What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-08-11 compared with 2026-05-12 · 239 added, 199 removed, 893 unchanged (33% of the section changed)

28 unchanged sentences

Redeemable convertible preferred stock, $ 0.0001 par value;

authorized, issued and outstanding as of March 31, 2026 or December 31, 2025

authorized, issued and outstanding as of June 30, 2026 or December 31, 2025

Stockholders’ equity:

1 unchanged sentence

10,000,000 shares authorized as of

March 31, 2026;

no shares issued and outstanding as of March 31, 2026;

shares authorized, issued and outstanding as of December 31, 2025

June 30, 2026 and December 31, 2025;

no shares issued

or outstanding as of June 30, 2026 or December 31, 2025, respectively

Common stock, $ 0.0001 par value;

500,000,000 shares authorized as of

March 31, 2026 and December 31, 2025, respectively;

June 30, 2026 and December 31, 2025;

80,115,002 and

79,991,768 shares issued and outstanding as of March 31, 2026 and

79,991,768 shares issued and outstanding as of June 30, 2026 and

December 31, 2025, respectively

1 unchanged sentence

Accumulated deficit

Accumulated other comprehensive income

Accumulated other comprehensive income (loss)

Total stockholders’ equity

3 unchanged sentences

Condensed Consolidated Statements of Operations

(In thousands, except shares and per share data)

Three Months Ended March 31,

(In thousands)

Three Months Ended June 30,

Six Months Ended June 30,

Operating expenses:

9 unchanged sentences

Total other income, net

Net loss per share attributable to common stockholders, basic and diluted

Weighted-average number of shares used in computing net loss per share attributable to

common stockholders, basic and diluted

(1) Research and development expenses include related party amoun ts of $ 142 and $ 264 for the three months ended March 31, 2026 and 2025, respectively.

(2) General and administrative expenses include related party amounts of $ 40 and $ 168 for the three months ended March 31, 2026 and 2025, respectively.

Net loss per share attributable to common stockholders,

basic and diluted

Weighted-average number of shares used in computing

net loss per share attributable to common stockholders,

basic and diluted

(1) Research and development expenses inclu de related party amounts of $ 231 and $ 174 for the three months ended June 30, 2026 and 2025, respectively, and $ 373 and $ 438 for the six months ended June 30, 2026 and 2025, respectively.

(2) General and administrative expenses include related party amounts of $ 39 and $ 201 for the three months ended June 30, 2026 and 2025, respectively, and $ 79 and $ 370 for the six months ended June 30, 2026 and 2025, respectively.

The accompanying notes are an integral part of these condensed consolidated financial statements.

2 unchanged sentences

(In thousands)

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

Comprehensive loss, net of tax:

Unrealized loss on marketable securities

Unrealized gain (loss) on marketable securities

Comprehensive loss

2 unchanged sentences

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock

and Stockholders’ Equity

and Stockholders’ Equity (Deficit)

(In thousands, except share data)

3 unchanged sentences

Paid-In Capital

Income (Loss)

(Deficit) Equity

Balance as of December 31, 2025

Conversion of Series B redeemable

convertible preferred stock into

Exercise of common stock options

Stock-based compensation

1 unchanged sentence

Balance as of March 31, 2026

Balance as of December 31, 2025

Exercise of common stock options

Vesting of restricted stock units

Stock-based compensation

Unrealized gain on marketable

Balance as of June 30, 2026

Balance as of December 31, 2024

Conversion of Series B redeemable

convertible preferred stock into

Stock-based compensation

Unrealized loss on marketable

Balance as of March 31, 2025

Issuance of Series B redeemable

convertible preferred stock for cash

consideration and settlement of

participation right liability

Stock-based compensation

Unrealized loss on marketable

Balance as of June 30, 2025

The accompanying notes are an integral part of these condensed consolidated financial statements.

2 unchanged sentences

(In thousands)

Three Months Ended March 31,

Six Months Ended June 30,

Operating activities

3 unchanged sentences

Change in fair value of participation right liability

Net accretion of premiums on marketable securities

Net accretion of premiums and discounts on marketable securities

Amortization of right-of-use assets

Other non-cash adjustments, net

Changes in operating assets and liabilities:

10 unchanged sentences

Investing activities

Maturities of marketable securities

Maturities and sales of marketable securities

Purchases of marketable securities

2 unchanged sentences

Financing activities

Issuance of Series B redeemable convertible preferred stock, net of issuance costs

Payment of deferred transaction costs

Exercise of common stock options for cash

Net cash provided by (used in) financing activities

Net cash provided by financing activities

Net decrease in cash, cash equivalents, and restricted cash

2 unchanged sentences

Supplemental disclosures of non-cash investing and financing activities:

Settlement of participation right liability upon issuance

of Series B redeemable convertible preferred stock

Right-of-use asset recognized in exchange for operating lease liabilities

35 unchanged sentences

These condensed consolidated financial statements have been prepared on the same basis as the audited annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments necessary for the fair presentation of the Company’s financial information.

The results for the three months ended March 31, 2026 are not necessarily indicative of results to be expected for the year ending December 31, 2026 or for any other future annual or interim period.

The results for the three and six months ended June 30, 2026 are not necessarily indicative of results to be expected for the year ending December 31, 2026 or for any other future annual or interim period.

From its inception through the issuance of the Series B on April 30, 2024, Legacy BBOT had been majority-owned and controlled by BridgeBio Pharma.

6 unchanged sentences

Subsequent to April 30, 2024 and prior to the de-SPAC Transaction, the financial information included in these condensed consolidated financial statements relates to Legacy BBOT on a standalone basis.

Since its inception through March 31, 2026, the Company has incurred net losses.

As of March 31, 2026, the Company had an accumulated deficit of $ 398.7 million and incurred net losses of $ 42.1 million and $ 22.1 million during the three months ended March 31, 2026 and March 31, 2025, respectively.

As of March 31, 2026, the Company had a balance of cash, cash equivalents, and marketable securities of $ 388.9 million.

Since its inception through June 30, 2026, the Company has incurred net losses.

As of June 30, 2026, the Company had an accumulated deficit of $ 455.1 million and incurred net losses of $ 56.5 million and $ 28.4 million during the three months ended June 30, 2026 and June 30, 2025 , respectively and $ 98.6 million and $ 50.5 million for the six months ended June 30, 2026 and 2025, respectively.

As of June 30, 2026, the Company had a balance of cash, cash equivalents, and marketable securities of $ 344.1 million.

The Company believes that its existing cash, cash equivalents, and marketable securities will be sufficient to support operations for at least one year from the issuance date of these condensed consolidated financial statements.

11 unchanged sentences

We believe that these financial institutions are financially sound, and, accordingly, minimal credit risk exists with respect to the amounts deposited.

The Company has not experienced any credit losses associated with its balances in such accounts through March 31, 2026.

The Company has not experienced any credit losses associated with its balances in such accounts through June 30, 2026.

We are subject to certain risks and uncertainties, and we believe that changes in any of the following areas could have a material adverse effect on future financial position or results of operations:

8 unchanged sentences

• Accruals for research and development activities and contingent clinical, development, regulatory, and sales-based milestone payments in our in-licensing agreements,

• The fair value of redeemable convertible preferred stock and common stock prior to the de-SPAC Transaction,

• The fair value of share-based awards and participation right liability,

6 unchanged sentences

The Company considers all highly liquid investments purchased with a maturity of three months or less at the date of purchase to be cash equivalents.

As of March 31, 2026, cash and cash equivalents consisted of money market funds, commercial paper, and corporate debt securities.

As of June 30, 2026, cash and cash equivalents consisted of money market funds.

As of December 31, 2025 , cash and cash equivalents consisted of money market funds and commercial paper.

6 unchanged sentences

The Company generally invests its excess cash in money market funds and investment grade short to intermediate-term fixed income securities.

Such investments are included in cash and cash equivalents, short-term marketable securities or long-term marketable securities on the condensed consolidated balance sheets, are considered available-for-sale.

The Company classifies investments in securities with remaining maturities of less than one year, or where its intent is to use the investments to fund current operations or to make them available for current operations, as short-term investments.

1 unchanged sentence

Our available for-sale securities are carried at fair value with the unrealized gains and losses included in accumulated other comprehensive income as a component of stockholders’ equity until realized.

Realized gains and losses are calculated using the specific identification method and recorded as interest income in the condensed consolidated statement of operations.

Realized gains and losses are calculated using the specific identification method and recorded as other income (expense) in the condensed consolidated statement of operations.

