Value, Forfeited">54.50</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Outstanding at December 31, 2025</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_pid_dxL_uShares_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zzYcSSm4X1nj" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of shares, Outstanding at ending::XDX::49254">48,678</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left">$</td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_pid_dxL_uUSDPShares_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_z0XyeDKURUdf" style="text-align: right" title="Weighted - Average Grant Date Fair Value, ending::XDX::58.95">50.00</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> As of December 31, 2025, total unrecognized stock-based compensation expense for RSUs was $<span id="xdx_90B_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions_iI_pn5n6_c20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zfGbDbNFmGvb" title="Stock-based compensation expense">2.2 million, which is expected to be recognized over a remaining weighted-average period of approximately <span id="xdx_904_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_dtY_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zXWxIpBhL387" title="Weighted-average period">2.7 years. Stock Options <p id="xdx_89A_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_zPf45HrtBjt" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 22.3pt; text-align: justify">The following table summarizes stock option activity under the 2020 Plan for the year ended December 31, 2025: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> Summary of stock option activity </td> <td style="padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center">Number of Options</td> <td style="padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td> <td style="padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center">Weighted - Average Exercise Price Per Share</td> <td style="padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td> <td style="padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center">Weighted - Average Remaining Contractual Term (in years)</td> <td style="padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td> <td style="padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center">Aggregate Intrinsic Value (in thousands)</td> <td style="padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt">Balance at December 31, 2024</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_uShares_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_ztWByvC8QC53" style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right" title="Number of Options, Beginning balance">121,920</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_uUSDPShares_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zgKATzQMaCJ5" style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right" title="Weighted - Average Exercise Price Per Share, Beginning balance">382.50</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" id="xdx_98C_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20240101__20241231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zPgKL5WUAac2" style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right" title="Weighted - Average Remaining Contractual Term (In Years)">7.59</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_pn3n3_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zVYjxjnQrZKd" style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right" title="Aggregate Intrinsic Value, Beginning balance">—</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td></tr> <tr style="background-color: White"> <td style="vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt; padding-left: 10pt">Granted</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_uShares_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_z9ZcS81VtHOh" style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right" title="Number of Options, Granted">180</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_uUSDPShares_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zuxZUzUxLk6l" style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right" title="Weighted - Average Exercise Price Per Share, Granted">34.00</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt; padding-left: 10pt">Exercised</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td id="xdx_985_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_pid_uShares_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zz1e8W8UPj3l" style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right" title="Number of Options, Exercised">—</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_pid_uUSDPShares_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zmfIl50G9qc" style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right" title="Weighted - Average Exercise Price Per Share, Exercised">—</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td></tr> <tr style="background-color: White"> <td style="vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt; padding-left: 10pt">Forfeited</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_iN_pid_di_uShares_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_z6mzL34PhWld" style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right" title="Number of Options, Forfeited">(3,011</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt">)</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_pid_uUSDPShares_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zc5vmUgEmCh3" style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right" title="Weighted - Average Exercise Price Per Share, Forfeited">277.00</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="padding: 0.7pt 0.7pt 1pt 10pt; vertical-align: top">Expired</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; padding-bottom: 1pt; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod_iN_pid_di_uShares_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zrmnH4sst6Sl" style="border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right" title="Number of Options, Expired">(1,507</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; padding-bottom: 1pt">)</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; padding-bottom: 1pt"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice_pid_uUSDPShares_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zCAos32LLzC3" style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right" title="Weighted - Average Exercise Price Per Share, Expired">424.00</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; padding-bottom: 1pt"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; padding-bottom: 1pt"> </td> <td colspan="2" style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right; padding-bottom: 1pt"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; padding-bottom: 1pt"> </td> <td colspan="2" style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right; padding-bottom: 1pt"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right; padding-bottom: 1pt"> </td></tr> <tr style="background-color: White"> <td style="vertical-align: top; width: 38%; padding-top: 0.7pt; padding-right: 0.7pt; padding-bottom: 2.5pt">Balance at December 31, 2025</td> <td style="vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; vertical-align: bottom; width: 1%; padding-bottom: 2.5pt; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_dxL_uShares_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zTHZV2DNVx46" style="border-bottom: Black 2.5pt double; vertical-align: bottom; width: 13%; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right" title="Number of Options, Ending balance::XDX::117703">117,582</td> <td style="vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt; padding-bottom: 2.5pt"> </td> <td style="vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt; padding-bottom: 2.5pt"> </td> <td style="vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_dxL_uUSDPShares_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zU9uLtKDDP6k" style="vertical-align: bottom; width: 12%; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right" title="Weighted - Average Exercise Price Per Share, Ending balance::XDX::393.71">384.00</td> <td style="vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt; padding-bottom: 2.5pt"> </td> <td style="vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt; padding-bottom: 2.5pt"> </td> <td style="vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt; padding-bottom: 2.5pt"> </td> <td style="vertical-align: bottom; width: 13%; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"><span id="xdx_902_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zfoxLG119uK6">6.43</td> <td style="vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt; padding-bottom: 2.5pt"> </td> <td style="vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt; padding-bottom: 2.5pt"> </td> <td style="vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_pn3n3_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zkD0VpbxkyUe" style="vertical-align: bottom; width: 12%; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right; padding-bottom: 2.5pt" title="Aggregate Intrinsic Value, Ending balance">—</td> <td style="vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt; padding-bottom: 2.5pt"> </td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt; padding-bottom: 2.5pt">Vested and expected to vest at December 31, 2025</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; vertical-align: bottom; padding-bottom: 2.5pt; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber_iI_pid_uShares_c20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zWNd97hpNHv3" style="border-bottom: Black 2.5pt double; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right" title="Number of Options, Vested">117,582</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; padding-bottom: 2.5pt"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; padding-bottom: 2.5pt"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice_iI_pid_uUSDPShares_c20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zokRqt9o2EXj" style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right" title="Weighted - Average Exercise Price Per Share, Vested">384.00</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; padding-bottom: 2.5pt"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; padding-bottom: 2.5pt"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; padding-bottom: 2.5pt"> </td> <td id="xdx_988_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1_dtY_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zp6HfYLNOxn5" style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right" title="Weighted - Average Remaining Contractual Term (In Years), Vested">6.43</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; padding-bottom: 2.5pt"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; padding-bottom: 2.5pt"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right; padding-bottom: 2.5pt">—</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; padding-bottom: 2.5pt"> </td></tr> <tr style="background-color: White"> <td style="vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt; padding-bottom: 2.5pt">Exercisable at December 31, 2025</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; vertical-align: bottom; padding-bottom: 2.5pt; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iI_pid_uShares_c20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zPwZuI6ZLjxh" style="border-bottom: Black 2.5pt double; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right" title="Number of Options, Exercisable">97,973</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; padding-bottom: 2.5pt"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; padding-bottom: 2.5pt"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iI_pid_uUSDPShares_c20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_z1KwVWzvP82l" style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right" title="Weighted - Average Exercise Price Per Share, Exercisable">421.00</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; padding-bottom: 2.5pt"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; padding-bottom: 2.5pt"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; padding-bottom: 2.5pt"> </td> <td id="xdx_98B_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtY_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zPhSZwnuQs3l" style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right" title="Weighted - Average Remaining Contractual Term (In Years), Exercisable">6.29</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; padding-bottom: 2.5pt"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; padding-bottom: 2.5pt"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right; padding-bottom: 2.5pt">—</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; padding-bottom: 2.5pt"> </td></tr> </table> As of December 31, 2025, total unrecognized stock-based compensation cost for unvested common stock options was $<span id="xdx_90C_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions_iI_pn5n6_c20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zJ2pSh1ToCwk" title="Share-based payment arrangement, nonvested award, option, cost not yet recognized, amount">2.7 million, which is expected to be recognized over a remaining weighted-average period of approximately <span id="xdx_907_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_dtY_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zDsnpwofxfBb" title="Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition">1.1 years. The weighted- average grant date fair value of stock options granted during the years ended December 31, 2025 and 2024 was $<span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zd7gsO86pTO9" title="Share-based compensation arrangement by share based payment award options grants in period weighted average grant date fair value">25.50 per share and $<span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20240101__20241231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zt2mYTHSO7f8" title="Share-based compensation arrangement by share based payment award options grants in period weighted average grant date fair value">102.00 per share, respectively. The total fair value of options vested during the years ended December 31, 2025 and 2024 was $4.3 million and $9.7 million, respectively. Upon option exercise, the Company issues new shares of its common stock. <p id="xdx_89A_eus-gaap--ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock_zigTIWAlJ1S6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 22pt; text-align: justify">The assumptions used in the Black-Scholes option pricing model to determine the fair value of stock option grants were as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto"> <tr style="display: none"> <td style="display: none">Schedule of assumptions used in Black-Scholes Model </td> <td style="display: none"> </td> <td id="xdx_49C_20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_z4YvtCumJDzd" style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_491_20240101__20241231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zGZHI8HqhDHg" style="display: none"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td> <td style="padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center">Years ended December 31,</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 64%; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td> <td style="width: 2%; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="border-bottom: black 1pt solid; width: 16%; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center">2025</td> <td style="width: 1%; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="border-bottom: black 1pt solid; width: 17%; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center">2024</td></tr> <tr id="xdx_402_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_zF2kmqQZA8K8" style="background-color: #CFF0FC"> <td style="vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt">Expected volatility</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">95.3%</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">88.7%</td></tr> <tr id="xdx_401_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_zgthWrmVxA98" style="background-color: white"> <td style="vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt">Risk-free interest rate</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">3.65%</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">4.25%</td></tr> <tr id="xdx_409_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dp_zYNoIa2NAEQe" style="background-color: #CFF0FC"> <td style="vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt">Expected dividend yield</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">0.0%</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">0.0%</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt">Expected term</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"><span id="xdx_90A_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm_dtY_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_z5dK98gJNNF8" title="Expected term">5.29 years</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"><span id="xdx_904_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm_dtY_c20240101__20241231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zgiAI4HXDvn4" title="Expected term">5.95 years</td></tr> </table> Expected volatility. As the Company’s common stock does not have a significant trading history, the expected volatility assumption is based on volatilities of a peer group of similar companies whose share prices are publicly available. The peer group was developed based on companies in the biotechnology industry. Risk-free interest rate. The Company bases the risk-free interest rate assumption on the U.S. Treasury’s rates for U.S. Treasury zero-coupon bonds with maturities similar to those of the expected term of the award being valued. Expected dividend yield. The Company bases the expected dividend yield assumption on the fact that it has never paid cash dividends and has no present plans to pay cash dividends. Expected term. For employees, the expected term represents the period of time that options are expected to be outstanding. Because the Company has minimal historical exercise behavior, it determines the expected life assumption using the simplified method, which is an average of the contractual term of the option and its vesting period. For nonemployees, the expected term is generally the contractual term of the option. Employee Stock Purchase Plan In December 2020, the Company’s board of directors and stockholders approved the BioAtla, Inc. Employee Stock Purchase Plan (the “ESPP”). The ESPP permits participants to purchase common stock through payroll deductions of up to <span id="xdx_90A_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardPurchasePriceOfCommonStockPercent_pid_dp_uPure_c20250101__20251231__us-gaap--PlanNameAxis__custom--EmployeesStockPurchasePlanMember_zYMcuJoOwkX8" title="Purchase common stock through payroll deductions of up to compensations, percent">15% of their eligible compensation. As of December 31, 2025 and 2024, a total of <span id="xdx_900_eus-gaap--CommonStockSharesAuthorized_iI_pid_dxL_c20251231__us-gaap--PlanNameAxis__custom--EmployeesStockPurchasePlanMember_zkCTPkfniRJc" title="Common stock, shares authorized (in shares)::XDX::60717">60,717 shares and 45,632 shares, respectively, of common stock were authorized for issuance under the ESPP. The number of shares of common stock authorized for issuance will automatically increase on January 1 of each calendar year, from January 1, 2021 through January 1, 2030 by the least of (i) <span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfOutstandingStockMaximum_c20250101__20251231__us-gaap--PlanNameAxis__custom--EmployeesStockPurchasePlanMember_znMciXMeqPe1" title="Share-based compensation arrangement by share based payment award percentage of outstanding stock maximum">1.0% of the total number of common shares of our common stock outstanding on December 31 of the preceding calendar year (calculated on a fully diluted basis), (ii) <span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOtherIncreasesDecreasesInPeriod_pid_c20250101__20251231__us-gaap--PlanNameAxis__custom--EmployeesStockPurchasePlanMember_ztleWZOhbPK6" title="Increase in issuance of common stock">18,593 common shares or (iii) a number determined by the Company’s board of directors that is less than (i) and (ii). The Company issued <span id="xdx_904_eus-gaap--CommonStockSharesIssued_iI_pid_dxL_c20251231__us-gaap--PlanNameAxis__custom--EmployeesStockPurchasePlanMember_z0YY8dy2L63j" title="Common stock, shares issued (in shares)::XDX::60717">5,136 and 5,308 shares of common stock under the ESPP during the years ended December 31, 2025 and 2024, respectively. As of December 31, 2025, 43,786 shares of common stock remained available for issuance under the ESPP. Stock-based compensation expense related to the ESPP for the twelve months ended December 31, 2025 and 2024 was $<span id="xdx_904_eus-gaap--EmployeeBenefitsAndShareBasedCompensation_pn5n6_c20250101__20251231__us-gaap--PlanNameAxis__custom--EmployeesStockPurchasePlanMember_zlCktDWnDnNb" title="Stock-based compensation expense">0.1 million and $<span id="xdx_903_eus-gaap--EmployeeBenefitsAndShareBasedCompensation_pn5n6_c20240101__20241231__us-gaap--PlanNameAxis__custom--EmployeesStockPurchasePlanMember_z1QATnbXtZS1" title="Stock-based compensation expense">0.2 million, respectively. Common Stock Reserved for Future Issuance Common stock reserved for future issuance are as follows in common equivalent shares: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="text-align: center"> Schedule of common stock reserved for future issuance </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left">Warrants for the purchase of common stock</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_989_ecustom--WarrantForThePurchaseOfCommonStock_iI_pid_dxL_uShares_c20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zbV8gkjaAdbc" style="width: 12%; text-align: right" title="Warrants for the purchase of common stock::XDX::193581">193,581</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_986_ecustom--WarrantForThePurchaseOfCommonStock_iI_pid_uShares_c20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zelYjK7JWJr1" style="width: 12%; text-align: right" title="Warrants for the purchase of common stock">193,581</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Common stock options and restricted stock units issued and outstanding</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--CommonStockSharesOutstanding_iI_pid_dxL_uShares_c20251231__us-gaap--AwardTypeAxis__custom--CommonStockOptionsAndRestrictedStockUnitMember_znoKjEnrPPRa" style="text-align: right" title="Common stock options and restricted stock units issued and outstanding::XDX::166257">166,257</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--CommonStockSharesOutstanding_iI_pid_uShares_c20241231__us-gaap--AwardTypeAxis__custom--CommonStockOptionsAndRestrictedStockUnitMember_zGL7v2WEfxKa" style="text-align: right" title="Common stock options and restricted stock units issued and outstanding">152,980</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Awards available for future issuance under the 2020 Plan</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_ecustom--AwardsAvailableForFutureIssuanceUnderTheTwoThousandTwentyPlan_iI_pid_dxL_uShares_c20251231__us-gaap--PlanNameAxis__custom--TwoThousandTwentyEquityIncentivePlanMember_zTH9uF27SIK3" style="text-align: right" title="Awards available for future issuance under the 2020 Plan::XDX::26013">26,013</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_ecustom--AwardsAvailableForFutureIssuanceUnderTheTwoThousandTwentyPlan_iI_pid_uShares_c20241231__us-gaap--PlanNameAxis__custom--TwoThousandTwentyEquityIncentivePlanMember_zdaOOWUn4gZ1" style="text-align: right" title="Awards available for future issuance under the 2020 Plan">23,086</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Awards available for future issuance under the ESPP</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_ecustom--AwardsAvailableForFutureIssuanceUnderTheESPP_iI_pid_dxL_uShares_c20251231__us-gaap--PlanNameAxis__custom--EmployeesStockPurchasePlanMember_zbzHo7yZb1Vf" style="text-align: right" title="Awards available for future issuance under the ESPP::XDX::43786">43,786</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_ecustom--AwardsAvailableForFutureIssuanceUnderTheESPP_iI_pid_uShares_c20241231__us-gaap--PlanNameAxis__custom--EmployeesStockPurchasePlanMember_z0DQtzV5LgTd" style="text-align: right" title="Awards available for future issuance under the ESPP">33,837</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Shares available for future conversions of PPAs</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_ecustom--SharesAvailableForFutureConversionsOfPpas_iI_pid_d0xL_uShares_c20251231__us-gaap--PlanNameAxis__custom--PrePaidAdvanceAgreementPPAsMember_zcF8B9ObPFY7" style="border-bottom: Black 1pt solid; text-align: right" title="Shares available for future conversions of PPAs::XDX::136923">136,923</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_ecustom--SharesAvailableForFutureConversionsOfPpas_iI_pid_d0_uShares_c20241231__us-gaap--PlanNameAxis__custom--PrePaidAdvanceAgreementPPAsMember_zDa2ENgo5eui" style="border-bottom: Black 1pt solid; text-align: right" title="Shares available for future conversions of PPAs">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total common stock reserved for future issuance</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_986_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_pid_dxL_uShares_c20251231_zq9cW3axXPFh" style="border-bottom: Black 2.5pt double; text-align: right" title="Total common stock reserved for future issuance::XDX::566560">566,560</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98A_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_pid_uShares_c20241231_zNN1R1vQFU5e" style="border-bottom: Black 2.5pt double; text-align: right" title="Total common stock reserved for future issuance">403,484</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

