In September 2026, the Company entered into the First Amendment to Lease (the “Amendment”) with Britannia Biotech Gateway Limited Partnership for its corporate headquarters, comprising approximately 38,675 rentable square feet of office and laboratory space in South San Francisco, California. The Amendment extends the lease term from March 31, 2027 to March 31, 2034. Monthly base rent under the extended term ranges from $4.65 to $5.72 per rentable square foot, increasing annually, and is subject to abatement for the ten-month period from April 1, 2027 through January 31, 2028. The Company will continue to pay its share of operating expenses. The Amendment provides the Company a one-time right to terminate the lease effective March 31, 2031, upon written notice by March 31, 2030 and payment of a termination fee of approximately $2.5 million, and one option to extend the term for an additional seven years. The Company has recorded the $0.6 million Letter of Credit as non-current restricted cash on its balance sheet as of September 30, 2026.

The Company accounted for the Amendment as a lease modification that was not a separate contract. On the effective date of the modification, the Company reassessed the lease classification, which remained an operating lease, and remeasured the lease liability using its incremental borrowing rate of 10.81% as of that date. The remeasurement increased the operating lease liability and the corresponding operating lease right-of-use asset by $9.3 million. The Company determined that it is reasonably certain not to exercise the early termination option and that it is not reasonably certain to exercise the extension option. Accordingly, the lease term used to measure the lease liability ends on March 31, 2034.