The Company reports the accrued interest receivable as a component of prepaid and other assets on its condensed consolidated balance sheet, which is presented separately from available-for-sale securities.

6 unchanged sentences

Any impairment that has not been recorded through an allowance for credit losses is included in other comprehensive income or loss.

No allowance for credit losses has been recorded as of March 31, 2026 or December 31, 2025.

No allowance for credit losses has been recorded as of June 30, 2026 or December 31, 2025 .

Fair Val ue Measurements

15 unchanged sentences

(1) whether the lease transfers ownership of the underlying asset to the lessee at the end of the lease term, (2) whether the lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise, (3) whether the lease term is for a major part of the remaining economic life of the underlying asset, (4) whether the present value of the sum of the lease payments and residual value guaranteed by the lessee equals or exceeds substantially all of the fair value of the underlying asset, and (5) whether the underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term.

As of March 31, 2026, our lease population consisted primarily of real estate operating leases.

As of June 30, 2026, our lease population consisted primarily of real estate operating leases.

Lease right-of-use assets and lease liabilities are recognized at the lease commencement date based on the present value of the future minimum lease payments over the lease term at the commencement date.

13 unchanged sentences

Maintenance and repairs that do not improve or extend the life of the assets are expensed when incurred.

Depreciation expense for property and equipment was $ 0.1 million for both the three months ended March 31, 2026 and 2025, respectively.

Depreciation expense for property and equipment was $ 0.1 million for the three months ended June 30, 2026 and 2025, respectively, and $ 0.2 million and $ 0.1 million for the six months ended June 30, 2026 and 2025, respectively.

Impairment of Long-Lived Assets

2 unchanged sentences

If the carrying amount of an asset group exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset group exceeds the fair value of the asset group.

No impairment charges related to long-lived assets have been recorded during the three months ended March 31, 2026 and 2025.

No impairment charges related to long-lived assets have been recorded during the three and six months ended June 30, 2026 and 2025.

The Company operates in one operating and reportable segment within the United States, developing oncology therapies through various related development projects.

5 unchanged sentences

The chief operating decision-maker reviews research and development expenses by the following significant categories presented in the table below (in thousands):

Three months ended March 31,

Three months ended June 30,

Six months ended June 30,

Research and development trials and consumables expenses

14 unchanged sentences

Subsequent to April 30, 2024, the Company continued its relationship with various BridgeBio Pharma entities, which remain related parties.

While the nature of these interactions shifted from centralized cash management to services provided under the transition services agreement, the resulting receivables and payables reported separately as current assets or liabilities in the condensed consolidated balance sheets.

While the nature of these interactions shifted from centralized cash management to services provided under the transition services agreement, the resulting receivables and payables are reported separately as current assets or liabilities in the condensed consolidated balance sheets.

Research and Development Expenses

Research and development costs are expensed as incurred.

Research and development expenses consist of salaries, benefits, and other personnel-related costs, including stock-based compensation, laboratory supplies, preclinical studies, clinical trials, and related clinical manufacturing costs, costs related to manufacturing preparations, fees paid to other entities to conduct certain research and development activities on our behalf, and allocated facility and other related costs.

Research and development expenses consist of salaries, benefits, and other personnel-related costs, including stock-based compensation, costs associated with laboratory supplies, preclinical studies, clinical trials, and related clinical manufacturing costs, costs related to manufacturing preparations, fees paid to other entities to conduct certain research and development activities on our behalf, and allocated facility and other related costs.

Non-refundable advance payments for goods or services that will be used or rendered for future research and development activities are deferred and capitalized as prepaid expenses until the related goods are delivered or services are performed.

6 unchanged sentences

• Fees paid to investigative sites in connection with clinical trials;

• Fees paid to contract manufacturing organizations in connection with the production of product and clinical trial materials;

• Fees paid to contract manufacturing organizations in connection with the production of investigational product and clinical trial materials;

• Professional service fees for consulting and related services.

24 unchanged sentences

Contingent payments are recognized when the milestone is met unless the contingent consideration meets the definition of a derivative, in which case the amount becomes part of the cost of the asset acquired.

None of the contingent payments represented a derivative through March 31, 2026.

None of the contingent payments represented a derivative through June 30, 2026 .

Upon recognition of the contingent consideration payment, the amount is expensed as research and development expense if it relates to IPR&D with no alternative future use or capitalized if it relates to a developed product, which is generally when clinical trials have been completed and regulatory approval obtained.

4 unchanged sentences

Stock-based compensation is recorded in research and development expenses or general and administrative expenses based on the grantee's function.

Stock-based compensation includes expenses related to common stock options granted by the Company.

Stock-based compensation includes expenses related to common stock options and restricted stock units granted by the Company.

The associated stock-based compensation is generally recognized on a straight-line basis over the requisite service period, which is generally the vesting period.

19 unchanged sentences

Historically we have had performance-based milestone compensation arrangements with certain employees and consultants, whose vesting is contingent upon meeting various regulatory and development milestones, with fixed monetary amounts known at inception that can be settled upon achievement of certain contingent milestones in the form of (1) cash, (2) equity of BridgeBio Pharma, or (3) cash or equity of BridgeBio Pharma or the Company at the issuer’s sole election.

No performance milestone awards that may be settled in the Company’s shares or related liabilities were outstanding as of March 31, 2026 or December 31, 2025.

No performance milestone awards that may be settled in the Company’s shares or related liabilities were outstanding as of June 30, 2026 or December 31, 2025.

For arrangements that involve settlement by cash or equity of BridgeBio Pharma or the Company at their sole election, the Company classifies the milestone compensation arrangements as liability-classified awards when they are assessed as probable of achievement due to the possible fixed monetary settlement outcomes.

10 unchanged sentences

As such, the Company classified the participation right as a liability, remeasured at fair value, until its full exercise and settlement, which occurred in April 2025.

Changes in the fair value of the participation right liability are presented separately in the condensed consolidated statements of operations during the three months ended March 31, 2025.

Changes in the fair value of the participation right liability are presented separately in the condensed consolidated statements of operations during the six months ended June 30, 2025.

On the settlement date, in April 2025, the participation right liability was remeasured to the intrinsic value of the shares issued and reclassified to temporary equity.

2 unchanged sentences

The Company’s tax provision and the resulting effective tax rate for interim periods is determined based upon its estimated annual effective tax rate adjusted for the effect of discrete items arising in that quarter.

There was no provision for income tax for the three months ended March 31, 2026 or 2025.

There was no provision for income tax for the three and six months ended June 30, 2026 or 2025.

Income taxes are accounted for under the asset-and-liability method.

13 unchanged sentences

Prior to the Closing of the de-SPAC Transaction, the Company applied the two-class method to compute net loss per share, as it had issued redeemable convertible preferred stock that met the definition of participating securities.

The two-class method required income available to common shareholders for the period to be allocated between common and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed.

The two-class method required income available to common stockholders for the period to be allocated between common and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed.

Upon the de-SPAC Transaction, the outstanding redeemable convertible preferred stock was converted into common stock, and the two-class method is no longer applicable.

1 unchanged sentence

For periods prior to the Closing, the reported share and per share information has been retroactively adjusted to reflect the Consideration Ratio (refer to Note 3).

Basic net loss per share attributable to common shareholders is computed by dividing the net loss attributable to common shareholders by the weighted average number of common shares outstanding for the period.

Basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted average number of common shares outstanding for the period.

Diluted net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted average number of common shares outstanding, adjusted for the effect of potentially dilutive common shares, including stock options and other equity-linked instruments.

57 unchanged sentences

As a result, BBOT, as the combined company, received $ 112.3 million in net proceeds from the Trust account previously held by Helix.

The Company incurred total transaction costs of $ 12.4 million consisting of legal, accounting, and other professional fees during the year ended December 31, 2025, all of which has been paid as of March 31, 2026.

The Company’s total de-SPAC Transaction costs were recorded to additional paid-in capital as a reduction of the deemed proceeds from the PIPE Financing and the Trust Account.

26 unchanged sentences

The following tables summarize the Company’s assets and liabilities measured at fair value on a recurring basis by level within the valuation hierarchy (in thousands):

March 31, 2026

June 30, 2026

Cash equivalents:

Treasury bills

Money market funds

Commercial paper

Corporate debt securities

Total cash equivalents

3 unchanged sentences

Corporate debt securities

Certificated of deposit

Certificates of deposit

Total short-term marketable securities

Long-current marketable securities:

Long-term marketable securities:

Treasury bills

11 unchanged sentences

Total short-term marketable securities

Money market funds and short-term "on-the-run" treasuries in cash equivalents, such as treasury bills, that are highly liquid and actively traded marketable securities that generally transact at a stable $ 1.00 net asset value, representing their estimated fair value.