200000000

0.0001

350000000

0.0001

15368569

0.0001

Holders of the Company’s common stock have no conversion rights, while holders of the Company’s Class B common stock shall have the right to convert each share of Class B common stock into one share of common stock at such holder’s election, provided that as a result of such conversion, such holder would not beneficially own in excess of 4.99% of any class of the Company’s securities registered under the Securities Exchange Act of 1934

P61D

one

15000000.0

0.97

0.0499 0.1999

4868

300000

193581

47.60

193581

59.50

9200000 700000 193581 245477 214708

ten year

0.25

P36M

<p id="xdx_898_eus-gaap--ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock_z2trZRs0TGM2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 22pt">Stock-based compensation expense recognized for all equity awards under the 2020 Plan has been reported in the consolidated statements of operations and comprehensive loss as follows (in thousands): <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 60%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="text-align: center"> Schedule of stock-based compensation expense</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Years ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 30%; text-align: left">Research and development</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eus-gaap--ShareBasedCompensation_pn3n3_c20250101__20251231__us-gaap--NatureOfExpenseAxis__custom--ResearchAndDevelopmentMember_zjTfxKGRyxci" style="width: 12%; text-align: right">2,199</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_983_eus-gaap--ShareBasedCompensation_pn3n3_c20240101__20241231__us-gaap--NatureOfExpenseAxis__custom--ResearchAndDevelopmentMember_zhrk730aFTz6" style="width: 12%; text-align: right">4,238</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">General and administrative</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensation_pn3n3_c20250101__20251231__us-gaap--NatureOfExpenseAxis__custom--GeneralAndAdministrativeMember_zectnpUtrO08" style="border-bottom: Black 1pt solid; text-align: right">3,235</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensation_pn3n3_c20240101__20241231__us-gaap--NatureOfExpenseAxis__custom--GeneralAndAdministrativeMember_zWeBiHKEMke7" style="border-bottom: Black 1pt solid; text-align: right">4,683</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98A_eus-gaap--ShareBasedCompensation_pn3n3_c20250101__20251231_zCOX5Arh55Ub" style="border-bottom: Black 2.5pt double; text-align: right" title="Stock-based compensation">5,434</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98A_eus-gaap--ShareBasedCompensation_pn3n3_c20240101__20241231_zy4psY6PBWw" style="border-bottom: Black 2.5pt double; text-align: right" title="Stock-based compensation">8,921</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

2199000

4238000

3235000

4683000

5434000

8921000

<p id="xdx_89D_eus-gaap--ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivityTableTextBlock_z2pAaQkPje9e" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 22.3pt">The following table summarizes RSU activity under the 2020 Plan for the year ended December 31, 2025: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 70%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="text-align: center"> Summary of restricted stock units </td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Number of Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Weighted - Average Grant Date Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 33%; text-align: left">Outstanding at December 31, 2024</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_pid_uShares_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zpYRJ7N4pQVb" style="width: 15%; text-align: right" title="Number of shares, Outstanding at beginning">31,060</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_uUSDPShares_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zyAN579rLzHf" style="width: 15%; text-align: right" title="Weighted - Average Grant Date Fair Value, beginning">124.00</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0.125in">Granted</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_uShares_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zA2I6b87ISk6" style="text-align: right" title="Number of shares, Granted">37,260</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zNRDk2CZIMJe" style="text-align: right" title="Weighted - Average Grant Date Fair Value, Granted">16.00</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0.125in">Vested</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_pid_di_uShares_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zFyyEm7PgCge" style="text-align: right" title="Number of shares, Vested">(14,565</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zKkQ94oNqY04" style="text-align: right" title="Weighted - Average Grant Date Fair Value, Vested">119.00</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0.125in">Forfeited</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_iN_pid_di_uShares_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zLBJKeKcgPJ6" style="border-bottom: Black 1pt solid; text-align: right" title="Number of shares, Forfeited">(5,077</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left">$</td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zBomdzWXZeyh" style="text-align: right" title="Weighted - Average Grant Date Fair Value, Forfeited">54.50</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Outstanding at December 31, 2025</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_pid_dxL_uShares_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zzYcSSm4X1nj" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of shares, Outstanding at ending::XDX::49254">48,678</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left">$</td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_pid_dxL_uUSDPShares_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_z0XyeDKURUdf" style="text-align: right" title="Weighted - Average Grant Date Fair Value, ending::XDX::58.95">50.00</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

