Cash and cash equivalents totaled $165.7 million and $194.2 million as of September 30, 2026 and December 31, 2025, respectively.

During the period, the Company raised capital through two equity transactions. In July 2026, the Company announced $50.0 million in gross proceeds from the sale of American Depositary Shares (ADSs) to RA Capital Management, L.P. under the At-the-Market (ATM) Program. Additionally, in January 2026, the Company received $94.7 million in gross proceeds resulting from the acceleration and full exercise of the ABSA Warrants and BS Warrants originally issued in connection with the March 2025 PIPE Financing. The proceeds from both equity transactions supported the Company's operating and investing activities during the period.

As of September 30, 2026 cash equivalents totaled $110.7 million, compared to $67.1 million as of December 31, 2025. Cash equivalents consist primarily of short-term interest-bearing deposits with original maturities of three months or less when purchased. Management considers all investments to be readily convertible into known amounts of cash and subject to an insignificant risk of changes in value. Accordingly, they are classified as cash equivalents.

The Company actively manages its liquidity by investing excess cash balances in highly liquid, low-risk instruments while maintaining sufficient flexibility to fund operating activities, clinical development programs, manufacturing and supply-chain readiness activities, and potential commercial launch preparations.