Money market funds and short-term "on-the-run" treasuries in cash equivalents, are highly liquid and actively traded marketable securities that generally transact at a stable $ 1.00 net asset value, representing their estimated fair value.

The fair value of these marketable securities is based upon observable market inputs obtained from third-party pricing services.

2 unchanged sentences

The following tables summarize the amortized cost and fair value of the Company’s cash equivalents and marketable securities by major investment category for the periods indicated (in thousands):

March 31, 2026

June 30, 2026

Short-term marketable securities:

2 unchanged sentences

Corporate debt securities

Certificated of deposit

Certificates of deposit

Total short-term marketable securities

1 unchanged sentence

Treasury bills

Commercial paper

Corporate debt securities

Certificated of deposit

Total long-term marketable securities

5 unchanged sentences

Total short-term marketable securities

There were no unrealized gains or losses on cash equivalents as of March 31, 2026, and December 31, 2025.

As of March 31, 2026 and December 31, 2025, some of the Company's marketable securities were in an unrealized loss position.

There were no unrealized gains or losses on cash equivalents as of June 30, 2026, and December 31, 2025.

As of June 30, 2026 and December 31, 2025, some of the Company's marketable securities were in an unrealized loss position.

These unrealized losses were attributable to changes in interest rates and geopolitical factors rather than credit deterioration.

Higher Treasury yields reflected changing market expectations for Federal Reserve policy, influenced by persistent inflation concerns and geopolitical developments, including energy market disruptions related to the Middle East conflict.

These factors increased required market yields, resulting in lower fair values for the Company's fixed-income investments as of June 30, 2026.

The Company's investment portfolio consists primarily of investment-grade corporate debt securities, U.S.

treasury securities and commercial paper.

Management monitors the credit quality of the portfolio on an ongoing basis and evaluates changes in issuer credit ratings, financial condition and payment performance in assessing expected credit losses.

The Company does not intend to sell securities, and it is not more likely than not that it will be required to sell them before recovery of amortized cost, so these losses were considered temporary.

1 unchanged sentence

The Company invests in high-quality short-term and long-term marketable securities, all of which have maturities under three years and no history of credit deterioration.

No allowance for credit losses was recorded as of March 31, 2026 and December 31, 2025 .

No allowance for credit losses was recorded as of June 30, 2026 and December 31, 2025 .

In-Licensing and C ollaboration Agreements

11 unchanged sentences

As a result, UCSF received the right to purchase up to 2,509,446 shares of the Series B redeemable convertible preferred stock at the original issue price of $ 8.8554 per share.

In March 2025, UCSF elected to exercise the Participation Right in full.

The Participation Right was settled in full in April 2025 (refer to Note 8) and was no longer outstanding as of December 31, 2025.

In March 2025, UCSF elected to exercise the Participation Right, which was settled in full in April 2025 (refer to Note 8) and was no longer outstanding as of December 31, 2025.

Leidos Biomedical Research License and C ooperative Research and Development Agreements

11 unchanged sentences

Leidos is also entitled to receive a low double-digit percentage of the sublicensing income received by the Company.

As of March 31, 2026, the Company is obligated to make contingent milestone payments totaling u p to $ 25.9 million upon the achievement of certain clinical and regulatory milestones.

As of March 31, 2026 and December 31, 2025, the Company recorded a $ 0.5 million liability for milestones that had been achieved but remained unpaid, which is included in the accrued research and development liabilities in the condensed consolidated balance sheets.

The Company recognized research and development expenses of $ 0.7 million and $ 1.0 million for the three months ended March 31, 2026 and 2025, respectively, in connection with the Leidos Agreements.

As of June 30, 2026, the Company is obligated to make contingent milestone payments totaling u p to $ 25.9 million upon the achievement of certain clinical and regulatory milestones.

As of June 30, 2026 and December 31, 2025, the Company recorded a $ 0.5 million liability for milestones that had been achieved but remained unpaid, which was included in accrued research and development liabilities in the consolidated balance sheet.

During the three and six months ended June 30, 2026, no further milestones had been achieved under the Leidos CRADA.

The Company recognized research and development expenses of $ 0.7 million and $ 1.3 million for the three months ended June 30, 2026 and 2025, respectively, and $ 1.4 million and $ 2.2 million, for the six months ended June 30, 2026 and 2025, respectively, in connection with the Leidos Agreements.

Lawrence Livermore National Security License and Cooperative Research and Development Agreements

12 unchanged sentences

With respect to such royalty obligations, the Company agreed to pay LLNS low single-digit percentage tiered royalties on annual net sales of licensed products, with a minimum royalty requirement ranging between $ 0.1 million and $ 0.5 million, depending on the anniversary of the first commercial sale of the products.

The Company’s obligation to pay royalties continues on a country-by-country basis until the expiration of all licensed patent rights covering licensed products in such country.

The Company’s obligation to pay royalties continues on a country-by-country basis until the expiration of all licensed patent rights covering licensed products in such

LLNS is also entitled to receive half of the Company's sublicensing income, capped at $ 2.0 million per year for each indication.

As of March 31, 2026 , the Company is required to make contingent milestone payments totaling up to $ 21.8 million upon the ac hievement of certain clinical, regulatory, and sales milestones.

During the three months ended March 31, 2026, no milestones had been achieved and therefore no liabilities were recorded as of March 31, 2026 on the condensed consolidated balance sheets.

The Company recognized research and development expenses of $ 0.3 million for the three months ended March 31, 2025 i n connection with the LLNS Agreements.

Research and development expenses for the three months ended March 31, 2026 were immaterial.

As of June 30, 2026 , the Company is required to make contingent milestone payments totaling up to $ 21.8 million upon the ac hievement of certain clinical, regulatory, and sales milestones.

During the three and six months ended June 30, 2026 , no milestones had been achieved and therefore no liabilities associated with the LLNS CRADA were recorded as of June 30, 2026 or December 31, 2025 on the condensed consolidated balance sheets.

The Company recognized research and development expenses of $ 0.3 million for the six months ended June 30, 2025 in connection with the LLNS Agreements.

No material research and development expenses were recognized in connection with this arrangement for the three and six months ended June 30, 2026 or the three months ended June 30, 2025.

I ncome from Transition Services Agreements

In August 2025, we entered into a transition services agreement (“TSA”) with an unrelated party (“TSA Party”) to provide certain services unrelated to our principal operations, which represent the only performance obligation under this arrangement.

For the three months ended March 31, 2026, the Company recorded $ 0.2 millio n in connection with the TSA, which is presented separately as other income from transition services agreements in the condensed consolidated statements of operations.

The Company did not record any TSA income for the three months ended March 31, 2025.

For the three and six months ended June 30, 2026, the Company recorded $ 0.2 million and $ 0.4 million, respectively, in connection with the TSA, which is presented separately as other income from transition services agreements in the condensed consolidated statements of operations.

The Company did no t record any TSA income for the three and six months ended June 30, 2025.

Commitments and Contingencies

4 unchanged sentences

In May 2024, the Company committed to making a $ 3.0 million cash payment to an executive contingent upon the consummation of an equity financing, a change in control transaction, an initial public offering, or a reverse merger with a SPAC.

The Company recorded $ 3.0 million performance cash bonus payment to the executive upon closing of the de-SPAC Transaction, which was paid during the three months ended September 30, 2025.

There have been no other cash bonuses with performance conditions recorded or paid during the three months ended March 31, 2026.

The Company recorded a $ 3.0 million performance cash bonus payment to the executive upon closing of the de-SPAC Transaction, which was paid during the three months ended September 30, 2025.

There have been no other cash bonuses with performance conditions recorded or paid during the three and six months ended June 30, 2026.

Indemni fication

9 unchanged sentences

In March 2025, UCSF elected to exercise the Participation Right, and the Company settled the Participation Right in full in April 2025 through the issuance of 2,509,446 Series B shares for cash proceeds of $ 22.2 million, and the amount credited to redeemable convertible preferred stock included the settlement date fair value of the participation right liability of $ 3.8 million.