31060

124.00

37260

16.00

14565

119.00

5077

54.50

2200000

P2Y8M12D

<p id="xdx_89A_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_zPf45HrtBjt" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 22.3pt; text-align: justify">The following table summarizes stock option activity under the 2020 Plan for the year ended December 31, 2025: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> Summary of stock option activity </td> <td style="padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center">Number of Options</td> <td style="padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td> <td style="padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center">Weighted - Average Exercise Price Per Share</td> <td style="padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td> <td style="padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center">Weighted - Average Remaining Contractual Term (in years)</td> <td style="padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td> <td style="padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center">Aggregate Intrinsic Value (in thousands)</td> <td style="padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt">Balance at December 31, 2024</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_uShares_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_ztWByvC8QC53" style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right" title="Number of Options, Beginning balance">121,920</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_uUSDPShares_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zgKATzQMaCJ5" style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right" title="Weighted - Average Exercise Price Per Share, Beginning balance">382.50</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" id="xdx_98C_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20240101__20241231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zPgKL5WUAac2" style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right" title="Weighted - Average Remaining Contractual Term (In Years)">7.59</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_pn3n3_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zVYjxjnQrZKd" style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right" title="Aggregate Intrinsic Value, Beginning balance">—</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td></tr> <tr style="background-color: White"> <td style="vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt; padding-left: 10pt">Granted</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_uShares_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_z9ZcS81VtHOh" style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right" title="Number of Options, Granted">180</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_uUSDPShares_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zuxZUzUxLk6l" style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right" title="Weighted - Average Exercise Price Per Share, Granted">34.00</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt; padding-left: 10pt">Exercised</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td id="xdx_985_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_pid_uShares_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zz1e8W8UPj3l" style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right" title="Number of Options, Exercised">—</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_pid_uUSDPShares_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zmfIl50G9qc" style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right" title="Weighted - Average Exercise Price Per Share, Exercised">—</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td></tr> <tr style="background-color: White"> <td style="vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt; padding-left: 10pt">Forfeited</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_iN_pid_di_uShares_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_z6mzL34PhWld" style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right" title="Number of Options, Forfeited">(3,011</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt">)</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_pid_uUSDPShares_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zc5vmUgEmCh3" style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right" title="Weighted - Average Exercise Price Per Share, Forfeited">277.00</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="2" style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="padding: 0.7pt 0.7pt 1pt 10pt; vertical-align: top">Expired</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; padding-bottom: 1pt; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod_iN_pid_di_uShares_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zrmnH4sst6Sl" style="border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right" title="Number of Options, Expired">(1,507</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; padding-bottom: 1pt">)</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; padding-bottom: 1pt"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice_pid_uUSDPShares_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zCAos32LLzC3" style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right" title="Weighted - Average Exercise Price Per Share, Expired">424.00</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; padding-bottom: 1pt"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; padding-bottom: 1pt"> </td> <td colspan="2" style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right; padding-bottom: 1pt"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; padding-bottom: 1pt"> </td> <td colspan="2" style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right; padding-bottom: 1pt"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right; padding-bottom: 1pt"> </td></tr> <tr style="background-color: White"> <td style="vertical-align: top; width: 38%; padding-top: 0.7pt; padding-right: 0.7pt; padding-bottom: 2.5pt">Balance at December 31, 2025</td> <td style="vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; vertical-align: bottom; width: 1%; padding-bottom: 2.5pt; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_dxL_uShares_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zTHZV2DNVx46" style="border-bottom: Black 2.5pt double; vertical-align: bottom; width: 13%; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right" title="Number of Options, Ending balance::XDX::117703">117,582</td> <td style="vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt; padding-bottom: 2.5pt"> </td> <td style="vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt; padding-bottom: 2.5pt"> </td> <td style="vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_dxL_uUSDPShares_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zU9uLtKDDP6k" style="vertical-align: bottom; width: 12%; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right" title="Weighted - Average Exercise Price Per Share, Ending balance::XDX::393.71">384.00</td> <td style="vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt; padding-bottom: 2.5pt"> </td> <td style="vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt; padding-bottom: 2.5pt"> </td> <td style="vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt; padding-bottom: 2.5pt"> </td> <td style="vertical-align: bottom; width: 13%; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"><span id="xdx_902_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zfoxLG119uK6">6.43</td> <td style="vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt; padding-bottom: 2.5pt"> </td> <td style="vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt; padding-bottom: 2.5pt"> </td> <td style="vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_pn3n3_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zkD0VpbxkyUe" style="vertical-align: bottom; width: 12%; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right; padding-bottom: 2.5pt" title="Aggregate Intrinsic Value, Ending balance">—</td> <td style="vertical-align: bottom; width: 1%; padding-top: 0.7pt; padding-right: 0.7pt; padding-bottom: 2.5pt"> </td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt; padding-bottom: 2.5pt">Vested and expected to vest at December 31, 2025</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; vertical-align: bottom; padding-bottom: 2.5pt; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber_iI_pid_uShares_c20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zWNd97hpNHv3" style="border-bottom: Black 2.5pt double; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right" title="Number of Options, Vested">117,582</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; padding-bottom: 2.5pt"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; padding-bottom: 2.5pt"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice_iI_pid_uUSDPShares_c20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zokRqt9o2EXj" style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right" title="Weighted - Average Exercise Price Per Share, Vested">384.00</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; padding-bottom: 2.5pt"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; padding-bottom: 2.5pt"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; padding-bottom: 2.5pt"> </td> <td id="xdx_988_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1_dtY_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zp6HfYLNOxn5" style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right" title="Weighted - Average Remaining Contractual Term (In Years), Vested">6.43</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; padding-bottom: 2.5pt"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; padding-bottom: 2.5pt"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right; padding-bottom: 2.5pt">—</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; padding-bottom: 2.5pt"> </td></tr> <tr style="background-color: White"> <td style="vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt; padding-bottom: 2.5pt">Exercisable at December 31, 2025</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; vertical-align: bottom; padding-bottom: 2.5pt; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iI_pid_uShares_c20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zPwZuI6ZLjxh" style="border-bottom: Black 2.5pt double; vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right" title="Number of Options, Exercisable">97,973</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; padding-bottom: 2.5pt"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; padding-bottom: 2.5pt"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iI_pid_uUSDPShares_c20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_z1KwVWzvP82l" style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right" title="Weighted - Average Exercise Price Per Share, Exercisable">421.00</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; padding-bottom: 2.5pt"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; padding-bottom: 2.5pt"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; padding-bottom: 2.5pt"> </td> <td id="xdx_98B_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtY_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zPhSZwnuQs3l" style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right" title="Weighted - Average Remaining Contractual Term (In Years), Exercisable">6.29</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; padding-bottom: 2.5pt"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; padding-bottom: 2.5pt"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt">$</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right; padding-bottom: 2.5pt">—</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; padding-bottom: 2.5pt"> </td></tr> </table>

121920

382.50

P7Y7M2D

180

34.00

3011

277.00

1507

424.00

P6Y5M4D

117582

384.00

P6Y5M4D

97973

421.00

P6Y3M14D

2700000

P1Y1M6D

25.50

102.00

4300000

9700000

<p id="xdx_89A_eus-gaap--ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock_zigTIWAlJ1S6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 22pt; text-align: justify">The assumptions used in the Black-Scholes option pricing model to determine the fair value of stock option grants were as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto"> <tr style="display: none"> <td style="display: none">Schedule of assumptions used in Black-Scholes Model </td> <td style="display: none"> </td> <td id="xdx_49C_20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_z4YvtCumJDzd" style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_491_20240101__20241231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zGZHI8HqhDHg" style="display: none"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td> <td style="padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center">Years ended December 31,</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 64%; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center"> </td> <td style="width: 2%; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="border-bottom: black 1pt solid; width: 16%; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center">2025</td> <td style="width: 1%; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="border-bottom: black 1pt solid; width: 17%; padding-top: 0.7pt; padding-right: 0.7pt; text-align: center">2024</td></tr> <tr id="xdx_402_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_zF2kmqQZA8K8" style="background-color: #CFF0FC"> <td style="vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt">Expected volatility</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">95.3%</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">88.7%</td></tr> <tr id="xdx_401_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_zgthWrmVxA98" style="background-color: white"> <td style="vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt">Risk-free interest rate</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">3.65%</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">4.25%</td></tr> <tr id="xdx_409_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dp_zYNoIa2NAEQe" style="background-color: #CFF0FC"> <td style="vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt">Expected dividend yield</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">0.0%</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right">0.0%</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; padding-top: 0.7pt; padding-right: 0.7pt">Expected term</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"><span id="xdx_90A_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm_dtY_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_z5dK98gJNNF8" title="Expected term">5.29 years</td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"> </td> <td style="vertical-align: bottom; padding-top: 0.7pt; padding-right: 0.7pt; text-align: right"><span id="xdx_904_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm_dtY_c20240101__20241231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zgiAI4HXDvn4" title="Expected term">5.95 years</td></tr> </table>

0.953

0.887

0.0365

0.0425

0.000

P5Y3M14D P5Y11M12D

0.15

45632

1.0

18593

5308

100000

200000

Common stock reserved for future issuance are as follows in common equivalent shares: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="text-align: center"> Schedule of common stock reserved for future issuance </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left">Warrants for the purchase of common stock</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_989_ecustom--WarrantForThePurchaseOfCommonStock_iI_pid_dxL_uShares_c20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zbV8gkjaAdbc" style="width: 12%; text-align: right" title="Warrants for the purchase of common stock::XDX::193581">193,581</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_986_ecustom--WarrantForThePurchaseOfCommonStock_iI_pid_uShares_c20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zelYjK7JWJr1" style="width: 12%; text-align: right" title="Warrants for the purchase of common stock">193,581</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Common stock options and restricted stock units issued and outstanding</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--CommonStockSharesOutstanding_iI_pid_dxL_uShares_c20251231__us-gaap--AwardTypeAxis__custom--CommonStockOptionsAndRestrictedStockUnitMember_znoKjEnrPPRa" style="text-align: right" title="Common stock options and restricted stock units issued and outstanding::XDX::166257">166,257</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--CommonStockSharesOutstanding_iI_pid_uShares_c20241231__us-gaap--AwardTypeAxis__custom--CommonStockOptionsAndRestrictedStockUnitMember_zGL7v2WEfxKa" style="text-align: right" title="Common stock options and restricted stock units issued and outstanding">152,980</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Awards available for future issuance under the 2020 Plan</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_ecustom--AwardsAvailableForFutureIssuanceUnderTheTwoThousandTwentyPlan_iI_pid_dxL_uShares_c20251231__us-gaap--PlanNameAxis__custom--TwoThousandTwentyEquityIncentivePlanMember_zTH9uF27SIK3" style="text-align: right" title="Awards available for future issuance under the 2020 Plan::XDX::26013">26,013</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_ecustom--AwardsAvailableForFutureIssuanceUnderTheTwoThousandTwentyPlan_iI_pid_uShares_c20241231__us-gaap--PlanNameAxis__custom--TwoThousandTwentyEquityIncentivePlanMember_zdaOOWUn4gZ1" style="text-align: right" title="Awards available for future issuance under the 2020 Plan">23,086</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Awards available for future issuance under the ESPP</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_ecustom--AwardsAvailableForFutureIssuanceUnderTheESPP_iI_pid_dxL_uShares_c20251231__us-gaap--PlanNameAxis__custom--EmployeesStockPurchasePlanMember_zbzHo7yZb1Vf" style="text-align: right" title="Awards available for future issuance under the ESPP::XDX::43786">43,786</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_ecustom--AwardsAvailableForFutureIssuanceUnderTheESPP_iI_pid_uShares_c20241231__us-gaap--PlanNameAxis__custom--EmployeesStockPurchasePlanMember_z0DQtzV5LgTd" style="text-align: right" title="Awards available for future issuance under the ESPP">33,837</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Shares available for future conversions of PPAs</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_ecustom--SharesAvailableForFutureConversionsOfPpas_iI_pid_d0xL_uShares_c20251231__us-gaap--PlanNameAxis__custom--PrePaidAdvanceAgreementPPAsMember_zcF8B9ObPFY7" style="border-bottom: Black 1pt solid; text-align: right" title="Shares available for future conversions of PPAs::XDX::136923">136,923</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_ecustom--SharesAvailableForFutureConversionsOfPpas_iI_pid_d0_uShares_c20241231__us-gaap--PlanNameAxis__custom--PrePaidAdvanceAgreementPPAsMember_zDa2ENgo5eui" style="border-bottom: Black 1pt solid; text-align: right" title="Shares available for future conversions of PPAs">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total common stock reserved for future issuance</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_986_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_pid_dxL_uShares_c20251231_zq9cW3axXPFh" style="border-bottom: Black 2.5pt double; text-align: right" title="Total common stock reserved for future issuance::XDX::566560">566,560</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98A_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_pid_uShares_c20241231_zNN1R1vQFU5e" style="border-bottom: Black 2.5pt double; text-align: right" title="Total common stock reserved for future issuance">403,484</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 193581

152980

23086 33837 0

403484

9. Collaboration, License and Option Agreements Global Co-Development and Collaboration Agreement with BeOne Medicines In April 2019, the Company entered into a Global Co-Development and Collaboration agreement (the “BeOne Collaboration”) with BeOne Medicines Ltd., formerly BeiGene Ltd. (“BeOne”), for the development, manufacturing and commercialization of evalstotug (BA3071). The BeOne Collaboration was amended several times between 2019 and <span id="xdx_90C_ecustom--CollaborationAgreementStartDate_dtY_c20190101__20211231__us-gaap--TypeOfArrangementAxis__custom--AmendedBeiGeneCollaborationMember_zXOlNNwwgux7" title="Collaboration Amendment Date">2021 and the Company received a total of $<span id="xdx_908_ecustom--UpfrontNonRefundablePayment_pn5n6_c20190101__20211231__us-gaap--TypeOfArrangementAxis__custom--AmendedBeiGeneCollaborationMember_zp4Ijt20EaV3" title="Upfront non-refundable payment.">25.0 million in non-refundable payments from BeOne during that time. In November 2021, the BeOne Collaboration was terminated, subject to survival of certain provisions, and BeOne handed back rights to know-how and materials received under the amended BeOne Collaboration. As a result, the Company is responsible for the global development and commercialization of evalstotug. As consideration for this amendment, the Company agreed to pay BeOne mid-single digit royalties on sales worldwide and on a limited basis will share in any upfront and milestone payments received through a sublicense of evalstotug. The Company reclassified its then remaining $19.8 million of deferred revenue as a long-term liability which is expected to settle as licensing payments are made to BeOne in accordance with the resulting amendment. In the event the license is terminated, the liability will be extinguished with no further payment to BeOne. The Company did not recognize any revenue related to the collaboration agreement with BeOne during the years ended December 31, 2025 and 2024. The Company had a $19.8 million liability to licensor as of December 31, 2025 and 2024. Collaboration and Supply Agreement with Bristol-Myers Squibb In January 2022, the Company and Bristol-Myers Squibb Company (“BMS”) entered into a clinical trial collaboration and supply agreement (the “BMS Agreement”). Under the terms of the BMS Agreement, BioAtla and BMS collaborate on clinical trials of separate combination therapies using two of BioAtla’s CAB ADCs, mecbotamab vedotin (BA3011) and ozuriftamab vedotin (BA3021), each in combination with Opdivo® (nivolumab), BMS’ proprietary anti-PD-1 monoclonal antibody product. The Company serves as the study sponsor of the scheduled studies and is responsible for costs associated with the trial execution. BMS provides Opdivo® clinical drug supply at no cost for the combination study trials. After the completion of the combination therapy trials, the Company is obligated to provide BMS with a final report of the data resulting from the trial. The BMS Agreement was amended in October 2022 to include additional territories for the Company’s mecbotamab vedotin and ozuriftamab vedotin combination study trials. There was no impact to the Company’s financial results for the years ended December 31, 2025 or 2024 as a result of this agreement. License Agreement with Context Therapeutics Inc. In September 2024, the Company entered into a License Agreement (the “Context License Agreement”) with Context Therapeutics Inc. (“Context”). Under the terms of the Context License Agreement, BioAtla granted Context an exclusive, worldwide license to develop, manufacture and commercialize two licensed antibodies, including BA3362 (renamed by Context as CT-202), the Company’s Nectin-4 x CD3 T cell engaging (“TCE”) bispecific antibody (the “License”). The Company also transferred know-how, including any necessary materials Context would need to perform research and development. In exchange for the License, the Company is eligible to receive up to $<span id="xdx_90A_ecustom--MaximumPotentialAggregatePayments_iI_pn5n6_c20251231__us-gaap--TypeOfArrangementAxis__custom--ContextTherapeuticsIncMember_zZynQHTfIxL1" title="Maximum Potential Aggregate Payments">133.5 million in aggregate payments, including an upfront cash payment and potential development, regulatory and commercial milestones, as well as tiered mid-single digit to low double-digit royalties on future net sales of the products. In connection with the execution of the Context License Agreement, the Company also entered into an agreement with Himalaya Therapeutics SECZ, a related party (See Note 10). A single performance obligation was identified under the Context License Agreement comprised of BioAtla’s promise to transfer the License. Context is responsible for developing BA3362 and for global regulatory filings and commercialization. Context will bear all costs associated with the research, development, and commercialization of any products. In accordance with Topic 606, the Company determined the transaction price of the agreement is limited to the up-front payment received, and excluded the variable consideration of development and sale milestone payments and royalties as they are fully constrained. As part of the Company’s evaluation of the milestone constraints, the Company determined the achievement of such milestones are contingent upon success in future developments, regulatory approvals and commercial activities, which are not within its control and are uncertain at this stage. Variable consideration related to royalties will be recognized when the related sales occur. Further, the Company determined that there were no significant financing components, noncash consideration, or amounts that may be refunded to the customer. Management determined that the transfer of the License did not meet any of the criteria for recognizing revenue over time, and therefore revenue was recognized at the point in time that the Context License Agreement was executed and the License was transferred to Context. Additional revenue will be recognized for development milestone payments, the sales milestone payments, and the royalty payments if and when the constraints are resolved. In November 2025, the Company received the first $2.0 million milestone payment under the Context License Agreement for progress with their CAB-Nectin-4 x CD3 TCE. All other variable consideration remains fully constrained as of December 31, 2025. The Company recognized $2.0 million and $11.0 million of revenue related to the Context License Agreement for the years ended December 31, 2025 and 2024, respectively, included in Collaboration and Other Revenue. P2019Y P2021Y 25000000.0

19800000

19800000 19800000 133500000

2000000.0

11000000.0

10. Related Party Transactions Inversagen, LLC On March 15, 2019, the Company entered into an Exclusive License Agreement with Inversagen (the “Inversagen License”). Under the terms of the agreement, Inversagen acquired the rights to CAB-antibodies for the field of diseases associated with aging, outside of cancer, and an immuno-oncology antibody. The Company may perform development services under the agreement and will be reimbursed by Inversagen for its costs. Commencing on the first commercial sale of the CAB-antibodies and immuno-oncology antibody subject to the Inversagen License, Inversagen will pay the Company milestone payments and royalties, which represent a variable interest held by the Company. On July 7, 2020, the Company and Inversagen entered into the First Amendment to Exclusive License Agreement (“Amended Inversagen License”), which grants the Company an option for a period of 10 years to acquire the immuno-oncology antibody in return for royalty payments in the low-single digits during the applicable royalty term. No payments have been made to date. Inversagen has only nominal assets and liabilities and is a VIE as the entity lacks sufficient equity to finance its activities without additional subordinated financial support. The Company does not consolidate Inversagen as it is not the primary beneficiary; the Inversagen License and the Amended Inversagen License did not and do not provide the Company with any decision-making power over the activities that are most significant to the entity’s economic success, such as the direction of its development efforts or the search for or terms of any future financing arrangements. The Company has no equity interest in Inversagen, and no exposure to its losses. The Company has not provided any services to Inversagen, has not provided any support to Inversagen and has no obligation to do so, and Inversagen’s creditors have no recourse to the general credit of the Company. The Company does not have any assets or liabilities associated with its variable interest in Inversagen at December 31, 2025 and 2024. Inversagen is a related party of the Company. Dr. Jay Short and his spouse serve as managers of Inversagen. BioAtla Holdings, LLC Effective January 1, 2020, the Company entered into an Exclusive License Agreement (the “BioAtla Holdings License”) with BioAtla Holdings, LLC. Under the terms of the agreement, BioAtla Holdings acquired the rights to CAB antibodies for certain targets in the field of Adoptive Cell Therapy (CAR-T format) in exchange for potential royalty payments on future net sales. On July 7, 2020, the Company and BioAtla Holdings entered into the First Amendment to Exclusive License Agreement (the “Amended BioAtla Holdings License”), which grants the Company an option for a period of <span id="xdx_905_ecustom--OptionsGrantsRelatedToRoyaltyPaymentPeriod_dtY_c20200705__20200707__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--InversagenLLCMember_zxdtUISBD0s6" title="Options Grants Related To Royalty Payments Period">10 years to acquire the ACT Preparations and ACT Treatments in return for royalty payments in the low-single digits during the applicable royalty term. The Company has not exercised its option and no payments have been made to date under these agreements. In addition, effective January 1, 2020, the Company entered into a Royalty Sharing Agreement whereby the Company agreed to share with BioAtla Holdings 50% of the royalties it receives from its Exclusive License Agreement with EXUMA Biotech Corp. BioAtla Holdings is a variable interest entity as it does not have sufficient equity to finance its activities without additional subordinated financial support. The royalty payments and option to acquire assets represent variable interests held by the Company in BioAtla Holdings. The Company is not the primary beneficiary of BioAtla Holdings, however, as the BioAtla Holdings License and Amended BioAtla Holdings License did not and do not provide the Company with any decision-making power over the activities that are most significant to the entity’s economic success, such as the direction of its development efforts or the search for or terms of any future financing arrangements. The Company has no equity interest in BioAtla Holdings, and no exposure to its losses. BioAtla Holdings is currently inactive, and the Company has not provided any support to BioAtla Holdings and has no obligation to do so, and BioAtla Holdings’ creditors have no recourse to the general credit of the Company. The Company does not have any assets or liabilities associated with its variable interests in BioAtla Holdings at December 31, 2025 and 2024. BioAtla Holdings is a related party of the Company. Dr. Jay Short and his spouse serve as managers of BioAtla Holdings. Himalaya Therapeutics SEZC Exclusive Rights Agreement On January 1, 2020, the Company entered into an Amended and Restated Exclusive Rights Agreement (the “Amended Rights Agreement”) with Himalaya Therapeutics SEZC. Under the terms of the Amended Rights Agreement, Himalaya Therapeutics SEZC acquired the rights to 10 CAB-antibodies for the territory of China, Macao, Hong Kong and Taiwan, global rights to a CAB-HER2-bispecific-antibody and global co-development rights with the Company to an IL-22 non-CAB-antibody. Payments to the Company may include upfront payments, milestone payments and double digit royalties, which represent a variable interest held by the Company, but no payments have been made to the Company to date. Himalaya Therapeutics SEZC is a VIE as it does not have sufficient equity to finance its activities without additional subordinated financial support. The Company is not obligated to provide financial support to Himalaya Therapeutics SEZC. The Company is not the primary beneficiary of Himalaya Therapeutics SEZC, however, as the Amended Rights Agreement does not provide BioAtla, Inc. with the power to direct activities of a VIE that most significantly impact the VIE’s economic performance, such as decision-making power over the direction of its development efforts or the search for or terms of any future financing arrangements. The Company does not have any assets or liabilities recorded at December 31, 2025 and 2024 associated with its variable interest in Himalaya Therapeutics SEZC, and has no exposure to Himalaya Therapeutics SEZC losses. Himalaya Therapeutics SEZC is a related party as Dr. Jay Short and his spouse serve as directors, and Dr. Short’s spouse also serves as an officer of such entity. Clinical Trial Services Agreement In January 2024, the Company entered into an amended Clinical Trial Services Agreement (as so amended, the “Clinical Trial Services Agreement”) with Himalaya Therapeutics SEZC (“Himalaya”). Under the Clinical Trial Services Agreement, BioAtla paid Himalaya for services related to the initiation of clinical trials for evalstotug in China for a period of 12 months. All payments have been made under the Clinical Trial Services Agreement as of December 31, 2024. Global Transaction Agreement In September 2024, the Company entered into a Global Transaction Agreement (the “Himalaya Agreement”) with Himalaya. BioAtla and Himalaya had previously entered into an Amended and Restated Exclusive Rights Agreement (the “Amended Rights Agreement”) in January of 2020. Pursuant to the Amended Rights Agreement, Himalaya controls rights to develop, manufacture and commercialize certain assets, including BA3362 which was licensed to Context (see Note 9), in certain territories as further specified in the Amended Rights Agreement. Pursuant to the Himalaya Agreement, Himalaya consented to BioAtla’s execution and performance of the Agreement, and granted to BioAtla an exclusive, worldwide, sublicensable license for those impacted products and intellectual property. Further, as set forth in the Amended Rights Agreement and further clarified in the Himalaya Agreement, BioAtla agreed to pay, subject to any applicable tax withholdings, to Himalaya (i) a mid-teens percentage of all upfront payments and development milestones received by BioAtla from Context under the Context License Agreement; and (ii) a specified percentage of any and all sales milestones and/or royalties based upon Net Sales (as defined in the Context License Agreement) in the People’s Republic of China and the Special Administrative Regions of Hong Kong, Macao and Taiwan that BioAtla receives from Context under the Context License Agreement. The Company is the principal in the Context License Agreement and in the Himalaya Agreement, and will record revenues and expenses on a gross basis given that the Company had full discretion in setting consideration pricing in the Context License Agreement, the Company will be primarily responsible for providing the License, and Himalaya has no obligation to be a part of any of the fulfillment activities. For the year ended December 31, 2025, the Company recognized $<span id="xdx_901_eus-gaap--ResearchAndDevelopmentExpense_pn5n6_uUSD_c20250101__20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HimalayaTherapeuticsSEZCMember_zs33GB9eLY4c" title="Research and Development Expense">0.3 million related to the transactions with Himalaya, compared to $<span id="xdx_90F_eus-gaap--ResearchAndDevelopmentExpense_pn5n6_uUSD_c20240101__20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HimalayaTherapeuticsSEZCMember_zvmhOg6IT5Ze" title="Research and Development Expense">2.2 million for the year ended December 31, 2024. The Company did not have any amounts due from or due to Himalaya as of December 31, 2025 or 2024. Himalaya Parent LLC Dr. Jay Short and his spouse serve as managers of Himalaya Parent LLC. The Company does not have a variable interest in Himalaya Parent LLC. BA 3021 SPV, LLC BA 3021 SPV LLC, a Delaware limited liability company (the “SPV”), was incorporated in December 2025. However, the Company has not yet completed the legal steps required to form the new entity as a wholly owned subsidiary, and the new entity has not issued any common units or finalized its limited liability company agreement as of December 31, 2025. The Company determined that BioAtla is the primary beneficiary of the SPV as of December 31, 2025.