In August 2025, the Company’s outstanding redeemable convertible preferred stock was converted into common stock, immediately before the Closing of the de-SPAC Transaction discussed in Note 3, and therefore there were no redeemable convertible preferred stock shares authorized or outstanding as of March 31, 2026 or December 31, 2025.

Prior to the August 2025 conversion, the holders of the redeemable convertible preferred stock were entitled to different rights, preferences, privileges, and restrictions regarding voting, dividends, liquidation, conversion, and redemption.

4 unchanged sentences

The holders of the redeemable convertible preferred stock had priority and were entitled to participate in any distributions to the holders of common stock on an as-converted basis.

No dividends have been declared or paid by the Company since its inception and through March 31, 2026.

No dividends have been declared or paid by the Company since its inception and through June 30, 2026.

Shares of the redeemable convertible preferred stock were contingently redeemable upon the occurrence of certain change in control events that were outside the Company’s control, including a sale, lease, transfer, or other disposition of all or substantially all of the Company’s assets, merger with a special purpose acquisition company or with a public company (“Deemed Liquidation Event”).

22 unchanged sentences

Shares available for issuance under the inducement plan

In November 2024, the Company entered into an agreement for the lease of approximately 10,934 square feet of office space in South San Francisco, California for 61 months.

In November 2024, the Company entered into an operating lease for approximately 10,934 square feet of office space in South San Francisco, California for 61 months.

The Company has the option to renew for an additional four-year term.

1 unchanged sentence

The lease commenced in March 2025 and will expire in April 2030 .

The associated lease costs were not material during the three months ended March 31, 2026 and 2025.

As of March 31, 2026, the weighted average remaining lease term for the Company’s lease was 4.1 years, a nd the discount rate used was 7.40 %.

The following table presents the amortization of the Company’s lease liabilities recorded in the condensed consolidated balance sheet at of March 31, 2026 (in thousands):

The associated lease costs were not material during the three and six months ended June 30, 2026 and 2025, respectively.

As of June 30, 2026, the weighted average remaining lease term for the Company’s lease was 3.8 years, a nd the discount rate used was 7.40 %.

The following table presents the amortization of the Company’s lease liabilities recorded in the condensed consolidated balance sheet as of June 30, 2026 (in thousands):

Fiscal year ended December 31:

2026 (nine months)

2026 (six months)

Total lease payments

1 unchanged sentence

Total operating lease liabilities

Short-term lease costs w ere $ 0.2 million and $ 0.6 million for the three months ended March 31, 2026 and 2025 , respectively.

Short-term lease costs w ere $ 0.2 million for the three months ended June 30, 2026 and 2025, respectively, and $ 0.4 million and $ 0.7 million for the six months ended June 30, 2026 and 2025, respectively.

Stock-Base d Compensation

Stock-based compensation is included under the following expense categories presented in the condensed consolidated statements of operations (in thousands):

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

Research and development

5 unchanged sentences

Any cancelled or forfeited awards under the 2016 Plan become available for future issuances.

As of March 31, 2026 , no shares were reserved for future issuance under the 2016 Plan.

As of June 30, 2026 , no shares were reserved for future issuance under the 2016 Plan.

2025 Stock Option and Incentive Plan

2 unchanged sentences

Any cancelled or forfeited awards under the 2025 Plan become available for future issuances.

As of March 31, 2026 , 1,521,834 shares were available for future grants under the 2025 Plan.

As of June 30, 2026 , there were 748,841 shares available for future grants under the 2025 Plan.

2025 Employee Stock Purchase Plan

1 unchanged sentence

Under the ESPP, eligible employees may purchase shares of BBOT’s common stock through payroll deductions at a price equal to 85 % of the fair market value of the common stock on the offering date or the exercise date, whichever is less.

As of March 31, 2026 , 1,808,313 shares were available for future grants under the ESPP, and no offering periods had started.

As of June 30, 2026 , there were 1,808,313 shares available for future grants under the ESPP.

2025 Inducement Plan

1 unchanged sentence

Any cancelled or forfeited awards under the 2025 Inducement Plan become available for future issuances.

As of March 31, 2026, 852,500 shares were available for future grants under the 2025 Inducement Plan.

As of June 30, 2026 , there were 948,915 shares available for future grants under the 2025 Inducement Plan.

Outstanding C ommon Stock Options

7 unchanged sentences

Forfeited and cancelled

Outstanding as of March 31, 2026

Exercisable as of March 31, 2026

Outstanding as of June 30, 2026

Exercisable as of June 30, 2026

The aggregate intrinsic value in the above table is calculated as the difference between the estimated fair value of the Company’s common stock and the exercise price of the underlying stock options as of each reporting date.

As of March 31, 2026, a total o f 1,730,153 common stock options included provisions for accelerated vesting in connection with a qualified change in control of the Company.

As of June 30, 2026, a total o f 1,730,153 common stock options included provisions for accelerated vesting in connection with a qualified change in control of the Company.

These instruments included 1,507,214 options, with vesting if the grantee is terminated without cause, as defined in the 2016 Plan, or for good reason, as defined in the grant terms, within 12 months following such a transaction.

1 unchanged sentence

The closing of the de-SPAC Transaction described in Note 1 did not constitute a qualified change in control event under these definitions.

The weighted-average grant-date fair value of common stock options granted during three months ended March 31, 2026 was $ 7.52 per share.

The weighted-average grant-date fair value of common stock options vested and forfeited during the three months ended March 31, 2026 was, $ 4.10 and $ 6.57 per share, respectively.

As of March 31, 2026, there was $ 61.5 million of unrecognized stock-based compensation related to unvested common stock options, which is expected to be recognized over a weighted-average period of 3.2 years.

There were no grants issued during the three months ended March 31, 2025.

The fair value of stock options gran ted during the three months ended March 31, 2026 were estimated at the grant date using the Black-Scholes option pricing model based on the following assumptions:

Three Months Ended

March 31, 2026

The weighted-average grant-date fair value of common stock options granted during the six months ended June 30, 2026 was $ 6.52 per share.

The weighted-average grant-date fair value of common stock options vested and forfeited during the six months ended June 30, 2026 was $ 4.48 and $ 6.51 per share, respectively.

As of June 30, 2026, there was $ 55.5 million of unrecognized stock-based compensation related to unvested common stock options, which is expected to be recognized over a weighted-average period of 3.5 years.

The fair value of stock options gran ted during the six months ended June 30, 2026 and 2025 were estimated at the grant date using the Black-Scholes option pricing model based on the following assumptions:

Six Months Ended June 30,

Expected term, years

1 unchanged sentence

70.29 % - 74.03 %

71.3 % - 71.9 %

Expected dividends

1 unchanged sentence

3.8 % - 4.2 %

Extension of Exercise Period

In April 2026, the Company extended the post-termination exercise period of certain vested stock option awards held by former executives.

The Company accounted for the extension as a modification of existing awards under ASC Topic 718 and determined the incremental fair value associated with the modification using a Black Scholes option pricing model as of the modification date.

The Company recognized incremental stock-based compensation expense of $ 2.0 million during the three months ended June 30, 2026.

Restricted Stock Units

Activity under the 2025 Plan with respect to the Company’s RSUs during the three months ended March 31, 2026 was as follows:

Activity under the 2025 Plan with respect to the Company’s RSUs during the six months ended June 30, 2026 was as follows:

Weighted-Average

3 unchanged sentences

Forfeited and cancelled

Unvested and expected to vest at March 31, 2026

As of March 31, 2026, there was $ 3.7 million of total unrecognized compensation cost related to RSUs that is expected to be recognized over a weighted average period of 3.8 years.

Unvested and expected to vest at June 30, 2026

As of June 30, 2026, there was $ 2.7 million of total unrecognized compensation cost related to RSUs that is expected to be recognized over a weighted average period of 3.5 years.

Net Loss Per Share A ttributable to Common Stockholders

The following common stock equivalents were excluded from the computation of diluted net loss per share as their impact would have been anti-dilutive:

As of March 31,

As of June 30,

Common stock options issued and outstanding

Unvested RSU's of common stock

Unvested RSUs of common stock

Redeemable convertible preferred stock on an as-converted into common stock basis

Shares issuable under the participation right

Related Party Transactions

Redeemable Conve rtible Preferred Stock

All shares of the Series Seed redeemable convertible preferred stock and Series A redeemable convertible preferred stock were issued to BridgeBio Pharma and became common stock of the Company upon the Closing of the de-SPAC Transaction.

All shares of the Series Seed redeemable convertible preferred stock and Series A redeemable convertible preferred stock of Legacy BBOT were issued to BridgeBio Pharma and became common stock of the Company upon the Closing of the de-SPAC Transaction.