P10Y P10Y 0.50 In January 2024, the Company entered into an amended Clinical Trial Services Agreement (as so amended, the “Clinical Trial Services Agreement”) with Himalaya Therapeutics SEZC (“Himalaya”). Under the Clinical Trial Services Agreement, BioAtla paid Himalaya for services related to the initiation of clinical trials for evalstotug in China for a period of 12 months. All payments have been made under the Clinical Trial Services Agreement as of December 31, 2024. In September 2024, the Company entered into a Global Transaction Agreement (the “Himalaya Agreement”) with Himalaya. BioAtla and Himalaya had previously entered into an Amended and Restated Exclusive Rights Agreement (the “Amended Rights Agreement”) in January of 2020. Pursuant to the Amended Rights Agreement, Himalaya controls rights to develop, manufacture and commercialize certain assets, including BA3362 which was licensed to Context (see Note 9), in certain territories as further specified in the Amended Rights Agreement. Pursuant to the Himalaya Agreement, Himalaya consented to BioAtla’s execution and performance of the Agreement, and granted to BioAtla an exclusive, worldwide, sublicensable license for those impacted products and intellectual property. Further, as set forth in the Amended Rights Agreement and further clarified in the Himalaya Agreement, BioAtla agreed to pay, subject to any applicable tax withholdings, to Himalaya (i) a mid-teens percentage of all upfront payments and development milestones received by BioAtla from Context under the Context License Agreement; and (ii) a specified percentage of any and all sales milestones and/or royalties based upon Net Sales (as defined in the Context License Agreement) in the People’s Republic of China and the Special Administrative Regions of Hong Kong, Macao and Taiwan that BioAtla receives from Context under the Context License Agreement.

300000

2200000

11. 401(k) Plan The Company maintains a defined contribution 401(k) plan available to eligible employees. Employee contributions are voluntary and are determined on an individual basis, limited to the maximum amount allowable under federal tax regulations. The Company, at its discretion, may make certain matching contributions to the 401(k) plan. To date, the Company has not made any matching contributions.

12. Income Taxes <p id="xdx_897_eus-gaap--ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock_hus-gaap--IncomeTaxAuthorityAxis__us-gaap--ForeignCountryMember_zfG2BPzvUfvd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 22pt">A reconciliation of income tax expense computed at the U.S. federal statutory income tax rate to the Company’s income tax expense is as follows (in thousands):U.S. Federal Statutory Income Tax Rate [Member] Schedule of reconciliation of income tax expense <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 90%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">%</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left">Tax computed at the federal statutory rate</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_uUSD_c20250101__20251231_zXHppqeFoSbg" style="width: 12%; text-align: right" title="Tax computed at the federal statutory rate, Amount">(12,518</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98A_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_c20250101__20251231_zeZVREqPBR6e" style="width: 12%; text-align: right" title="Tax computed at the federal statutory rate, Percentage">21.0</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">State and local income taxes, net of federal income tax effect (1)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--IncomeTaxReconciliationStateAndLocalIncomeTaxes_d0_uUSD_c20250101__20251231_fKDEp_z23ClJdy9myk" style="text-align: right" title="State and local income taxes, net of federal income tax effect, Amount">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_pid_dp0_uPure_c20250101__20251231_fKDEp_zdcDDaaUMtY3" style="text-align: right" title="State and local income taxes, net of federal income tax effect, Percentage">—</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Tax credits:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Research and development credit</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--IncomeTaxReconciliationTaxCreditsResearch_pn3n3_uUSD_c20250101__20251231_z4jvs2LhewZk" style="text-align: right" title="Research and development credit, Amount">(1,279</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--EffectiveIncomeTaxRateReconciliationTaxCreditsResearch_pid_dp_uPure_c20250101__20251231_zBAqBlChftmf" style="text-align: right" title="Research and development credit, Percentage">2.1</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Orphan drug credit</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_ecustom--EffectiveIncomeTaxRateReconciliationTaxCreditOrphanDrugCeditAmount_pn3n3_uUSD_c20250101__20251231_ziSm1wMIojek" style="text-align: right" title="Orphan drug credit, Amount">(533</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--EffectiveIncomeTaxRateReconciliationTaxCreditOrphanDrugCreditPercent_pid_dp_uPure_c20250101__20251231_zlCcdmr3LF88" style="text-align: right" title="Orphan drug credit, Percentage">0.9</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Change in valuation allowance</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_pn3n3_uUSD_c20250101__20251231_zuG8tlqEH3g1" style="text-align: right" title="Change in valuation allowance, Amount">12,829</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_pid_dp_uPure_c20250101__20251231_zZAO34nCNiW9" style="text-align: right" title="Change in valuation allowance, Percentage">(21.5</td><td style="text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Non-taxable or nondeductible items:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Permanent items</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--EffectiveIncomeTaxRateReconciliationNondeductibleExpensePermanentItemsAmount_pn3n3_uUSD_c20250101__20251231_zwlSFXv6iPfk" style="text-align: right" title="Permanent items, Amount">117</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_ecustom--EffectiveIncomeTaxRateReconciliationNondeductibleExpensePermanentItemsPercent_pid_dp_uPure_c20250101__20251231_zDJHXCzoH5w1" style="text-align: right" title="Permanent items, Percentage">(0.2</td><td style="text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Equity compensation</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost_pn3n3_uUSD_c20250101__20251231_zoIPGr42nVmj" style="text-align: right" title="Equity compensation, Amount">403</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost_pid_dp_uPure_c20250101__20251231_zytN9eMlTq5b" style="text-align: right" title="Equity compensation, Percentage">(0.7</td><td style="text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Nondeductible officer’s compensation</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--IncomeTaxReconciliationNondeductibleExpense_pn3n3_uUSD_c20250101__20251231_zrqWOpWHUCI9" style="text-align: right" title="Nondeductible officers compensation, Amount">981</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpense_pid_dp_uPure_c20250101__20251231_zUaPc6iWEEhi" style="text-align: right" title="Nondeductible officers compensation, Percentage">(1.6</td><td style="text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Changes in unrecognized tax benefits</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--IncomeTaxReconciliationTaxContingencies_pn3n3_d0_uUSD_c20250101__20251231_zkmfK7g1Nqb2" style="text-align: right" title="Changes in unrecognized tax benefits, Amount">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--EffectiveIncomeTaxRateReconciliationTaxContingencies_pid_dp0_uPure_c20250101__20251231_zCFSqIgP1TJ5" style="text-align: right" title="Changes in unrecognized tax benefits, Percentage">—</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Other, net</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--IncomeTaxReconciliationOtherReconcilingItems_pn3n3_d0_uUSD_c20250101__20251231_zZ2gs078YJw8" style="border-bottom: Black 1pt solid; text-align: right" title="Other, net, Amount">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_982_eus-gaap--EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent_pid_dp0_uPure_c20250101__20251231_zEB7uP9FtaCc" style="border-bottom: Black 1pt solid; text-align: right" title="Other, net, Percentage">—</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Provision for income taxes</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98C_eus-gaap--IncomeTaxExpenseBenefit_pn3n3_d0_uUSD_c20250101__20251231_zUDMLiGY5e71" style="border-bottom: Black 2.5pt double; text-align: right" title="Provision for income taxes, Amount">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98E_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_dp0_uPure_c20250101__20251231_zoqkTRS3U672" style="border-bottom: Black 2.5pt double; text-align: right" title="Provision for income taxes, Percentage">—</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin: 0 auto; width: 90%"> <tr style="vertical-align: top; text-align: justify"> <td colspan="2" style="text-align: left; vertical-align: top"><div style="text-align: left; margin-top: 3pt; margin-bottom: 3pt"><div style="border-top: Black 1pt solid; font-size: 1pt; width: 20%"> </div></div></td></tr> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left; vertical-align: top">(1) </td><td style="text-align: justify">The state that contributes to the majority (greater than 50%) of the tax effect in this category was California for year ending December 31, 2025.</td> </tr></table> As previously disclosed prior to the adoption of ASU 2023-09, a reconciliation of the income tax expense computed at the U.S. federal statutory income tax rate to the Company’s income tax expense is as follows (in thousands): <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20240101__20241231_z1LofuJx1g93" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_400_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_pn3n3_uUSD_z46kAmHzpjY3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 85%; text-align: left">Tax computed at the federal statutory rate</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">(14,653</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_40C_eus-gaap--IncomeTaxReconciliationStateAndLocalIncomeTaxes_pn3n3_uUSD_zrRsobOmWcF" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">State income taxes, net of federal tax benefit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(49</td><td style="text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost_pn3n3_uUSD_zfhuQgMndvR3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Nondeductible executive compensation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">369</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--AllocatedShareBasedCompensationExpenseNetOfTax_pn3n3_uUSD_zR7IAgKwFuIh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Stock-based compensation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">294</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--IncomeTaxReconciliationNondeductibleExpenseResearchAndDevelopment_iN_pn3n3_di_uUSD_ziYOd3PhbKCh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Research and development and orphan drug credits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,789</td><td style="text-align: left">)</td></tr> <tr id="xdx_40D_eus-gaap--UnrecognizedTaxBenefitsDecreasesResultingFromCurrentPeriodTaxPositions_pn3n3_uUSD_zfmgbFLfTC72" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Uncertain tax positions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">947</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--IncomeTaxReconciliationOtherReconcilingItems_pn3n3_uUSD_zyKJ9YwYEP3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(132</td><td style="text-align: left">)</td></tr> <tr id="xdx_400_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_pn3n3_uUSD_zKtoYlwmZ9Jl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">17,013</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--IncomeTaxExpenseBenefit_pn3n3_uUSD_zniUVJYzFRIf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Income tax expense</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> For the year ended December 31, 2025, the Company’s loss was entirely domestic. No current or deferred income tax expense was incurred and no cash income taxes were paid during the year ended December 31, 2025. <p id="xdx_893_eus-gaap--ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_zGCf6yB8uFZh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 22.3pt; text-align: justify">The Company’s net deferred tax assets (liabilities) are as follows (in thousands): Schedule net deferred tax assets (liabilities) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: center; visibility: hidden"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td id="xdx_49C_20251231_zCbuDlF8fCx6" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td colspan="3" id="xdx_490_20241231_zAx3vN6WuPne" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td><td style="display: none; padding-bottom: 1pt; font-weight: bold; visibility: hidden"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Years Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deferred tax assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_iI_pn3n3_uUSD_zzVNMvDABa2j" style="vertical-align: bottom; background-color: White"> <td style="width: 70%; text-align: left; padding-left: 10pt">Net operating loss carryforwards</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">51,463</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">33,799</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--DeferredTaxLiabilityNotRecognizedAmountOfUnrecognizedDeferredTaxLiabilityBadDebtReserveForTaxPurposesOfQualifiedLender_iI_pn3n3_uUSD_zJl15fpfNWp9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Liability to licensor</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,159</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,159</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--DeferredTaxAssetsGoodwillAndIntangibleAssets_iI_pn3n3_uUSD_ziFJWcHNULn7" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Goodwill</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,427</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,683</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--LeaseLiability_iI_pn3n3_uUSD_zEI74X2UVvCi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Lease liability</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,302</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">176</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsEmployeeCompensation_iI_pn3n3_uUSD_z4SiBCUCDlc3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Accrued compensation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">556</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--DeferredTaxAssetsTaxCreditCarryforwardsResearch_iI_pn3n3_uUSD_zxlm2iJ4DfQ1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Research credit carryforwards</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,424</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,221</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--Section174CostCapitalization_iI_pn3n3_uUSD_zAQJ7KZipfIb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Section 174 cost capitalization</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">30,808</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">36,951</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--Section59ECostCapitalization_iI_pn3n3_uUSD_zs70LoTKXX99" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Section 59(e) cost capitalization</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,300</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,350</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost_iI_pn3n3_uUSD_zbd7CZstaNJj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Stock-based compensation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,635</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,938</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--DeferredGainOnSaleOfProperty_iI_pn3n3_uUSD_zIzuSkazX6ej" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Deferred gain</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,491</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_ecustom--DeferredTaxAssetsFixedAssets_iI_pn3n3_uUSD_zqrF1G6dD7yi" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Fixed assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--DeferredTaxAssetsOther_iI_pn3n3_uUSD_zzUrjGBKblGi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; padding-left: 10pt">Other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">81</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--DeferredTaxAssetsGross_iI_pn3n3_uUSD_z8LVXTHXX7jd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Gross deferred tax assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">117,094</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">102,838</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--DeferredTaxAssetsValuationAllowance_iNI_pn3n3_di_uUSD_zYwOUVh8L8Ld" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less: valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(115,932</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(102,655</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_408_eus-gaap--DeferredTaxAssetsNet_iI_pn3n3_uUSD_zxwbwP0msOo9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Total deferred tax assets</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,162</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">183</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deferred tax liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--DeferredTaxLiabilitiesRegulatoryAssets_iNI_pn3n3_di_uUSD_zD2uQK0SrgK" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Fixed assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(75</td><td style="text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--DeferredTaxLiabilitiesLeasingArrangements_iNI_pn3n3_di_uUSD_zikFt8DigaVi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Operating lease right-of-use asset</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,162</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(108</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_409_eus-gaap--DeferredTaxLiabilities_iNI_pn3n3_di_uUSD_zK8LeO7PABg3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Total deferred tax liabilities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,162</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(183</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_408_eus-gaap--DeferredTaxAssetsLiabilitiesNet_iI_pn3n3_uUSD_zc03Ws8107Bd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net deferred tax assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> A valuation allowance of approximately $115.9 million as of December 31, 2025 has been established to offset the deferred tax assets as the Company has determined that it is not more likely than not that these assets will be realized. The valuation allowance increased by approximately $13.3 million during 2025. At December 31, 2025, the Company had federal and state net operating loss carryforwards of approximately $244.4 million and $2.2 million, respectively. The federal net operating loss and approximately $1.1 million of state net operating losses can be carried forward indefinitely, subject to an 80% limitation against taxable income. The remaining state net operating losses of approximately $1.1 million will begin to expire in 2042, unless previously utilized. At December 31, 2025, the Company had federal and California research and development credit carryforwards of approximately $11.8 million and $<span id="xdx_906_eus-gaap--TaxCreditCarryforwardAmount_iI_pn5n6_uUSD_c20251231__us-gaap--TaxCreditCarryforwardAxis__custom--ResearchTaxCreditCarryforwardMember_znuiRZXCJNle" title="Tax Credit Carryforward, Amount">4.0 million, respectively. The federal credit carryforwards will begin to expire in 2040, unless previously utilized. The California credits will carry forward indefinitely. At December 31, 2025, the Company also had federal orphan drug credit carryforwards of approximately $5.6 million. The orphan drug credit carryforwards will begin to expire in 2041, unless previously utilized. Pursuant to Internal Revenue Code (“IRC”) Sections 382 and 383, annual use of the Company’s net operating loss carryforwards may be limited in the event a cumulative change in ownership of more than 50% occurs within a three-year period. The Company has not completed an ownership change analysis pursuant to IRC Section 382. If ownership changes within the meaning of IRC Section 382 are identified as having occurred, the amount of remaining tax attribute carryforwards available to offset future taxable income and income tax expense in future years may be significantly restricted or eliminated. Further, the Company’s deferred tax assets associated with such tax attributes could be significantly reduced upon realization of an ownership change within the meaning of IRC Section 382. Under the FASB’s accounting guidance related to income tax positions, among other things, the impact of an uncertain income tax position on the income tax return must be recognized at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Additionally, the guidance provides further clarification on derecognition, classification, interest and penalties, accounting in interim period, disclosure and transition. The Company regularly evaluates the likelihood of recognizing the benefit for income tax positions taken in various federal and state filings by considering all relevant facts, circumstances, and information available. <p id="xdx_895_eus-gaap--ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock_zywL1s67MbAc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 22.3pt">A reconciliation of the beginning and ending unrecognized tax benefit amount is as follows (in thousands): Schedule of unrecognized tax benefit amount <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Years Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left">Unrecognized tax benefits - beginning</td><td style="width: 1%"> </td> <td colspan="2" style="text-align: left">$</td><td id="xdx_989_eus-gaap--UnrecognizedTaxBenefits_iS_pn3n3_uUSD_c20250101__20251231_zuvuMUNKUCM1" style="width: 12%; text-align: right" title="Unrecognized tax benefits - beginning">4,582</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--UnrecognizedTaxBenefits_iS_pn3n3_uUSD_c20240101__20241231_zKzCyBb4EeMa" style="width: 12%; text-align: right" title="Unrecognized tax benefits - beginning">3,602</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Gross increases - tax positions in prior period</td><td> </td> <td colspan="2" style="text-align: left"> </td><td id="xdx_981_eus-gaap--UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions_pn3n3_uUSD_c20250101__20251231_zBpuddWamkJc" style="text-align: right" title="Gross increases - tax positions in prior period">52</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions_pn3n3_d0_uUSD_c20240101__20241231_zkij0RR71ff7" style="text-align: right" title="Gross increases - tax positions in prior period">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Gross increase – current-period tax positions</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions_pn3n3_uUSD_c20250101__20251231_zVqcVEjpcUbd" style="border-bottom: Black 1pt solid; text-align: right" title="Gross increase - current-period tax positions">717</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_989_eus-gaap--UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions_pn3n3_uUSD_c20240101__20241231_zDKK6kvr5I7a" style="border-bottom: Black 1pt solid; text-align: right" title="Gross increase - current-period tax positions">980</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Unrecognized tax benefits - ending</td><td style="padding-bottom: 2.5pt"> </td> <td colspan="2" style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_984_eus-gaap--UnrecognizedTaxBenefits_iE_pn3n3_uUSD_c20250101__20251231_zEkDSPWTxKP2" style="border-bottom: Black 2.5pt double; text-align: right" title="Unrecognized tax benefits - ending">5,351</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_988_eus-gaap--UnrecognizedTaxBenefits_iE_pn3n3_uUSD_c20240101__20241231_zJjfIgXmInk1" style="border-bottom: Black 2.5pt double; text-align: right" title="Unrecognized tax benefits - ending">4,582</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> As of December 31, 2025, the Company had gross unrecognized tax benefits of approximately $5.4 million, none of which would affect the Company’s effective tax rate due to the existence of the valuation allowance. The Company’s policy is to recognize interest and penalties related to income tax matters in income tax expense. The Company had no accrual for interest or penalties on the Company’s consolidated balance sheets and has not recognized interest or penalties in the consolidated statements of operations and comprehensive income for the year ended December 31, 2025. The Company is subject to taxation in the United States and various state jurisdictions. The Company is subject to examination by tax authorities in those jurisdictions since 2022 and 2021, respectively, and forward. However, to the extent allowed by law, the taxing authorities may have the right to examine periods where NOLs and research and development credits were generated and carried forward, and make adjustments to the amount of the NOL and research credits carryforward amount. The Company is not currently under examination by any jurisdiction. On July 4, 2025, the One Big Beautiful Bill Act (the “Act”) was signed into law. The Act reinstates and makes permanent 100% first-year bonus depreciation under Section 168(k) for qualified property acquired and placed in service after January 19, 2025. Additionally, the Act permanently allows immediate expensing of domestic research and experimentation expenditures under Section 174 for tax years beginning after December 31, 2024. The Company has reflected the effects of the Act in its income tax provision in accordance with ASC 740 and there was no material impact.

<p id="xdx_897_eus-gaap--ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock_hus-gaap--IncomeTaxAuthorityAxis__us-gaap--ForeignCountryMember_zfG2BPzvUfvd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 22pt">A reconciliation of income tax expense computed at the U.S. federal statutory income tax rate to the Company’s income tax expense is as follows (in thousands):U.S. Federal Statutory Income Tax Rate [Member] Schedule of reconciliation of income tax expense <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 90%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">%</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left">Tax computed at the federal statutory rate</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_uUSD_c20250101__20251231_zXHppqeFoSbg" style="width: 12%; text-align: right" title="Tax computed at the federal statutory rate, Amount">(12,518</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98A_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_c20250101__20251231_zeZVREqPBR6e" style="width: 12%; text-align: right" title="Tax computed at the federal statutory rate, Percentage">21.0</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">State and local income taxes, net of federal income tax effect (1)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--IncomeTaxReconciliationStateAndLocalIncomeTaxes_d0_uUSD_c20250101__20251231_fKDEp_z23ClJdy9myk" style="text-align: right" title="State and local income taxes, net of federal income tax effect, Amount">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_pid_dp0_uPure_c20250101__20251231_fKDEp_zdcDDaaUMtY3" style="text-align: right" title="State and local income taxes, net of federal income tax effect, Percentage">—</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Tax credits:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Research and development credit</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--IncomeTaxReconciliationTaxCreditsResearch_pn3n3_uUSD_c20250101__20251231_z4jvs2LhewZk" style="text-align: right" title="Research and development credit, Amount">(1,279</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--EffectiveIncomeTaxRateReconciliationTaxCreditsResearch_pid_dp_uPure_c20250101__20251231_zBAqBlChftmf" style="text-align: right" title="Research and development credit, Percentage">2.1</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Orphan drug credit</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_ecustom--EffectiveIncomeTaxRateReconciliationTaxCreditOrphanDrugCeditAmount_pn3n3_uUSD_c20250101__20251231_ziSm1wMIojek" style="text-align: right" title="Orphan drug credit, Amount">(533</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--EffectiveIncomeTaxRateReconciliationTaxCreditOrphanDrugCreditPercent_pid_dp_uPure_c20250101__20251231_zlCcdmr3LF88" style="text-align: right" title="Orphan drug credit, Percentage">0.9</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Change in valuation allowance</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_pn3n3_uUSD_c20250101__20251231_zuG8tlqEH3g1" style="text-align: right" title="Change in valuation allowance, Amount">12,829</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_pid_dp_uPure_c20250101__20251231_zZAO34nCNiW9" style="text-align: right" title="Change in valuation allowance, Percentage">(21.5</td><td style="text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Non-taxable or nondeductible items:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Permanent items</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--EffectiveIncomeTaxRateReconciliationNondeductibleExpensePermanentItemsAmount_pn3n3_uUSD_c20250101__20251231_zwlSFXv6iPfk" style="text-align: right" title="Permanent items, Amount">117</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_ecustom--EffectiveIncomeTaxRateReconciliationNondeductibleExpensePermanentItemsPercent_pid_dp_uPure_c20250101__20251231_zDJHXCzoH5w1" style="text-align: right" title="Permanent items, Percentage">(0.2</td><td style="text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Equity compensation</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost_pn3n3_uUSD_c20250101__20251231_zoIPGr42nVmj" style="text-align: right" title="Equity compensation, Amount">403</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost_pid_dp_uPure_c20250101__20251231_zytN9eMlTq5b" style="text-align: right" title="Equity compensation, Percentage">(0.7</td><td style="text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Nondeductible officer’s compensation</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--IncomeTaxReconciliationNondeductibleExpense_pn3n3_uUSD_c20250101__20251231_zrqWOpWHUCI9" style="text-align: right" title="Nondeductible officers compensation, Amount">981</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpense_pid_dp_uPure_c20250101__20251231_zUaPc6iWEEhi" style="text-align: right" title="Nondeductible officers compensation, Percentage">(1.6</td><td style="text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Changes in unrecognized tax benefits</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--IncomeTaxReconciliationTaxContingencies_pn3n3_d0_uUSD_c20250101__20251231_zkmfK7g1Nqb2" style="text-align: right" title="Changes in unrecognized tax benefits, Amount">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--EffectiveIncomeTaxRateReconciliationTaxContingencies_pid_dp0_uPure_c20250101__20251231_zCFSqIgP1TJ5" style="text-align: right" title="Changes in unrecognized tax benefits, Percentage">—</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Other, net</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--IncomeTaxReconciliationOtherReconcilingItems_pn3n3_d0_uUSD_c20250101__20251231_zZ2gs078YJw8" style="border-bottom: Black 1pt solid; text-align: right" title="Other, net, Amount">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_982_eus-gaap--EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent_pid_dp0_uPure_c20250101__20251231_zEB7uP9FtaCc" style="border-bottom: Black 1pt solid; text-align: right" title="Other, net, Percentage">—</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Provision for income taxes</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98C_eus-gaap--IncomeTaxExpenseBenefit_pn3n3_d0_uUSD_c20250101__20251231_zUDMLiGY5e71" style="border-bottom: Black 2.5pt double; text-align: right" title="Provision for income taxes, Amount">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98E_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_dp0_uPure_c20250101__20251231_zoqkTRS3U672" style="border-bottom: Black 2.5pt double; text-align: right" title="Provision for income taxes, Percentage">—</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin: 0 auto; width: 90%"> <tr style="vertical-align: top; text-align: justify"> <td colspan="2" style="text-align: left; vertical-align: top"><div style="text-align: left; margin-top: 3pt; margin-bottom: 3pt"><div style="border-top: Black 1pt solid; font-size: 1pt; width: 20%"> </div></div></td></tr> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left; vertical-align: top">(1) </td><td style="text-align: justify">The state that contributes to the majority (greater than 50%) of the tax effect in this category was California for year ending December 31, 2025.</td> </tr></table> As previously disclosed prior to the adoption of ASU 2023-09, a reconciliation of the income tax expense computed at the U.S. federal statutory income tax rate to the Company’s income tax expense is as follows (in thousands): <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20240101__20241231_z1LofuJx1g93" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_400_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_pn3n3_uUSD_z46kAmHzpjY3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 85%; text-align: left">Tax computed at the federal statutory rate</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">(14,653</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_40C_eus-gaap--IncomeTaxReconciliationStateAndLocalIncomeTaxes_pn3n3_uUSD_zrRsobOmWcF" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">State income taxes, net of federal tax benefit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(49</td><td style="text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost_pn3n3_uUSD_zfhuQgMndvR3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Nondeductible executive compensation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">369</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--AllocatedShareBasedCompensationExpenseNetOfTax_pn3n3_uUSD_zR7IAgKwFuIh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Stock-based compensation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">294</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--IncomeTaxReconciliationNondeductibleExpenseResearchAndDevelopment_iN_pn3n3_di_uUSD_ziYOd3PhbKCh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Research and development and orphan drug credits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,789</td><td style="text-align: left">)</td></tr> <tr id="xdx_40D_eus-gaap--UnrecognizedTaxBenefitsDecreasesResultingFromCurrentPeriodTaxPositions_pn3n3_uUSD_zfmgbFLfTC72" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Uncertain tax positions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">947</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--IncomeTaxReconciliationOtherReconcilingItems_pn3n3_uUSD_zyKJ9YwYEP3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(132</td><td style="text-align: left">)</td></tr> <tr id="xdx_400_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_pn3n3_uUSD_zKtoYlwmZ9Jl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">17,013</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--IncomeTaxExpenseBenefit_pn3n3_uUSD_zniUVJYzFRIf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Income tax expense</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