Common Stock Issued to BridgeBio Pharma

8 unchanged sentences

In July 2025, the Company executed a research and collaboration agreement (“RCA”) with a related party (“RCA Party”) to grant a license over its intellectual property with respect to the new indication being developed by the RCA Party (“RCA License”) and perform certain research and development activities (“RCA Service”) intended to achieve an acceptance of an investigational new drug application that will be owned and further developed by the RCA Party.

During the three months ended March 31, 2026, the Company recognized $ 0.1 million in connection with the RCA, which is included as a reduction to research and development expenses in the condensed consolidated statement of operations.

During the three and six months ended June 30, 2026, the Company recognized $ 0.5 million and $ 0.7 million, respectively, in connection with the RCA, which is included as a reduction to research and development expenses in the condensed consolidated statement of operations.

Related Party In come and Expenses

During the three months ended March 31, 2026, the Company recognized $ 0.1 million in research and development expenses for the services provided by BridgeBio Pharma under the transition services agreement and related amendments.

During the three months ended March 31, 2025 , the Company recognized $ 0.3 million and $ 0.2 million in research and development expenses and general and administrative expenses, respectively, for the services provided by BridgeBio Pharma.

No related party income was recognized during the three months ended March 31, 2026 or 2025.

During the three and six months ended June 30, 2026, the Company recognized $ 0.2 million and $ 0.4 million, respectively, in research and development expenses, and nil and $ 0.1 million in general and administrative expenses for the three and six months ended June 30, 2026 for services provided by BridgeBio Pharma under the transition services agreement and related amendments.

During the three and six months ended June 30, 2025, the Company recognized $ 0.2 million and $ 0.4 million, respectively, in research and development expenses, and $ 0.2 million and $ 0.4 million, respectively, in general and administrative expenses for the services provided by BridgeBio Pharma under the transition services agreement.

No related party income from transition services agreements was recognized during the three and six months ended June 30, 2026 or 2025.

MANAGEMENT’S DISCUSSI ON AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This discussion and analysis of our financial condition and results of operations of BridgeBio Oncology Therapeutics, Inc.

(“BBOT” “we” “our” or “us”) should be read together with the condensed consolidated financial statements for the three months ended March 31, 2026 and 2025, and related notes included in this Quarterly Report on Form 10-Q (“Quarterly Report”).

(“BBOT” “we” “our” or “us”) should be read together with the condensed consolidated financial statements for the three and six months ended June 30, 2026 and 2025, and related notes included in this Quarterly Report on Form 10-Q (“Quarterly Report”).

This discussion may contain forward-looking statements including, but not limited to, our expectations or predictions of future financial or business performance or conditions.

11 unchanged sentences

On January 7, 2026, we announced new clinical data from the ongoing Phase 1 trial.

As of November 15, 2025, BBO-8520 monotherapy in patients with KRASG12C NSCLC showed a 65% objective response rate (ORR) and a 68% 6-month progression-free survival (PFS), with 83% of patients eligible for 6-month follow-up remaining on treatment for ≥6 months, alongside a potentially differentiated safety profile.

Encouraging early efficacy signals were seen in patients with KRASG12C and STK11 and/or KEAP1 co-mutants, where all five initial patients achieved partial response (PR).

BBO-8520 in combination with pembrolizumab, at active dose levels, demonstrated promising efficacy data and a distinct safety profile, including a potentially differentiated liver toxicity profile.

2 unchanged sentences

We are currently enrolling the Phase 1 KONQUER-101 (NCT06917079) trial for patients with locally advanced or metastatic KRAS mutant solid tumors.

On January 7, 2026, we announced preliminary clinical data from the ongoing Phase 1 trial.

BBO-11818 demonstrated encouraging early anti-tumor activity across dose levels and tumor types, including a PR in a patient with pancreatic ductal adenocarcinoma (PDAC) with a 56% tumor reduction.

BBO-11818 monotherapy appeared generally tolerable with no dose-limiting toxicities (DLTs).

On April 20, 2026 we announced that BBOT was granted U.S.

FDA Fast Track designation for BBO-11818 for the treatment of adult patients with advanced KRAS-mutant PDAC.

Further, in April 2026, we presented preclinical data demonstrating that BBO-11818 had robust anti-tumor activity in KRAS-mutant preclinical models at the AACR Annual Meeting 2026.

Updated Phase 1 clinical data are expected in the second half of 2026.

An internal combination study with BBO-10203 is anticipated to open later in 2026.

An internal combination study with BBO-10203 opened in July 2026.

• BBO-10203 is an orally bioavailable small molecule with a novel mechanism of action designed to inhibit the physical interaction between RAS and PI3Kα, inhibiting RAS-driven PI3Kα-AKT signaling in tumors.

We are currently enrolling the Phase 1 BREAKER-101 trial (NCT06625775) for patients with locally advanced or metastatic HER2+ breast cancer, HR+/HER2-breast cancer, KRAS mutant colorectal cancer, and KRAS mutant non-small cell lung cancer.

On January 7, 2026, we announced preliminary clinical data from the ongoing Phase 1 trial.

BBO-10203 demonstrated a differentiated safety profile with no hyperglycemia in patients without restrictions on baseline HbA1c and glucose levels.

In addition, BBO-10203 achieved target systemic exposure and rapid full target engagement.

Clinical benefit was observed in patients with colorectal cancer (CRC) (>80% 3L+) and hormone receptor positive breast cancer (HR+ BC) who were previously heavily treated and tumor reductions were observed in some patients.

Updated clinical data are expected in the second half of 2026 and internal combinations, including with BBO-8520 and BBO-11818, are anticipated to open later in 2026.

In April 2026, we presented

preclinical data showing that BBO-10203 inhibits PI3Kα/AKT signaling in HER2 AMP models at the American Association for Cancer Research ("AACR") Annual Meeting 2026.

Updated clinical data are expected in the second half of 2026 and internal combination studies are anticipated to open later in 2026.

• In March 2026, we announced the appointment of Peter Lebowitz, M.D., Ph.D.

as a member of the board of directors with immediate effect, who will serve as a Class I director appointed to the NCG Committee and Compensation Committee of the Board effective as of the date of his appointment as a director.

• In April 2026, we announced the appointment of Neil Kumar, Ph.D.

as Executive Chairman of the Board of Directors, Pedro J.

Beltran, Ph.D.

as Chief Executive Officer, Idan Elmelech as Chief Operating Officer, and Marc Cobo as Principal Accounting Officer effective April 20, 2026.

Former CEO, Eli Wallace, PhD, will serve as a Senior Adviser to the Company, continuing to leverage his scientific expertise and deep understanding of BBOT’s programs to support the company going forward.

This transition reflects BBOT entering a new phase of development as the company’s three clinical assets enter expansions and combinations across multiple RAS-driven cancers.

The Board of Directors believes that elevating the next generation of the Company’s leadership will enable the company to execute with strategic precision and purpose in order to improve outcomes for patients with RAS and PI3Kα malignancies.

Updated clinical data are expected in the second half of 2026.

We have no product candidates approved for sale and have not generated any revenue related to our product candidates.

Since inception, we have incurred significant operating losses.

For the three months ended March 31, 2026, we incurred a net loss of $42.1 million and had an accumulated deficit of $398.7 million as of March 31, 2026.

For the three and six months ended June 30, 2026, we incurred a net loss of $56.5 million and $98.6 million, respectively and had an accumulated deficit of $455.1 million as of June 30, 2026.

For the year ended December 31, 2025, we incurred a net loss of $134.0 million.

2 unchanged sentences

• Advance our existing and future research and development, including potential expansion into additional indications;

• Conduct future clinical studies for our product candidates;

• Pursue investigational new drug applications or comparable foreign applications that allow commencement of the planned clinical trials or future clinical trials for any programs we may develop;

• Conduct ongoing and future clinical trials for our product candidates;

• Pursue investigational new drug applications or comparable foreign applications that allow commencement of the planned clinical trials or additional future clinical trials for any programs we may develop;

• Hire research and development, clinical, manufacturing, and commercial personnel;

54 unchanged sentences

Uncertainty in the global economy presents significant risks to our business.

We are subject to continuing risks and uncertainties in connection with the current macroeconomic environment, including inflation, fluctuating interest rates, new or increased tariffs and other barriers to trade, changes to fiscal and monetary policy or government budget dynamics, particularly in the pharmaceutical and biotech spaces, bank failures, geopolitical factors, including the ongoing conflicts between Russia and Ukraine and in the Middle East and the responses thereto, and supply chain disruptions.

biotech spaces, bank failures, geopolitical factors, including the ongoing conflicts between Russia and Ukraine and in the Middle East and the responses thereto, and supply chain disruptions.

While we closely monitor the impact of the current macroeconomic and geopolitical conditions on all aspects of our business, including the impacts on participants in any future clinical trials and our employees, suppliers, vendors, business partners, and our future access to capital, the ultimate extent of the impact on our business remains highly uncertain and will depend on future developments and factors that continue to evolve.

38 unchanged sentences

Results of Operations

Comparison of the three months ended March 31, 2026 and 2025

The following table sets forth a summary of our results of operations for the three months ended March 31, 2026 and 2025 (in thousands):

Three Months Ended March 31,

Comparison of the three months ended June 30, 2026 and 2025

The following table sets forth a summary of our results of operations for the three months ended June 30, 2026 and 2025 (in thousands):

Three Months Ended June 30,

Operating expenses:

6 unchanged sentences

Income from transition services agreements

Change in fair value of participation right liability

Other income (expense)

3 unchanged sentences

Research and development expenses consisted of the following components for the periods indicated (in thousands):

Three Months Ended March 31,

Three Months Ended June 30,

Research and development trials and consumables expenses

2 unchanged sentences

Total research and development

Research and development expenses increased by $19.2 million or 93%, from $20.6 million for the three months ended March 31, 2025, to $39.8 million for the three months ended March 31, 2026.

Research and development expenses increased by $21.8 million or 79%, from $27.4 million for the three months ended June 30, 2025, to $49.2 million for the three months ended June 30, 2026.

The changes in research and development expenses include the following key drivers:

1 unchanged sentence

• a $3.6 million increase in our payroll and personnel expenses primarily due to headcount expansion, and

• a $0.3 million decrease in facilities and other expenses as a result of reduced professional fees and consulting costs from related parties attributable to the winding down of activities under the transition services agreement with BridgoBio Pharma.

• a $0.6 million increase in facilities and other expenses primarily as a result of increased professional and consultant fees.

General and Admi nistrative Expenses

General and administrative expenses increased by $3.9 million or $155%, from $2.5 million for the three months ended March 31, 2025, to $6.4 million for the three months ended March 31, 2026.

General and administrative expenses increased by $8.3 million or $313%, from $2.7 million for the three months ended June 30, 2025, to $11.0 million for the three months ended June 30, 2026.

The changes in our general and administrative expenses were driven by the following key drivers:

• a $3.0 million increase in payroll and personnel-related expenses which reflects increased headcount as a result of our standalone operations after the de-SPAC Transaction, and

• a $0.9 million increase in professional and consultant fees, insurance and taxes, and facilities costs due to the growth and establishment of our operations as a public company.

• a $6.9 million increase in payroll and personnel-related expenses which includes increased headcount as a result of our standalone operations after the de-SPAC Transaction and $3.0 million of stock-based compensation expense recorded as a result of certain modified equity awards and accrued severance costs for former executives, and

• a $1.4 million increase in legal, facilities and other expenses due to the growth and establishment of our operations as a public company.

Interest In come

Interest income increased by $2.1 million, from $1.8 million for the three months ended March 31, 2025, to $3.9 million for the three months ended March 31, 2026.

Interest income was higher during the first quarter of 2026 due to interest earnings on our cash, cash equivalents, and marketable securities portfolio which includes the proceeds from the de-SPAC Transaction and PIPE Financing completed in August 2025.

Interest income increased by $1.9 million, from $1.7 million for the three months ended June 30, 2025, to $3.6 million for the three months ended June 30, 2026.

Interest income was higher during the second quarter of 2026 due to interest earnings on our cash, cash equivalents, and marketable securities portfolio which includes the proceeds from the de-SPAC Transaction and PIPE Financing completed in August 2025.

Income from Transition Services Agreements

Other income of $0.2 million for the three months ended March 31, 2026 was related to a transition services agreement with an unrelated party.

There was no income from transition services agreements during the three months ended March 31, 2025.

Other income of $0.2 million for the three months ended June 30, 2026 was related to a transition services agreement with an unrelated party.

There was no income from transition services agreements during the three months ended June 30, 2025.

Results of Operations

Comparison of the six months ended June 30, 2026 and 2025

The following table sets forth a summary of our results of operations for the six months ended June 30, 2026 and 2025 (in thousands):

Six Months Ended June 30,

Operating expenses:

Research and development

General and administrative

Total operating expenses

Loss from operations

Other income, net:

Interest income

Income from transition services agreements

Change in fair value of participation right liability

No change in fair value of participation right liability was recorded for the three months ended March 31, 2026 because the participation right was settled in full in April 2025.

The change in fair value of participation right liability of $0.7 million for the three months ended March 31, 2025 represents the increase in the estimated fair value per share of the underlying Legacy BBOT Series B redeemable convertible preferred stock relative to the fixed price per share granted to UCSF in connection with the participation right.

The participation right was settled in full in April 2025, and there were no subsequent changes in fair value of the associated liability.

Other income (expense)

Total other income, net

* Percentage is not meaningful

Research and Development Expenses

Research and development expenses consisted of the following components for the periods indicated (in thousands):

Six Months Ended June 30,

Research and development trials and consumables expenses

Payroll and personnel expenses

Facilities and other expenses

Total research and development

Research and development expenses increased by $41.0 million or 85%, from $48.1 million for the six months ended June 30, 2025, to $89.0 million for the six months ended June 30, 2026.

The changes in research and development expenses include the following key drivers:

• a $33.1 million increase in research and development trials and consumables expenses pertaining to increases in clinical trial expenses and manufacturing expenses for BBO-8520, BBO-10203 and BBO-11818,

• a $7.5 million increase in our payroll and personnel expenses primarily due to headcount expansion, and

• a $0.3 million increase in facilities and other expenses primarily as a result of increased professional fees and consulting costs.

General and Administrative Expenses

General and administrative expenses increased by $12.2 million or $236%, from $5.2 million for the six months ended June 30, 2025, to $17.3 million for the six months ended June 30, 2026.

The changes in our general and administrative expenses were driven by the following key drivers:

• a $9.9 million increase in payroll and personnel-related expenses which includes increased headcount as a result of our standalone operations after the de-SPAC Transaction and $3.0 million of stock-based compensation expense recorded as a result of certain modified equity awards and accrued severance costs for former executives, and

• a $2.3 million increase in legal, facilities and other expenses due to the growth and establishment of our operations as a public company.

Interest Income

Interest income increased by $4.0 million, from $3.5 million for the six months ended June 30, 2025, to $7.5 million for the six months ended June 30, 2026.

Interest income was higher during the six months ended June 2026 due to interest earnings on our cash, cash equivalents, and marketable securities portfolio which includes the proceeds from the de-SPAC Transaction and PIPE Financing completed in August 2025.

Income from Transition Services Agreements

Other income of $0.4 million for the six months ended June 30, 2026 was related to a transition services agreement with an unrelated party.

There was no income from transition services agreements during the six months ended June 30, 2025.

Change in Fair Value of Participation Right Liability

No change in fair value of participation right liability was recorded for the six months ended June 30, 2026 because the participation right was settled in full in April 2025, and there were no subsequent changes in fair value of the associated liability.

The change in fair value of participation right liability of $0.7 million for the six months ended June 30, 2025 represented the increase in the estimated fair value per share of the underlying Legacy BBOT Series B redeemable convertible preferred stock relative to the fixed price per share granted to UCSF in connection with the participation right.

Liquidity, Going Con cern, and Capital Resources

1 unchanged sentence

Since our inception, we have incurred significant operating losses.

For the three months ended March 31, 2026, we incurred a net loss of $42.1 million and had an accumulated deficit of $398.7 million as of March 31, 2026.

For the six months ended June 30, 2026, we incurred a net loss of $98.6 million and had an accumulated deficit of $455.1 million as of June 30, 2026.

For the year ended December 31, 2025, we incurred a net loss of $134.0 million.

7 unchanged sentences

The proceeds from the PIPE Financing and reverse recapitalization are expected to advance our project pipeline and will be used for research and development, business development, working capital, and other general corporate purposes.

We estimate that the existing cash, cash equivalents, and marketable securities of $388.9 million as of March 31, 2026 will be sufficient to meet the our cash requirements for at least twelve months from the issuance date of the condensed consolidated financial statements for the three months ended March 31, 2026 included in this Quarterly Report.