-12518000

0.210

-1279000

0.021

-533000 0.009

12829000

-0.215

117000 -0.002

403000

-0.007

981000

-0.016

-14653000

-49000

369000

294000

3789000

947000

-132000

17013000

<p id="xdx_893_eus-gaap--ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_zGCf6yB8uFZh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 22.3pt; text-align: justify">The Company’s net deferred tax assets (liabilities) are as follows (in thousands): Schedule net deferred tax assets (liabilities) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; text-align: center; visibility: hidden"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td id="xdx_49C_20251231_zCbuDlF8fCx6" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td> <td colspan="3" id="xdx_490_20241231_zAx3vN6WuPne" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center; visibility: hidden"> </td><td style="display: none; padding-bottom: 1pt; font-weight: bold; visibility: hidden"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Years Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deferred tax assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_iI_pn3n3_uUSD_zzVNMvDABa2j" style="vertical-align: bottom; background-color: White"> <td style="width: 70%; text-align: left; padding-left: 10pt">Net operating loss carryforwards</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">51,463</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">33,799</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--DeferredTaxLiabilityNotRecognizedAmountOfUnrecognizedDeferredTaxLiabilityBadDebtReserveForTaxPurposesOfQualifiedLender_iI_pn3n3_uUSD_zJl15fpfNWp9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Liability to licensor</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,159</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,159</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--DeferredTaxAssetsGoodwillAndIntangibleAssets_iI_pn3n3_uUSD_ziFJWcHNULn7" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Goodwill</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,427</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,683</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--LeaseLiability_iI_pn3n3_uUSD_zEI74X2UVvCi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Lease liability</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,302</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">176</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsEmployeeCompensation_iI_pn3n3_uUSD_z4SiBCUCDlc3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Accrued compensation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">556</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--DeferredTaxAssetsTaxCreditCarryforwardsResearch_iI_pn3n3_uUSD_zxlm2iJ4DfQ1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Research credit carryforwards</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,424</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,221</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--Section174CostCapitalization_iI_pn3n3_uUSD_zAQJ7KZipfIb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Section 174 cost capitalization</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">30,808</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">36,951</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--Section59ECostCapitalization_iI_pn3n3_uUSD_zs70LoTKXX99" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Section 59(e) cost capitalization</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,300</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,350</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost_iI_pn3n3_uUSD_zbd7CZstaNJj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Stock-based compensation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,635</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,938</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--DeferredGainOnSaleOfProperty_iI_pn3n3_uUSD_zIzuSkazX6ej" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Deferred gain</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,491</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_ecustom--DeferredTaxAssetsFixedAssets_iI_pn3n3_uUSD_zqrF1G6dD7yi" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Fixed assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--DeferredTaxAssetsOther_iI_pn3n3_uUSD_zzUrjGBKblGi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; padding-left: 10pt">Other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">81</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--DeferredTaxAssetsGross_iI_pn3n3_uUSD_z8LVXTHXX7jd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Gross deferred tax assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">117,094</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">102,838</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--DeferredTaxAssetsValuationAllowance_iNI_pn3n3_di_uUSD_zYwOUVh8L8Ld" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less: valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(115,932</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(102,655</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_408_eus-gaap--DeferredTaxAssetsNet_iI_pn3n3_uUSD_zxwbwP0msOo9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Total deferred tax assets</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,162</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">183</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deferred tax liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--DeferredTaxLiabilitiesRegulatoryAssets_iNI_pn3n3_di_uUSD_zD2uQK0SrgK" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Fixed assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(75</td><td style="text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--DeferredTaxLiabilitiesLeasingArrangements_iNI_pn3n3_di_uUSD_zikFt8DigaVi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Operating lease right-of-use asset</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,162</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(108</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_409_eus-gaap--DeferredTaxLiabilities_iNI_pn3n3_di_uUSD_zK8LeO7PABg3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Total deferred tax liabilities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,162</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(183</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_408_eus-gaap--DeferredTaxAssetsLiabilitiesNet_iI_pn3n3_uUSD_zc03Ws8107Bd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net deferred tax assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

51463000

33799000

4159000

2427000

2683000

1302000 176000

556000

15424000

13221000

30808000 36951000 6300000 7350000

3635000

3938000

1491000

4000

81000

5000

117094000

102838000

115932000

102655000

1162000

183000

75000

1162000

108000

1162000

183000

13300000

244400000 2200000

The federal net operating loss and approximately $1.1 million of state net operating losses can be carried forward indefinitely, subject to an 80% limitation against taxable income. The remaining state net operating losses of approximately $1.1 million will begin to expire in 2042, unless previously utilized.

11800000

4000000.0

P2040Y 5600000 P2041Y Sections 382 and 383, annual use of the Company’s net operating loss carryforwards may be limited in the event a cumulative change in ownership of more than 50% occurs within a three-year period.

<p id="xdx_895_eus-gaap--ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock_zywL1s67MbAc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 22.3pt">A reconciliation of the beginning and ending unrecognized tax benefit amount is as follows (in thousands): Schedule of unrecognized tax benefit amount <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Years Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left">Unrecognized tax benefits - beginning</td><td style="width: 1%"> </td> <td colspan="2" style="text-align: left">$</td><td id="xdx_989_eus-gaap--UnrecognizedTaxBenefits_iS_pn3n3_uUSD_c20250101__20251231_zuvuMUNKUCM1" style="width: 12%; text-align: right" title="Unrecognized tax benefits - beginning">4,582</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--UnrecognizedTaxBenefits_iS_pn3n3_uUSD_c20240101__20241231_zKzCyBb4EeMa" style="width: 12%; text-align: right" title="Unrecognized tax benefits - beginning">3,602</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Gross increases - tax positions in prior period</td><td> </td> <td colspan="2" style="text-align: left"> </td><td id="xdx_981_eus-gaap--UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions_pn3n3_uUSD_c20250101__20251231_zBpuddWamkJc" style="text-align: right" title="Gross increases - tax positions in prior period">52</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions_pn3n3_d0_uUSD_c20240101__20241231_zkij0RR71ff7" style="text-align: right" title="Gross increases - tax positions in prior period">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Gross increase – current-period tax positions</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions_pn3n3_uUSD_c20250101__20251231_zVqcVEjpcUbd" style="border-bottom: Black 1pt solid; text-align: right" title="Gross increase - current-period tax positions">717</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_989_eus-gaap--UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions_pn3n3_uUSD_c20240101__20241231_zDKK6kvr5I7a" style="border-bottom: Black 1pt solid; text-align: right" title="Gross increase - current-period tax positions">980</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Unrecognized tax benefits - ending</td><td style="padding-bottom: 2.5pt"> </td> <td colspan="2" style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_984_eus-gaap--UnrecognizedTaxBenefits_iE_pn3n3_uUSD_c20250101__20251231_zEkDSPWTxKP2" style="border-bottom: Black 2.5pt double; text-align: right" title="Unrecognized tax benefits - ending">5,351</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_988_eus-gaap--UnrecognizedTaxBenefits_iE_pn3n3_uUSD_c20240101__20241231_zJjfIgXmInk1" style="border-bottom: Black 2.5pt double; text-align: right" title="Unrecognized tax benefits - ending">4,582</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

4582000

3602000

52000

717000

980000

5351000

4582000

13. Segment Information Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. The Company is a clinical-stage biopharmaceutical company and has not generated any product revenue from its CAB antibody-based products. The Company’s operations are organized and reported as a single reportable segment, which includes all activities related to the discovery, development, and commercialization of its CAB products. The Company’s CODM, its chief executive officer, reviews operating results on an aggregate basis and manages the operations as a single operating segment. The measure of segment assets is reported on the consolidated balance sheets as total assets. The CODM evaluates performance and allocates resources based on consolidated net income or loss that also is reported on the consolidated statements of operations and comprehensive loss as net loss, and cash used in operations. <p id="xdx_89F_eus-gaap--ScheduleOfSegmentReportingInformationBySegmentTextBlock_zFnJJeCzGma3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 22.3pt">The following table provides R&D expenses by program with a reconciliation to net loss for the periods indicated, which are regularly reviewed by the CODM: Schedule of segment expenses reviewed by the CDMO <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Years Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">(in thousands)</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left">Collaboration and other revenue</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_eus-gaap--RevenueFromCollaborativeArrangementExcludingRevenueFromContractWithCustomer_pn3n3_c20250101__20251231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zsgihZo5Cmld" style="width: 12%; text-align: right">2,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98D_eus-gaap--RevenueFromCollaborativeArrangementExcludingRevenueFromContractWithCustomer_pn3n3_c20240101__20241231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zm77I8nCnEnd" style="width: 12%; text-align: right">11,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Program expenses:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Mecbotamab vedotin, BA3011 (CAB AXL-ADC)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20250101__20251231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--BAThreeZeroOneOneMember_zBkXbQOQtBmi" style="text-align: right">7,848</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20240101__20241231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--BAThreeZeroOneOneMember_z4VfO5Jc8W4l" style="text-align: right">12,934</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Ozuriftamab vedotin, BA3021 (CAB ROR2-ADC)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20250101__20251231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--BAThreeZeroTwoOneMember_zgY1pUKvmj07" style="text-align: right">5,446</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20240101__20241231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--BAThreeZeroTwoOneMember_zT7YZm9N2wlj" style="text-align: right">8,962</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Evalstotug, BA3071 (CAB CTLA-4)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20250101__20251231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--BAThreeZeroSevenOneMember_zBSlqZyjdQJc" style="text-align: right">5,026</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20240101__20241231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--BAThreeZeroSevenOneMember_zgVh0d2oKltc" style="text-align: right">9,103</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">BA3182 (CAB EpCAM x CAB CD3)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20250101__20251231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--BAThreeOneEightTwoMember_zjYWyQC0mb0j" style="text-align: right">7,869</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20240101__20241231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--BAThreeOneEightTwoMember_z6uO3020S2rc" style="text-align: right">5,111</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Other CAB Programs</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_985_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20250101__20251231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--OtherCABProgramsMember_zC8S5fRffhHh" style="border-bottom: Black 1pt solid; text-align: right">3,768</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_987_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20240101__20241231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--OtherCABProgramsMember_zBF0cXvnLXs1" style="border-bottom: Black 1pt solid; text-align: right">6,912</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Total program expenses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20250101__20251231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--TotalProgramExpensesMember_zClAmmsPIfDh" style="border-bottom: Black 1pt solid; text-align: right">29,957</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20240101__20241231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--TotalProgramExpensesMember_zGcToREOSze4" style="border-bottom: Black 1pt solid; text-align: right">43,022</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Personnel and related</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20250101__20251231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--PersonnelAndRelatedMember_zgvfakvCd2hb" style="text-align: right">8,180</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20240101__20241231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--PersonnelAndRelatedMember_z5IqlWqZEcBk" style="text-align: right">12,082</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Equity-based compensation</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20250101__20251231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--EquityBasedCompensationMember_z3dC36JDd6Sa" style="text-align: right">2,199</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20240101__20241231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--EquityBasedCompensationMember_zWDZtHjKWNfb" style="text-align: right">4,238</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Facilities and other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_985_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20250101__20251231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--FacilitiesAndOtherMember_zguTyQp8fx5b" style="border-bottom: Black 1pt solid; text-align: right">3,237</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_986_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20240101__20241231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--FacilitiesAndOtherMember_zWOpi7XVYCFi" style="border-bottom: Black 1pt solid; text-align: right">3,753</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Total research and development expenses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20250101__20251231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zl9LR2Cluzvf" style="border-bottom: Black 1pt solid; text-align: right">43,573</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20240101__20241231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zchkjwMMg6L5" style="border-bottom: Black 1pt solid; text-align: right">63,095</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">General and administrative expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Personnel and related</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--GeneralAndAdministrativeExpense_pn3n3_c20250101__20251231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--PersonnelAndRelatedMember_zjlVfgvOs3F5" style="text-align: right">5,286</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--GeneralAndAdministrativeExpense_pn3n3_c20240101__20241231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--PersonnelAndRelatedMember_z8gapH7DgGeb" style="text-align: right">7,213</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Equity-based compensation</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--GeneralAndAdministrativeExpense_pn3n3_c20250101__20251231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--EquityBasedCompensationMember_zi3Rs5o7GmYg" style="text-align: right">3,235</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--GeneralAndAdministrativeExpense_pn3n3_c20240101__20241231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--EquityBasedCompensationMember_z2BU3MG3IHij" style="text-align: right">4,683</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Facilities and other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--GeneralAndAdministrativeExpense_pn3n3_c20250101__20251231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--FacilitiesAndOtherMember_zqLDR5BWhPJk" style="border-bottom: Black 1pt solid; text-align: right">9,211</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_eus-gaap--GeneralAndAdministrativeExpense_pn3n3_c20240101__20241231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--FacilitiesAndOtherMember_zNwu2pg1Hil5" style="border-bottom: Black 1pt solid; text-align: right">9,952</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Total general and administrative expenses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--GeneralAndAdministrativeExpense_pn3n3_c20250101__20251231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zKO5OfvqvOcc" style="border-bottom: Black 1pt solid; text-align: right">17,732</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_989_eus-gaap--GeneralAndAdministrativeExpense_pn3n3_c20240101__20241231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_z1cS2RwWCBnd" style="border-bottom: Black 1pt solid; text-align: right">21,848</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Interest and other income (expense)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_eus-gaap--OtherNonoperatingIncomeExpense_pn3n3_c20250101__20251231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zQ2Xb1s0TRtl" style="border-bottom: Black 1pt solid; text-align: right">(302</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_eus-gaap--OtherNonoperatingIncomeExpense_pn3n3_c20240101__20241231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zGSQO5TnvDwc" style="border-bottom: Black 1pt solid; text-align: right">4,167</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net loss and comprehensive loss</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_989_eus-gaap--NetIncomeLoss_pn3n3_c20250101__20251231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zlrONpQ7S5bb" style="border-bottom: Black 2.5pt double; text-align: right">(59,607</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_987_eus-gaap--NetIncomeLoss_pn3n3_c20240101__20241231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zsODMFrGerVa" style="border-bottom: Black 2.5pt double; text-align: right">(69,776</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table>

<p id="xdx_89F_eus-gaap--ScheduleOfSegmentReportingInformationBySegmentTextBlock_zFnJJeCzGma3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 22.3pt">The following table provides R&D expenses by program with a reconciliation to net loss for the periods indicated, which are regularly reviewed by the CODM: Schedule of segment expenses reviewed by the CDMO <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Years Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">(in thousands)</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left">Collaboration and other revenue</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_eus-gaap--RevenueFromCollaborativeArrangementExcludingRevenueFromContractWithCustomer_pn3n3_c20250101__20251231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zsgihZo5Cmld" style="width: 12%; text-align: right">2,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98D_eus-gaap--RevenueFromCollaborativeArrangementExcludingRevenueFromContractWithCustomer_pn3n3_c20240101__20241231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zm77I8nCnEnd" style="width: 12%; text-align: right">11,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Program expenses:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Mecbotamab vedotin, BA3011 (CAB AXL-ADC)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20250101__20251231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--BAThreeZeroOneOneMember_zBkXbQOQtBmi" style="text-align: right">7,848</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20240101__20241231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--BAThreeZeroOneOneMember_z4VfO5Jc8W4l" style="text-align: right">12,934</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Ozuriftamab vedotin, BA3021 (CAB ROR2-ADC)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20250101__20251231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--BAThreeZeroTwoOneMember_zgY1pUKvmj07" style="text-align: right">5,446</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20240101__20241231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--BAThreeZeroTwoOneMember_zT7YZm9N2wlj" style="text-align: right">8,962</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Evalstotug, BA3071 (CAB CTLA-4)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20250101__20251231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--BAThreeZeroSevenOneMember_zBSlqZyjdQJc" style="text-align: right">5,026</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20240101__20241231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--BAThreeZeroSevenOneMember_zgVh0d2oKltc" style="text-align: right">9,103</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">BA3182 (CAB EpCAM x CAB CD3)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20250101__20251231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--BAThreeOneEightTwoMember_zjYWyQC0mb0j" style="text-align: right">7,869</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20240101__20241231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--BAThreeOneEightTwoMember_z6uO3020S2rc" style="text-align: right">5,111</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Other CAB Programs</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_985_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20250101__20251231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--OtherCABProgramsMember_zC8S5fRffhHh" style="border-bottom: Black 1pt solid; text-align: right">3,768</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_987_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20240101__20241231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--OtherCABProgramsMember_zBF0cXvnLXs1" style="border-bottom: Black 1pt solid; text-align: right">6,912</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Total program expenses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20250101__20251231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--TotalProgramExpensesMember_zClAmmsPIfDh" style="border-bottom: Black 1pt solid; text-align: right">29,957</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20240101__20241231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--TotalProgramExpensesMember_zGcToREOSze4" style="border-bottom: Black 1pt solid; text-align: right">43,022</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Personnel and related</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20250101__20251231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--PersonnelAndRelatedMember_zgvfakvCd2hb" style="text-align: right">8,180</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20240101__20241231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--PersonnelAndRelatedMember_z5IqlWqZEcBk" style="text-align: right">12,082</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Equity-based compensation</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20250101__20251231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--EquityBasedCompensationMember_z3dC36JDd6Sa" style="text-align: right">2,199</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20240101__20241231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--EquityBasedCompensationMember_zWDZtHjKWNfb" style="text-align: right">4,238</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Facilities and other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_985_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20250101__20251231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--FacilitiesAndOtherMember_zguTyQp8fx5b" style="border-bottom: Black 1pt solid; text-align: right">3,237</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_986_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20240101__20241231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--FacilitiesAndOtherMember_zWOpi7XVYCFi" style="border-bottom: Black 1pt solid; text-align: right">3,753</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Total research and development expenses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20250101__20251231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zl9LR2Cluzvf" style="border-bottom: Black 1pt solid; text-align: right">43,573</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_c20240101__20241231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zchkjwMMg6L5" style="border-bottom: Black 1pt solid; text-align: right">63,095</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">General and administrative expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Personnel and related</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--GeneralAndAdministrativeExpense_pn3n3_c20250101__20251231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--PersonnelAndRelatedMember_zjlVfgvOs3F5" style="text-align: right">5,286</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--GeneralAndAdministrativeExpense_pn3n3_c20240101__20241231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--PersonnelAndRelatedMember_z8gapH7DgGeb" style="text-align: right">7,213</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Equity-based compensation</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--GeneralAndAdministrativeExpense_pn3n3_c20250101__20251231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--EquityBasedCompensationMember_zi3Rs5o7GmYg" style="text-align: right">3,235</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--GeneralAndAdministrativeExpense_pn3n3_c20240101__20241231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--EquityBasedCompensationMember_z2BU3MG3IHij" style="text-align: right">4,683</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Facilities and other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--GeneralAndAdministrativeExpense_pn3n3_c20250101__20251231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--FacilitiesAndOtherMember_zqLDR5BWhPJk" style="border-bottom: Black 1pt solid; text-align: right">9,211</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_eus-gaap--GeneralAndAdministrativeExpense_pn3n3_c20240101__20241231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember__srt--ProductOrServiceAxis__custom--FacilitiesAndOtherMember_zNwu2pg1Hil5" style="border-bottom: Black 1pt solid; text-align: right">9,952</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Total general and administrative expenses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--GeneralAndAdministrativeExpense_pn3n3_c20250101__20251231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zKO5OfvqvOcc" style="border-bottom: Black 1pt solid; text-align: right">17,732</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_989_eus-gaap--GeneralAndAdministrativeExpense_pn3n3_c20240101__20241231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_z1cS2RwWCBnd" style="border-bottom: Black 1pt solid; text-align: right">21,848</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Interest and other income (expense)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_eus-gaap--OtherNonoperatingIncomeExpense_pn3n3_c20250101__20251231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zQ2Xb1s0TRtl" style="border-bottom: Black 1pt solid; text-align: right">(302</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_eus-gaap--OtherNonoperatingIncomeExpense_pn3n3_c20240101__20241231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zGSQO5TnvDwc" style="border-bottom: Black 1pt solid; text-align: right">4,167</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net loss and comprehensive loss</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_989_eus-gaap--NetIncomeLoss_pn3n3_c20250101__20251231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zlrONpQ7S5bb" style="border-bottom: Black 2.5pt double; text-align: right">(59,607</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_987_eus-gaap--NetIncomeLoss_pn3n3_c20240101__20241231__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zsODMFrGerVa" style="border-bottom: Black 2.5pt double; text-align: right">(69,776</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table>

2000000

11000000

7848000

12934000

5446000

8962000

5026000

9103000

7869000

5111000

3768000

6912000

29957000

43022000

8180000

12082000

2199000

4238000

3237000

3753000

43573000

63095000

5286000

7213000

3235000

4683000

9211000

9952000

17732000

21848000

-302000

4167000

-59607000

-69776000

14. Subsequent Events In connection with the preparation of the consolidated financial statements as of and for the year ended December 31, 2025, the Company has completed an evaluation of all subsequent events through March 31, 2026, which represents the date the consolidated financial statements were issued, for events requiring adjustment to or disclosure in the financial statements. The Company has further evaluated subsequent events for disclosure purposes through October 19, 2026. Except as described below or elsewhere in these consolidated financial statements, the Company has concluded that no subsequent event has occurred that requires disclosure or adjustment to the financial statements. Pre-Paid Advance The outstanding principal balance of $<span id="xdx_907_eus-gaap--ConvertibleDebtCurrent_iI_pn5n6_uUSD_c20251231__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zAaRHdEIwx31" title="Outstanding pre paid advance amount convertible into common stock">4.5 million as of December 31, 2025 under the Pre-Paid Advance was fully converted into common stock subsequent to the balance sheet date. SEPA As of March 31, 2026, 48,092 SEPA shares had been sold under the SEPA, with gross proceeds to the Company totaling approximately $0.4 million. Restructuring On March 2, 2026, the Company announced that it has initiated a formal process to explore and evaluate strategic options to maximize shareholder value, including sale of preclinical and clinical assets, licensing transactions, strategic partnerships or other corporate transactions. In connection with the evaluation of strategic alternatives, the Company is implementing a restructuring plan that includes a workforce reduction of approximately 70%. Merger and Related Share Consolidation On March 23, 2026, the Company’s stockholders approved the Agreement and Plan of Merger, as amended from time to time, including pursuant to Amendment No. 1 to Agreement and Plan of Merger, pursuant to which (i) a wholly owned subsidiary (the “Merger Sub”) of the Company will merge with and into the Company, with the Company surviving (the “Merger”), and (ii) every fifty (50) shares of common stock of the Company issued and outstanding, or held as treasury stock, will be converted into one (1) share of common stock of the surviving corporation, which shall be the Company (the “Share Consolidation”). The effective date of the Merger and the related Share Consolidation was April 6, 2026. Consequently, all issued and outstanding shares of stock, stock option awards, and per share data have been retroactively adjusted in these financial statements to reflect the Share Consolidation for all periods presented. The authorized shares and par value of the common stock and preferred stock remain unchanged. No fractional shares were issued in connection with the Share Consolidation.

4500000

48092

400000

0.70 The state that contributes to the majority (greater than 50%) of the tax effect in this category was California for year ending December 31, 2025.