We estimate that the existing cash, cash equivalents, and marketable securities of $344.1 million as of June 30, 2026 will be sufficient to meet the our cash requirements for at least twelve months from the issuance date of the condensed consolidated financial statements for the six months ended June 30, 2026 included in this Quarterly Report.

We have based this estimate on assumptions that may prove to be wrong, and our operating plan may change due to many factors currently unknown to management.

8 unchanged sentences

The de-SPAC Transaction executed in August 2025 represents a major financing event for our business generating cash inflows from the reverse recapitalization and the associated PIPE Financing.

We utilized the proceeds from these financing transactions to finance our operations during the three months ended March 31, 2026 and anticipate to continue doing so in the future to facilitate the development of our product candidates.

We utilized the proceeds from these financing transactions to finance our operations during the three months ended June 30, 2026 and anticipate to continue doing so in the future to facilitate the development of our product candidates.

The changes in our working capital structure and operating cash flows were notably impacted by the timing of cash disbursements related to our research and development activities.

1 unchanged sentence

These upfront deposits increase our prepaid expenses and non-current assets and accelerate cash outflows in periods prior to the recognition of the associated research and development expenses, causing period-over-period fluctuations in our operating cash burn, especially as we ramp up the development of our product candidates.

Cash Flow Comparison for the three months ended March 31, 2026 and 2025

Cash Flow Comparison for the six months ended June 30, 2026 and 2025

The following table summarizes our cash flows during the periods indicated (in thousands):

Three Months Ended March 31,

Six Months Ended June 30,

Net cash used in operating activities

Net cash (used in) provided by investing activities

Net cash provided by (used in) financing activities

Net cash provided by financing activities

Net decrease in cash, cash equivalents, and restricted cash

Net Cash Flows from Operating Activities

Net cash used in operating activities for the three months ended March 31, 2026 was 35.9 million.

Net cash used in operating activities for the six months ended June 30, 2026 was $80.3 million.

This amount consisted of our net loss of $98.6 million, adjusted for a change in net operating assets and liabilities of $6.5 million, and further reduced by non-cash charges of $11.8 million.

Our non-cash adjustments primarily consisted of $3.9 million in stock-based compensation, $0.1 million in depreciation, and $0.1 million in amortization of right-of-use assets, partially offset by $0.1 million in net accretion of premiums on marketable securities.

The net change in operating assets and liabilities was primarily due to increases in our liabilities, including a $10.7 million increase in accounts payable, a $0.9 million increase in accrued professional services, a $0.4 million in net balance due to and from related parties, and $0.3 million in other accrued liabilities, as well as an increase of $1.3 million in other non-current assets.

These changes were partially offset by a decreases of $7.5 million in prepaid expenses, $3.7 million in accrued compensation and benefits and $0.1 million in operating lease liabilities.

Net cash used in operating activities for the three months ended March 31, 2025 was $19.6 million.

Our non-cash adjustments primarily consisted of $11.1 million in stock-based compensation, $0.2 million in depreciation, and $0.2 million in amortization of right-of-use assets, and $0.3 million in net accretion of premiums and discounts on marketable securities.

The net change in operating assets and liabilities was primarily due to increases in our liabilities, including $10.9 million in accrued research and development liabilities, $5.4 million in accounts payable, $1.4 million in accrued professional services, and a $0.2 million net balance due to and from related parties.

These changes were partially offset by decreases in assets of $9.5 million in prepaid expenses and other current assets and $0.2 million in other non-current assets, as well as decreases in liabilities of $1.4 million in accrued compensation and benefits and $0.3 million in operating lease liabilities.

Net cash used in operating activities for the six months ended June 30, 2025 was $42.9 million.

This amount consisted of our net loss of $50.5 million, adjusted for a change in net operating assets and liabilities of $5.9 million, and further reduced by non-cash charges of $1.7 million.

Our non-cash adjustments primarily included $0.7 million for losses from changes in the fair value of the participation right liability, $0.6 million in stock-based compensation, and $0.1 million in depreciation, partially offset by $0.4 million in net accretion of premiums on marketable securities.

The net change in operating assets and liabilities was primarily due to a $2.3 million increase in accrued research and development liabilities, a $0.5 million increase in accounts payable, and $0.2 million in accrued professional services, and an increase of $0.3 million in prepaid expenses and other current assets.

These changes were partially offset by a decrease of $2.0 million in accrued compensation and benefits.

Our non-cash adjustments primarily included $1.5 million in stock-based compensation, $0.7 million for losses from changes in the fair value of the participation right liability, $0.1 million in depreciation, and $0.1 million in amortization of right of use assets, partially offset by $0.8 million in net accretion of premiums on marketable securities.

The net change in operating assets and liabilities was primarily due to a $11.5 million increase in accrued research and development liabilities, and $0.3 million in accrued professional services.

These changes were partially offset by an increase of $2.7 million in prepaid expenses and other current assets, a decrease of $1.5 million in accounts payable, a decrease of $1.1 million in accrued compensation and benefits, and an increase of $0.3 million in other non-current assets.

Net Cash Flows from Investing Activities

Net cash used in investing activities for the three months ended March 31, 2026 was $285.4 million, which consisted of $26.3 million in cash inflows from maturities of marketable securities, offset by $311.6 million in cash outflows from purchases of marketable securities.

The proceeds from the de-SPAC Transaction and were primarily invested in cash equivalents and short-term marketable securities as of December 31, 2025, but were reallocated to investments in short and long-term marketable securities as of March 31, 2026.

This resulted in significant cash flows from investing activities for the three months ended March 31, 2026 as a result of purchases of marketable securities.

Net cash provided by investing activities for the three months ended March 31, 2025, was $15.4 million, which consisted of $40.0 million in cash inflows from maturities of marketable securities, offset by $24.4 million in cash outflows from purchases of marketable securities and $0.2 million in purchases of property and equipment.

Net cash used in investing activities for the six months ended June 30, 2026 was $239.7 million, which consisted of $79.6 million in cash inflows from maturities and sales of marketable securities, offset by cash outflows of $319.2 million from purchases of marketable securities and $0.1 million in purchases of property and equipment.

The proceeds from the de-SPAC Transaction were primarily invested in cash equivalents and short-term marketable securities as of December 31, 2025, but were reallocated to investments in short and long-term marketable securities as of June 30, 2026.

This resulted in significant cash flows from investing activities for the six months ended June 30, 2026 as a result of purchases of marketable securities.

Net cash provided by investing activities for the six months ended June 30, 2025, was $25.0 million, which consisted of $83.8 million in cash inflows from maturities of marketable securities, offset by $58.4 million in cash outflows from purchases of marketable securities and $0.4 million in purchases of property and equipment.

Net Cash Flows fro m Financing Activities

Net cash provided by financing activities of $0.3 million for the three months ended March 31, 2026 included $0.4 million in proceeds from option exercises, offset by $0.1 million in payments of deferred transaction costs.

Net cash used in financing activities of $0.4 million for the three months ended March 31, 2025 which was comprised of payments of deferred transaction costs.

Net cash provided by financing activities of $0.3 million for the six months ended June 30, 2026 included $0.5 million in proceeds from option exercises, offset by $0.1 million in payments of deferred transaction costs.

Net cash used in financing activities of $18.6 million for the six months ended June 30, 2025 which included $22.2 million in proceeds from issuance of Series B redeemable convertible preferred stock, net of issuance costs, offset by $3.7 million in payments of deferred transaction costs.

Future Funding Requirements

25 unchanged sentences

The Regents of the University of California License Agreements

In September 2016, BBOT entered into a license agreement with UCSF and was granted certain worldwide exclusive licenses to use the licensed compounds (the “UCSF License”).

In September 2016, we entered into a license agreement with UCSF and were granted certain worldwide exclusive licenses to use the licensed compounds (the “UCSF License”).

The UCSF License was subsequently amended and was terminated in June 2021.

2 unchanged sentences

As a result, UCSF received the right to purchase up to 2,509,446 shares of Series B at the original issue price of $8.8554 per share.

In April 2025, we settled the Participation Right in full by issuing of 2,509,446 Series B shares for cash proceeds of $22.2 million, and it was no longer outstanding as of December 31, 2025.

In April 2025, we settled the Participation Right in full by issuing 2,509,446 Series B shares for cash proceeds of $22.2 million, and it was no longer outstanding as of December 31, 2025.

Leidos Biomedical Research License and C ooperative Research and Development Agreements

In March 2017, we entered into a cooperative research and development agreement (“Leidos CRADA”) with Leidos Biomedical Research, Inc.

In December 2018, we entered into a license agreement (“Initial Leidos License”), under which BBOT was granted certain worldwide exclusive licenses to use the licensed compounds related to its drug discovery and development initiatives.

In December 2018, we entered into a license agreement (“Initial Leidos License”), under which we were granted certain worldwide exclusive licenses to use the licensed compounds related to its drug discovery and development initiatives.

The Initial Leidos License was terminated in 2021.

BBOT and Leidos subsequently entered into three additional license agreements (“Additional Leidos Licenses”), including two related to KRAS G12C inhibitor and P13Ka breaker compounds that were executed in August 2022, and one related to the PanKRAS inhibitor executed in December 2023.

We subsequently entered into three additional license agreements with Leidos (“Additional Leidos Licenses”), including two related to KRAS G12C inhibitor and P13Ka breaker compounds that were executed in August 2022, and one related to the PanKRAS inhibitor executed in December 2023.

The Leidos CRADA, the Initial Leidos License, and the Additional Leidos Licenses are referred to as the “Leidos Agreements.” In December 2025, we executed an amendment to extend the expiration date of the Leidos CRADA by nine months to September 2026.

In December 2025, the Leidos Agreements were amended to introduce an additional $1.5 million in contribution funding payments.

Under the Additional Leidos Licenses, BBOT incurred initial upfront fees of $1.8 million and we are required to pay Leidos certain annual license maintenance fees and royalties on net sales for such licensed compounds.

As of March 31, 2026, we are obligated to make contingent milestone payments totaling up to $25.9 million upon the achievement of certain clinical and regulatory milestones.

As of March 31, 2026 and December 31, 2025, we recorded a $0.5 million liability for milestones that had been achieved but remained unpaid, which is included in the accrued research and development liabilities in the condensed consolidated balance sheets.

In connection with our arrangements with Leidos, we recognized research and development expenses of $0.7 million and $1.0 million for the three months ended March 31, 2026 and 2025, respectively.

Under the Additional Leidos Licenses, we incurred initial upfront fees of $1.8 million and we are required to pay Leidos certain annual license maintenance fees and royalties on net sales for such licensed compounds.

As of June 30, 2026, we are obligated to make contingent milestone payments totaling up to $25.9 million upon the achievement of certain clinical and regulatory milestones.

As of June 30, 2026 and December 31, 2025, we recorded a $0.5 million liability for milestones that had been achieved but remained unpaid, which was included in accrued research and development liabilities in the consolidated balance sheets.

In connection with our arrangements with Leidos, we recognized research and development expenses of $0.7 million and $1.3 million for the three months ended June 30, 2026 and 2025, respectively, and $1.4 million and $2.2 million for the six months ended June 30, 2026 and 2025, respectively.

Lawrence Livermore National Security Lic ense and Cooperative Research and Development Agreements

In May 2018, BBOT entered into a cooperative research and development agreement (“LLNS CRADA”) with Lawrence Livermore National Security, LLC (“LLNS”) to bring new knowledge and therapeutic possibilities to KRAS drug discovery utilizing LLNS’ high-performance computing machines.

BBOT and LLNS executed five subsequent amendments to the LLNS CRADA between December 2019 and November 2025 to clarify the scope and provide for term extensions.

In May 2018, we entered into a cooperative research and development agreement (“LLNS CRADA”) with Lawrence Livermore National Security, LLC (“LLNS”) to bring new knowledge and therapeutic possibilities to KRAS drug discovery utilizing LLNS’ high-performance computing machines.

We executed five subsequent amendments to the LLNS CRADA between December 2019 and November 2025 to clarify the scope and provide for term extensions.

In July 2022, BBOT entered into an exclusive patent license agreement for KRAS G12C inhibitors and an exclusive patent license agreement for PI3Kα breaker compounds.

In December 2024, BBOT entered into an exclusive license agreement with LLNS for research and development of Pan KRAS inhibitor for oncology indications.

In July 2025, BBOT entered into an exclusive license agreement with LLNS for research and development of Pan KRAS inhibitor for non-oncology indications.

In July 2025, we entered into an exclusive license agreement with LLNS for research and development of Pan KRAS inhibitor for non-oncology indications.

These four agreements are collectively referred to as the LLNS Agreements.

In November 2025, BBOT and LLNS executed three separate amendments to the existing agreements for Pan KRAS inhibitors, PI3Kα breakers, and KRAS G12C inhibitors.

In November 2025, we executed three separate amendments to the existing agreements for Pan KRAS inhibitors, PI3Kα breakers, and KRAS G12C inhibitors.

These amendments were made to include new patent applications within the scope of patent rights.

In November 2025, BBOT and LLNS executed an amendment to extend the LLNS CRADA expiration date by six months to June 2026.

In January 2026, the Company and LLNS executed an amendment to extend the LLNS CRADA expiration date another twelve months until June 2027 and included additional estimated funding contributions of $5.0 million to be paid by the Company over the remaining term.

In November 2025, we executed an amendment to extend the LLNS CRADA expiration date by six months to June 2026.

In January 2026, we executed an amendment with LLNS to extend the CRADA expiration date another twelve months until June 2027 and included additional estimated funding contributions of $5.0 million to be paid by us over the remaining term.

Upon execution of the LLNS Agreements, we paid an initial upfront cash fee of $0.2 million.

In addition, under the terms of the LLNS Agreements, we are required to pay LLNS certain annual license maintenance fees and royalties to LLNS on net sales for such licensed compounds.

As of March 31, 2026, we are required to make contingent milestone payments totaling up to $21.8 million upon the achievement of certain clinical, regulatory, and sales milestones.

During the three months ended March 31, 2026, no milestones had been achieved and therefore no liabilities were recorded as of March 31, 2026 on the condensed consolidated balance sheets.

BBOT recognized research and development expenses of $0.3 million for the three months ended March 31, 2025 in connection with the LLNS Agreements.

As of March 31, 2026, we did not have any off-balance sheet arrangements that have a material current effect or that are reasonably likely to have a material future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures, or capital resources.

As of June 30, 2026, we are required to make contingent milestone payments totaling up to $21.8 million upon the achievement of certain clinical, regulatory, and sales milestones.

As of June 30, 2026, no milestones had been achieved but not paid and therefore no liabilities associated with LLNS were recorded as of June 30, 2026 or December 31, 2025 on the condensed consolidated balance sheets.

In connection with our arrangements with LLNS, we recognized research and development expenses of $0.3 million for the six months ended June 30, 2025.

We did not recognize material research and development expenses for the three or six months ended June 30, 2026 or the three months ended June 30, 2025.

As of June 30, 2026, we did not have any off-balance sheet arrangements that have a material current effect or that are reasonably likely to have a material future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures, or capital resources.

Critical Acc ounting Policies and Estimates

3 unchanged sentences

Actual results may differ from these estimates under different assumptions or conditions.

There have been no significant changes in our critical accounting policies and estimates as compared to the critical accounting policies and estimates disclosed in the section titled “Management’s Discussion and Analysis of Financial Condition and Operations” included in our Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC, except for certain updates to our accounting policy as discussed in Note 2 of our condensed consolidated financial statements as of and for the three months ended March 31, 2026.

Recent Accounti ng Pronouncements

7 unchanged sentences

In addition, the design of disclosure controls and procedures must reflect the fact that there are resource constraints, and that management is required to apply judgment in evaluating the benefits of possible controls and procedures relative to their costs.

Our management, with the participation of our principal executive officer and principal financial officer, evaluated the effectiveness of our disclosure controls and procedures as of March 31, 2026 and, based on this evaluation, concluded that our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) was effective as of March 31, 2026.

Our management, with the participation of our principal executive officer and principal financial officer, evaluated the effectiveness of our disclosure controls and procedures as of June 30, 2026 and, based on this evaluation, concluded that our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) was effective as of June 30, 2026.

Changes in Internal Control over Financial Reporting

During the three months ended March 31, 2026, we completed the implementation of a new enterprise resource planning ("ERP") system and as a result, modified the design of certain existing internal controls, as well as implemented new controls and procedures impacted by the implementation of the new ERP system.

Except for the implementation of the new ERP system, there were no other changes in the Company's internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) during the quarter ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

There have been no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) during the quarter ended June 30, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II—OTHE R INFORMATION

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements