BridgeBio Oncology Therapeutics, Inc. 10-Q

Item 1. Financial Statements. BridgeBio Oncology Therapeutics, Inc. Conde nsed Consolidated Balance Sheets (In thousands, except shares and per share data) June 30, December 31, 2026 2025 (unaudited) Assets Current assets: Cash and cash equivalents $ 54,063 $ 373,687 Short-term marketable securities 171,648 51,773 Receivables from related parties 661 386 Prepaid expenses and other current assets 16,006 6,550 Total current assets 242,378 432,396 Long-term marketable securities 118,419 — Property and equipment, net 878 956 Operating lease right-of-use asset 2,104 2,330 Other non-current assets 12,795 12,567 Restricted cash 132 132 Total assets $ 376,706 $ 448,381 Liabilities, Redeemable Convertible Preferred Stock, and Stockholders’ Equity Current liabilities: Accounts payable $ 6,728 $ 1,374 Accrued compensation and benefits 4,387 5,746 Accrued research and development liabilities 36,841 25,951 Accrued professional services 1,943 674 Payables to related parties 986 534 Operating lease liability, current 554 522 Other accrued liabilities 195 240 Total current liabilities 51,634 35,041 Operating lease liability, noncurrent 1,960 2,244 Total liabilities 53,594 37,285 Commitments and contingencies (Note 7) Redeemable convertible preferred stock, $ 0.0001 par value; no shares authorized, issued and outstanding as of June 30, 2026 or December 31, 2025 — — Stockholders’ equity: Preferred stock, $ 0.0001 par value; 10,000,000 shares authorized as of 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 June 30, 2026 and December 31, 2025; 80,115,002 and 79,991,768 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 8 8 Additional paid-in capital 779,190 767,639 Accumulated deficit ( 455,127 ) ( 356,567 ) Accumulated other comprehensive income (loss) ( 959 ) 16 Total stockholders’ equity 323,112 411,096 Total liabilities, redeemable convertible preferred stock, and stockholders’ equity $ 376,706 $ 448,381 The accompanying notes are an integral part of these condensed consolidated financial statements. 1 Table of Contents BridgeBio Oncology Therapeutics, Inc. Condensed Consolidated Statements of Operations (Unaudited) (In thousands) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Operating expenses: Research and development (1) $ 49,225 $ 27,438 $ 89,027 $ 48,073 General and administrative (2) 10,962 2,655 17,339 5,157 Total operating expenses 60,187 30,093 106,366 53,230 Loss from operations ( 60,187 ) ( 30,093 ) ( 106,366 ) ( 53,230 ) Other income, net: Interest income 3,551 1,666 7,495 3,475 Income from transition services agreements 196 — 419 — Change in fair value of participation right liability — — — ( 725 ) Other income (expense) ( 14 ) ( 8 ) ( 108 ) ( 10 ) Total other income, net 3,733 1,658 7,806 2,740 Net loss $ ( 56,454 ) $ ( 28,435 ) $ ( 98,560 ) $ ( 50,490 ) Net loss per share attributable to common stockholders, basic and diluted $ ( 705.20 ) $ ( 566.46 ) $ ( 1,230.89 ) $ ( 1,168.26 ) Weighted-average number of shares used in computing net loss per share attributable to common stockholders, basic and diluted 80,054 50,198 80,072 43,218 (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 Table of Contents BridgeBio Oncology Therapeutics, Inc. Condensed Consolidated Sta tements of Comprehensive Loss (Unaudited) (In thousands) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Comprehensive loss, net of tax: Net loss $ ( 56,454 ) $ ( 28,435 ) $ ( 98,560 ) $ ( 50,490 ) Unrealized gain (loss) on marketable securities 22 ( 140 ) ( 975 ) ( 297 ) Comprehensive loss $ ( 56,432 ) $ ( 28,575 ) $ ( 99,535 ) $ ( 50,787 ) The accompanying notes are an integral part of these condensed consolidated financial statements. 3 Table of Contents BridgeBio Oncology Therapeutics, Inc. Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) (Unaudited) (In thousands, except share data) Redeemable Convertible Preferred Stock Common Stock Additional Accumulated Accumulated Other Comprehensive Total Stockholders’ Shares Amount Shares Amount Paid-In Capital Deficit Income (Loss) (Deficit) Equity Balance as of December 31, 2025 — $ — 79,991,768 $ 8 $ 767,639 $ ( 356,567 ) $ 16 $ 411,096 Exercise of common stock options for cash — — 97,163 — 416 — — 416 Stock-based compensation — — — — 3,871 — — 3,871 Unrealized loss on marketable securities — — — — — — ( 997 ) ( 997 ) Net loss — — — — — ( 42,106 ) — ( 42,106 ) Balance as of March 31, 2026 — $ — 80,088,931 $ 8 $ 771,926 $ ( 398,673 ) $ ( 981 ) $ 372,280 Exercise of common stock options for cash — — 8,719 — 37 — — 37 Vesting of restricted stock units — — 17,352 — — — — — Stock-based compensation — — — — 7,227 — — 7,227 Unrealized gain on marketable securities — — — — — — 22 22 Net loss — — — — — ( 56,454 ) — ( 56,454 ) Balance as of June 30, 2026 — $ — 80,115,002 $ 8 $ 779,190 $ ( 455,127 ) $ ( 959 ) $ 323,112 Balance as of December 31, 2024 36,386,702 $ 323,358 28,415 $ — $ 43,538 $ ( 222,523 ) $ 348 $ ( 178,637 ) Conversion of Series B redeemable convertible preferred stock into common stock ( 21,783 ) ( 189 ) 21,783 — 189 — — 189 Stock-based compensation — — — — 627 — — 627 Unrealized loss on marketable securities — — — — — — ( 157 ) ( 157 ) Net loss — — — — — ( 22,055 ) — ( 22,055 ) Balance as of March 31, 2025 36,364,919 $ 323,169 50,198 $ — $ 44,354 $ ( 244,578 ) $ 191 $ ( 200,033 ) Issuance of Series B redeemable convertible preferred stock for cash consideration and settlement of participation right liability 2,509,446 26,052 — — — — — — Stock-based compensation — — — — 875 — — 875 Unrealized loss on marketable securities — — — — — — ( 140 ) ( 140 ) Net loss — — — — — ( 28,435 ) — ( 28,435 ) Balance as of June 30, 2025 38,874,365 $ 349,221 50,198 $ — $ 45,229 $ ( 273,013 ) $ 51 $ ( 227,733 ) The accompanying notes are an integral part of these condensed consolidated financial statements. 4 Table of Contents BridgeBio Oncology Therapeutics, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited) (In thousands) Six Months Ended June 30, 2026 2025 Operating activities Net loss $ ( 98,560 ) $ ( 50,490 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation of property and equipment 150 123 Stock-based compensation 11,098 1,502 Change in fair value of participation right liability — 725 Net accretion of premiums and discounts on marketable securities 331 ( 797 ) Amortization of right-of-use assets 227 112 Other non-cash adjustments, net 7 — Changes in operating assets and liabilities: Prepaid expenses and other current assets ( 9,456 ) ( 2,656 ) Other non-current assets ( 228 ) ( 341 ) Accounts payable 5,355 ( 1,514 ) Accrued compensation and benefits ( 1,360 ) ( 1,082 ) Accrued research and development liabilities 10,890 11,526 Accrued professional services 1,389 311 Operating lease liabilities ( 252 ) 21 Other accrued liabilities ( 45 ) ( 85 ) Balances due to and from related parties 176 ( 247 ) Net cash used in operating activities ( 80,278 ) ( 42,892 ) Investing activities Maturities and sales of marketable securities 79,575 83,818 Purchases of marketable securities ( 319,182 ) ( 58,418 ) Purchases of property and equipment ( 71 ) ( 393 ) Net cash (used in) provided by investing activities ( 239,678 ) 25,007 Financing activities Issuance of Series B redeemable convertible preferred stock, net of issuance costs — 22,222 Payment of deferred transaction costs ( 121 ) ( 3,670 ) Exercise of common stock options for cash 453 — Net cash provided by financing activities 332 18,552 Net decrease in cash, cash equivalents, and restricted cash ( 319,624 ) 667 Cash, cash equivalents, and restricted cash at beginning of period 373,819 30,983 Cash, cash equivalents, and restricted cash at end of period $ 54,195 $ 31,650 Supplemental disclosures of non-cash investing and financing activities: Settlement of participation right liability upon issuance of Series B redeemable convertible preferred stock $ — $ 3,830 Right-of-use asset recognized in exchange for operating lease liabilities $ — $ 2,706 Deferred de-SPAC transaction costs included in accrued professional services and other accrued liabilities $ — $ 1,312 Unpaid property and equipment included in accounts payable and other accrued liabilities $ — $ 140 The accompanying notes are an integral part of these condensed consolidated financial statements. 5 Table of Contents BridgeBio Oncology Therapeutics, Inc. Notes to Con densed Consolidated Financial Statements (Unaudited) 1. Orga nization Descripti on of the Business BridgeBio Oncology Therapeutics, Inc. (“BBOT,” the “Company,” “we,” “our,” or “us”), formerly known as Helix Acquisition Corp. II (“Helix”), is a clinical-stage biopharmaceutical company advancing a next-generation pipeline of novel small molecule therapeutics targeting RAS and Phosphoinositide 3-kinase (“PI3K”) malignancies. BBOT is headquartered in South San Francisco, California. de-SPAC Transaction On February 28, 2025, TheRas Inc. (“Legacy BBOT”), a privately held Delaware corporation, entered into a definitive business combination agreement (“Business Combination Agreement”) with Helix, a publicly traded special purpose acquisition company (“SPAC”) listed on Nasdaq under the ticker symbol “HLXB.” On August 11, 2025 (the “Closing”), Helix II Merger Sub, Inc., a wholly owned subsidiary of Helix, merged with and into Legacy BBOT, with Legacy BBOT surviving the merger as a wholly-owned subsidiary of Helix (“Merger”). In connection with the Merger, Helix changed its name to BridgeBio Oncology Therapeutics, Inc., and the combined company became listed on Nasdaq under the new ticker symbol “BBOT” (“de-SPAC Transaction”). Immediately prior to the closing of the de-SPAC Transaction, Helix issued and sold shares of its common stock to investors in a private placement financing for an aggregate purchase price of $ 260.9 million (“PIPE Financing”). The de-SPAC Transaction was accounted for as a reverse recapitalization with Legacy BBOT being the accounting acquirer, and Helix identified as the acquired company for accounting purposes (see Note 3). Accordingly, prior to the Closing, all historical financial information presented in the condensed consolidated financial statements represents the balances and activity of Legacy BBOT. At the Closing, each outstanding share of Legacy BBOT common stock was exchanged for shares of BBOT common stock based on a ratio of approximately 0.0889 (“Consideration Ratio”). For periods prior to the Closing, the reported share and per share information has been retroactively adjusted to reflect the Consideration Ratio. Material Related Part y Transactions BridgeBio Pharma, Inc. is a commercial-stage biopharmaceutical company founded to discover, create, test, and deliver transformative medicines to treat patients who suffer from genetic diseases. BridgeBio Pharma, Inc. and its controlled entities (collectively, “BridgeBio Pharma”) were related parties of Legacy BBOT prior to the Closing and remained related parties of the Company after the Closing. As discussed in Note 12, the Company had material related party transactions with BridgeBio Pharma during the periods presented in these condensed consolidated financial statements. Basis o f Presentation and Principles of Consolidation These condensed consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States (“US GAAP”) for interim financial information. All costs, as well as assets and liabilities directly associated with the Company’s business activity, are included in the condensed consolidated financial statements. In connection with the de-SPAC Transaction, as the successor entity following the Closing, BBOT became the reporting entity and consolidates the balances and activity of Legacy BBOT. The financial information presented in these condensed consolidated financial statements reflects the balances and results of operations of the combined entity post-Merger. Prior to the Closing, all references to BBOT or the Company are related to the balances and activity of Legacy BBOT. All intercompany balances have been eliminated in consolidation. 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 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. 6 Table of Contents 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. Prior to April 30, 2024, the Company operated as part of BridgeBio Pharma. From inception through April 30, 2024, these condensed consolidated financial statements have been derived from BridgeBio Pharma’s historical accounting records and are presented on a carve-out basis. The condensed consolidated statement of operations includes allocations of certain general and administrative expenses to the Company from BridgeBio Pharma. The allocations have been determined on a reasonable basis. The related transactions are discussed further in Note 12. Following the Series B issuance, no individual investor or related party group held a controlling financial interest in the Company, and BBOT has operated independently from BridgeBio Pharma. 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. Liquid ity 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. The Company expects to incur additional losses and negative cash flows for the foreseeable future as it continues its research and development efforts, advances its product candidates through preclinical and clinical development, enhances its approach and programs, expands its product pipeline, seeks regulatory approval, prepares for commercialization, hires additional personnel, protects its intellectual property, operates as a public company, and grows its business. The Company will need to raise additional capital to support its continuing operations and pursue its long-term business plan, including the development and commercialization of its product candidates if approved. Financing activities may include, but are not limited to, public or private equity offerings, debt financings, potential collaborations, licensing agreements, or other sources. Such activities are subject to significant risks and uncertainties. 2. Summary of Signifi cant Accounting Policies The Company’s significant accounting policies are disclosed in the Company’s consolidated financial statements for the year ended December 31, 2025, and related notes. There have been no material changes to the Company’s significant accounting policies as compared to the significant accounting policies described in the Company’s consolidated financial statements for the year ended December 31, 2025 included in the Company's Annual Report on Form 10-K filed with the SEC on March 5, 2026 (the "Form 10-K"). Concentration of Credit R isk and Other Risks and Uncertainties Cash, cash equivalents, marketable securities, and restricted cash are financial instruments that subject us to significant concentrations of credit risk. These financial instruments are held in financial institutions in the United States. At times, the amounts on deposit may exceed federally insured limits. 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 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: ability to obtain future financing, regulatory approval and market acceptance of, and reimbursement for, product candidates, performance of third-party contract research organizations and manufacturers upon which we rely, protection of our intellectual property, litigation or claims against us based on intellectual property, patent, product, regulatory, clinical or other factors, and our ability to attract and retain employees necessary to support our growth. We depend on third-party manufacturers to supply products for research and development activities in our programs. Specifically, we rely on and expect to continue relying on a small number of manufacturers to supply our requirements for active pharmaceutical ingredients and formulated drugs related to these programs. A significant interruption in the supply of active pharmaceutical ingredients and formulated drugs could adversely affect these programs. 7 Table of Contents Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and disclosure of contingent liabilities at the date of the condensed consolidated financial statements, and the reported amounts of expenses during the reporting period. Significant estimates and assumptions made in the accompanying condensed consolidated financial statements include, but are not limited to: • 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 share-based awards and participation right liability, • Recoverability of deferred tax assets, • Allocations of operating expenses, and • The determination of the incremental borrowing rate used in lease-related calculations. The Company bases its estimates on historical experience and various other reasonable assumptions. Actual results may differ from those estimates or assumptions. Cash, Cash Equiva lents, and Restricted Cash 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 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. Restricted cash represented security deposits in the form of a letter of credit issued in connection with the Company’s lease agreement. The cash, cash equivalents, and restricted cash balance included the following (in thousands): June 30, December 31, 2026 2025 Cash $ 460 $ 624 Cash equivalents 53,603 373,063 Restricted cash 132 132 Total cash, cash equivalents, and restricted cash $ 54,195 $ 373,819 Marketable Securities 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, and 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. The Company classifies investments in securities with remaining maturities of over one year as long-term investments, unless intended to fund current operations. 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 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. The Company does not measure an allowance for credit losses on accrued interest receivable and instead writes it off if an issuer defaults or is expected to default on payments. 8 Table of Contents For available-for-sale securities in an unrealized loss position, the Company first assesses whether it intends to sell, or if it is more likely than not that it will be required to sell, the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income or loss. For available-for-sale securities that do not meet the above criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the severity of the impairment, changes in interest rates, market conditions, changes to the underlying credit ratings, and forecasted recovery, among other factors. The credit-related portion of unrealized losses and any subsequent improvements are recorded in interest income through an allowance account. 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 June 30, 2026 or December 31, 2025 . Fair Val ue Measurements Assets and liabilities recorded at fair value on a recurring basis in the balance sheets are categorized based on the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows: • Level 1 - Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date; • Level 2 - Inputs (other than quoted prices included in Level 1) that are either directly or indirectly observable for the asset or liability. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; and • Level 3 - Unobservable inputs supported by little or no market activity and significant to the fair value of the assets or liabilities. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment we exercise in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Due to their short-term nature, the carrying amounts of cash, cash equivalents, prepaid expenses and other current assets, accounts payable, and other accrued liabilities in the accompanying condensed consolidated balance sheet approximate their fair values. L eases The Company determines if an arrangement contains a lease at inception and the classification of the lease on the commencement date. An arrangement contains a lease if there is an identified asset and if the Company controls the use of the identified asset throughout the period of use. The Company determines whether leases meet the classification criteria of a finance or operating lease considering: (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 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. Right-of-use assets also include any initial direct costs incurred and any lease payments made on or before the lease commencement date, less any lease incentives received. Lease incentives are included in the calculation of lease liability as of the commencement date to the extent it is probable that the Company will utilize them. In determining the present value of its lease liabilities, the Company uses its incremental borrowing rate when the rate implicit in the lease is not readily determinable, based on information available as of the lease commencement date. The Company’s incremental borrowing rate is based on the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term, an amount equal to the lease payments in a similar economic environment, and the determination of the rate requires the Company to make certain assumptions and judgments, including on its synthetic credit rating. Leases may include options to extend or early terminate the lease term. If the Company, using judgment, is reasonably certain that an option will be exercised, then the option will be included in the calculation of the lease term. 9 Table of Contents The Company elected to combine lease and non-lease components for office leases, and not to recognize right-of-use assets or lease liabilities for short-term leases. A short-term lease is a lease that, at the commencement date, has a lease term of 12 months or less and does not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise. Lease expense for operating leases is recognized on a straight-line basis over the lease term . Property and Equipment, net Property and equipment are stated at cost, net of accumulated depreciation. Depreciation of property and equipment is calculated using the straight-line method over the asset’s estimated useful life. Our property and equipment consist of purchased software with an estimated useful life of 3 years, lab equipment with an estimated useful life of 5 years and leasehold improvements amortized over the shorter of 5 years or the remaining lease term. 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 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 Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability is measured by comparing the carrying amount of an asset group to the future net undiscounted cash flows the assets are expected to generate. 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 and six months ended June 30, 2026 and 2025. Seg ments The Company operates in one operating and reportable segment within the United States, developing oncology therapies through various related development projects. All of the Company’s assets are located in the United States. The single operating segment conclusion is further supported by the Company’s organizational and management structure and other factors. The Company’s chief operating decision-maker is its Chief Executive Officer, who manages operations, allocates resources, and evaluates financial performance using a top-down approach and by setting and reviewing company-wide targets. Subsequent to the completion of the de-SPAC Transaction, during the third fiscal quarter of 2025, the Company changed the segment information regularly provided to the chief operating decision maker to the below aggregated grouping of expense categories, which is the basis on which the chief operating decision-maker assesses segment performance and allocates resources. The prior period information has been recast to reflect this update. 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 June 30, Six months ended June 30, 2026 2025 2026 2025 Research and development trials and consumables expenses $ 37,528 $ 20,008 $ 66,376 $ 33,286 Payroll and personnel expenses 9,634 5,989 19,089 11,550 Facilities and other expenses 2,063 1,441 3,562 3,237 Total research and development $ 49,225 $ 27,438 $ 89,027 $ 48,073 Since the Company operates in a single operating and reportable segment represented by the entire entity, significant segment expenses are provided to the chief operating decision-maker using the same basis as presented in the condensed consolidated statements of operations, including the research and development itemization above. Net loss is the key measure of segment profit and loss that the chief operating decision-maker uses to allocate resources, assess performance, monitor expenditures, and conduct a review of budget versus actual analysis. The chief operating decision-maker does not review assets at a different level or category other than the amounts disclosed in the Company’s condensed consolidated balance sheets. Receivables from and Payables to Related Parties Receivables from and payables to related parties represent the amounts due to and from various BridgeBio Pharma entities, which are expected to be settled in cash within 12 months from the reporting date. 10 Table of Contents Prior to April 30, 2024, receivables from related parties represented receivables under the centralized cash management balances used by BridgeBio Pharma for cash management and to finance its operations. These arrangements may not reflect how the Company would have financed its operations had it been a separate, standalone entity during the applicable periods. Changes in related-party receivables arising from cash pooling arrangements are presented as investing activities in the condensed consolidated statements of cash flows. Subsequent to April 30, 2024, receivables from related parties represent amounts due from various BridgeBio Pharma entities for services rendered by the Company under the transition services agreement. Payables to related parties represent the amounts due for various research and development and administrative services performed by BridgeBio Pharma to the Company. Prior to April 30, 2024, none of BridgeBio Pharma’s third-party debt and related interest has been attributed to the Company because the Company is not the legal obligor of the debt, and the borrowings are not specifically identifiable to the Company. 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 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, 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. Accrued Research and Development Liabilities We record accruals for estimated costs of research and development activities performed by third-party service providers, including preclinical studies, clinical trials, and contract manufacturing. We record the estimated costs of research and development activities based on the estimated amount of services provided but not yet invoiced and include these costs in accrued research and development liabilities in the condensed consolidated balance sheets and within research and development expenses in the condensed consolidated statements of operations and comprehensive loss. These costs are a significant component of our research and development expenses. Examples of estimated research and development expenses that we accrue include: • Fees paid to contract research organizations (“CROs”) in connection with preclinical and toxicology studies and clinical trials; • Fees paid to investigative sites in connection with clinical trials; • Fees paid to contract manufacturing organizations in connection with the production of investigational product and clinical trial materials; and • Professional service fees for consulting and related services. We base our expense accruals for clinical trials on estimates of services received and efforts expended under contracts with multiple research institutions and CROs that conduct and manage clinical trials on our behalf. The financial terms of these agreements vary from contract to contract and may result in uneven payment flows. Payments under some of these contracts depend on factors such as patient enrollment and the completion of clinical trial milestones. Our service providers generally invoice us monthly in arrears for services performed. In accruing service fees, we estimate the period over which services will be performed and the level of effort to be expended in each period. If we do not identify costs we have already incurred, or if we underestimate or overestimate the level of services performed or the costs of those services, our actual expenses could differ from our estimates. We record advance payments to service providers as prepaid assets. We record accruals for the estimated costs of third-party contract manufacturing activities. The financial terms of these agreements are negotiable, vary from contract to contract, and may result in uneven payment flows to our vendors. Payments under the contracts include upfront payments and milestone payments, which depend on factors such as the completion of certain stages of the manufacturing process. To recognize an expense, we assess whether the production process is sufficiently defined to be the delivery of a good or a service, given that processes and yields are developing and less certain. If we consider the process to be the delivery of a good, we recognize the expense when the drug product is delivered, or we otherwise bear the risk of loss. If we consider the process to be the delivery of a service, we recognize expenses based on our best estimates of the contract manufacturer’s progress through the contract stages. We base our estimates on the best information available at the time. However, additional information may become available to us, enabling us to make a more accurate estimate in future reporting periods. In this event, we may be required to record adjustments to research and development expenses in future reporting periods when the actual level of activity becomes more certain. 11 Table of Contents Any increases or decreases in cost are generally considered to be changes in estimates and will be reflected in research and development expenses in the reporting period identified. General and Administrative Expenses General and administrative expenses represent salaries, benefits, and other personnel-related costs, including stock-based compensation, fair value of common stock issued to BridgeBio Pharma (refer to Note 12), costs related to third-party service providers, and professional and legal fees. Asset Acquisitions The Company measures and recognizes asset acquisitions that are not deemed to be business combinations based on the cost to acquire the assets, which includes transaction costs. Goodwill is not recognized in asset acquisitions. The costs allocated to acquire in-process research and development (“IPR&D”) with no alternative future use are expensed as research and development as of the asset acquisition date. Contingent consideration payments for asset acquisitions include development, regulatory, and sales-based milestone payments due upon the occurrence of a specific event. 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 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. Milestone Payments Under In-Licensing Agreements Under our in-licensing agreements, the Company is required to pay development, regulatory, and sales-based milestone payments upon the achievement of certain substantive milestones. We recognize development milestones once they are achieved. Stock-Based Compensation 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 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. Forfeitures of share-based awards are accounted for as they occur. The fair value of stock options is estimated on the grant date using the Black-Scholes option-pricing model, which requires certain assumptions further discussed below: • Fair Value of Common Stock — Prior to the de-SPAC Transaction, the fair value of the Company’s common stock was determined by the board of directors (“Board”) with input from management and consideration of third-party valuation reports. In the absence of a public trading market, and as a clinical-stage company with no significant revenues, the Company believes that it was appropriate to consider a range of factors to determine the fair market value of the common stock at each grant date. In addition, the Company considered various objective and subjective factors, along with input from the independent third-party valuation firm. The factors included (1) the achievement of the development milestones by the Company; (2) the significant risks associated with the Company’s stage of development; (3) capital market conditions for comparable, privately held, early-stage life science companies; (4) the Company’s available liquidity, financial condition, and results of operations; (5) the sales of the Company’s shares to third parties, such as the Series B financing; and (6) the preferential rights of the redeemable convertible preferred stockholders. Following the de-SPAC Transaction, the Company became a public entity and derives fair value of its common stock from quoted prices on the Nasdaq. • Expected Dividend Yield — The Company has historically paid no dividends and does not anticipate paying dividends in the future. • Expected Equity Volatility — The Company does not have sufficient trading history for its common stock and has computed expected volatility based on the historical volatility of a representative group of public companies with similar characteristics to the Company (e.g., public entities of similar size, complexity, stage of development, and industry focus). The historical volatility is commensurate with the expected term assumption. • Risk-Free Interest Rate — The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of award grant for the expected term of the award. 12 Table of Contents • Expected Term — The Company uses the simplified method to calculate the expected term for options granted to employees as it does not have sufficient historical exercise data to provide a reasonable basis for estimating the expected term. Accrued Milestone Compensation Arrangements 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 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. The arrangements could also result in a settlement with a variable number of shares based on the then-current stock price at the achievement date of each contingent milestone, should we elect to settle in equity. We record accruals for the compensation expense arising from each development milestone when the specific contingent development milestone is probable of achievement, and such accruals are measured at each reporting period. We estimate the probability of achieving such milestones based on the progression and expected outcome of the related clinical programs. We base our estimates on the best available information at that time. However, additional information may become available to us which may allow us to make a more accurate estimate in future periods. In this event, we may be required to record adjustments to milestone compensation expenses in future periods. Any increases or decreases in such expenses are generally considered to be changes in estimates and will be reflected in the reporting period identified. Participation Right Liability The Company’s participation right liability represented the right granted to a third party to potentially participate in future Series B offerings at a fixed price of $ 8.8554 per share. The participation right was a freestanding instrument substantially similar to a written call option on the Series B shares that may be redeemed outside of the Company’s control. 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 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. Income Taxes The Company is subject to U.S. federal and state income taxes as a corporation. 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 and six months ended June 30, 2026 or 2025. Income taxes are accounted for under the asset-and-liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the carrying amounts of existing assets and liabilities in the condensed consolidated financial statements, their respective tax bases, and net operating loss and tax credit carryforwards. Deferred tax assets and liabilities are determined based on the difference between the carrying amounts under U.S. GAAP and the tax basis of assets and liabilities and are measured using the enacted tax rate expected to apply to taxable income in the years in which the differences are expected to be reversed. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax asset will not be realized. We evaluate our deferred tax assets regularly to determine whether adjustments to the valuation allowance are appropriate due to changes in facts or circumstances, such as changes in expected future pre-tax earnings, tax law, interactions with taxing authorities, and developments in case law. In making this evaluation, we rely on our recent history of pre-tax earnings or losses. Our material assumptions include forecasts of future pre-tax earnings and the nature and timing of future deductions and income represented by deferred tax assets and liabilities, all of which involve judgment. Although we believe our estimates are reasonable, we are required to exercise significant judgment in determining the appropriate valuation allowance for deferred tax assets. 13 Table of Contents We recognize uncertain income tax positions at the largest amount that is more likely than not to be sustained upon audit by the relevant taxing authority. Changes in recognition or measurement are reflected in the period in which judgment occurs. Our policy is to recognize interest and penalties related to the underpayment of income taxes as a component of the provision for income taxes. To date, no interest or penalties have been recorded concerning unrecognized tax benefits. Net Loss per Share Attributable to Common Stockholders 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 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. At the Closing, each outstanding share of Legacy BBOT common stock was exchanged for shares of BBOT common stock based on a ratio of approximately 0.0889 (“Consideration Ratio”). 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 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. Potentially dilutive common shares are not assumed to be issued if their effect is anti-dilutive. As such, in periods in which the Company reported a net loss, diluted net loss per share attributable to common stockholders was the same as basic net loss per share attributable to common stockholders because the effects of potentially dilutive securities were anti-dilutive. Redeemable Convertible Preferred Stock The Company initially records redeemable convertible preferred stock at fair value on the dates of issuance, less issuance costs. Prior to the de-SPAC Transaction, the preferred stockholders, as a group, controlled the Company’s Board and had the ability to initiate a deemed liquidation event, such as a change in control or transfer of substantially all of the Company’s assets. Upon a deemed liquidation event, the preferred stockholders as a group could cause the redeemable convertible preferred stock to be redeemed for cash and other assets available for distribution. Based on these considerations, the redeemable convertible preferred stock was classified in temporary equity outside of the stockholders’ equity in the accompanying condensed consolidated balance sheets. Subsequent adjustments to the carrying values of the redeemable convertible preferred stock classified in temporary equity are made only if it becomes probable that such liquidation events would occur, causing the shares to become redeemable. No such adjustments were made since the underlying events were not probable while the redeemable convertible preferred stock was outstanding. The Company also evaluated the features of its redeemable convertible preferred stock to determine whether they required bifurcation from the underlying shares by assessing whether they were clearly and closely related to the underlying shares and whether they met the definition of a derivative. The Company concluded that no features of its outstanding redeemable convertible preferred stock required bifurcation and separate accounting. In determining if an extinguishment or modification of changes to the temporary equity-classified preferred stock had occurred, the Company had elected a policy to evaluate if changes added, deleted, or significantly changed a substantive contractual term (e.g., one that was at least reasonably possible of being exercised), or fundamentally changed the nature of the redeemable convertible preferred stock. This evaluation considered both the expected economics and the business purpose of the amendment. Other Comprehensive Income or Loss Other comprehensive income or loss represents the change in the Company’s stockholders’ equity (deficit) from all sources other than investments by or distributions to stockholders. The Company’s other comprehensive income or loss is the result of unrealized gains and losses on marketable securities. Deferred de-SPAC Transaction Costs The Company capitalized certain directly attributable legal, accounting, and other third-party fees associated with the de-SPAC Transaction as deferred transaction costs. Upon Closing of the de-SPAC Transaction, the associated costs capitalized by the Company were recorded to additional paid-in capital as a reduction of the proceeds from the de-SPAC Transaction. 14 Table of Contents Emerging Grow th Company Status The Company operates as an emerging growth company (“EGC”), as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, EGCs can delay adopting new or revised accounting standards as of effective dates for private companies. The Company historically operated as part of BridgeBio Pharma and adopted new accounting pronouncements using the same timeline as BridgeBio Pharma. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it (i) is no longer an EGC or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, these condensed consolidated financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of the effective dates for public companies. Recently Adopted Accounting Pronouncements In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”). ASU 2025-05 provides an optional practical expedient for estimating future credit losses based on current conditions as of the balance sheet date and assuming those conditions do not change over the remaining life of the accounts receivable. Entities that elect the practical expedient and, if applicable, make the accounting policy election are required to apply the amendments prospectively. The amendments in ASU 2025-05 were effective for fiscal years beginning after December 15, 2025, including interim periods within those fiscal years. The Company has adopted this guidance effective January 1, 2026 and there was no material impact to the condensed consolidated financial statements and related disclosures. Recently Issued Accou nting Pronouncements In November 2024, the FASB issued ASU No. 2024-03, Income Statement – Reporting Comprehensive Income (Topic 220): Disaggregation of Income Statement Expenses (“ASU 2024-03”), which requires public entities to provide disaggregated disclosures of certain expense captions presented on the face of the income statement into specific categories within the footnotes to the financial statements. ASU 2024-03 is effective for the Company’s annual periods beginning on January 1, 2027, and interim periods beginning on January 1, 2028, with early adoption permitted. The ASU may be applied either on a prospective or retrospective basis. The Company is currently evaluating the impact of adopting this new accounting guidance on its condensed financial statements and related disclosures. In May 2025, the FASB issued Accounting Standards Update No. 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity ( “ASU 2025-03”). ASU 2025-03 changes how companies determine the accounting acquirer in certain business combinations involving variable interest entities. The new guidance requires considering the factors used for other acquisition transactions to assess which party is the accounting acquirer. ASU 2025-03 is effective for the Company’s annual reporting periods beginning on January 1, 2027. Early adoption is permitted. The Company is currently evaluating the impact of adopting this new accounting guidance on its condensed financial statements and related disclosures. In September 2025, the FASB issued ASU 2025-06, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software ("ASU 2025-06") . This standard modernizes the accounting for software costs, including updating guidance on the recognition and measurement of costs incurred in connection with development and implementation activities related to internal-use software. The standard is effective for annual reporting periods beginning after December 15, 2027, including interim reporting periods within those fiscal years. The standard can be adopted retrospectively, prospectively or on a modified prospective basis, and early adoption is permitted as of the beginning of an annual reporting period, provided that the financial statements for that period have not yet been issued or made available for issuance. The Company is currently evaluating the impact of the standard on its condensed financial statements and related disclosures and will determine the appropriate transition method prior to adoption. 3. PIPE Financing a nd de-SPAC Transaction Immediately prior to the de-SPAC Transaction described in Note 1, Helix issued and sold to investors in the PIPE Financing 24,343,711 shares of its common stock for gross proceeds of $ 260.9 million. In connection with the de-SPAC Transaction, Helix redomiciled as a Delaware corporation and de-registered from the Register of Companies in the Cayman Islands, and Legacy BBOT became a wholly-owned subsidiary of Helix. 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 had 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. 15 Table of Contents Upon the Closing of the de-SPAC Transaction, the following occurred with respect to the equity of Legacy BBOT: • Each outstanding share of Legacy BBOT redeemable convertible preferred stock issued and outstanding as of the Closing date was converted into Legacy BBOT common stock. • The shares of Legacy BBOT common stock that were issued and outstanding immediately prior to the Closing were cancelled and converted into the right to receive 38,924,563 shares of the Company’s common stock at the Consideration Ratio; • All outstanding and unexercised Legacy BBOT common stock options were converted into an aggregate of 4,078,552 common stock options of the Company with the same terms and conditions, adjusted based on the Consideration Ratio. Immediately after the Closing, the Company’s outstanding common stock included the following components: Shares Legacy BBOT common stock 38,924,563 Helix common stock subject to redemption prior to the Closing 18,400,000 Redemption of Helix common stock ( 7,119,750 ) Helix common stock held by the Sponsor 4,648,186 Common stock of Helix issued in the PIPE Financing 24,343,711 Total common stock issued and outstanding 79,196,710 The de-SPAC Transaction was accounted for as a reverse recapitalization under U.S. GAAP because Legacy BBOT was identified as the accounting acquirer and Helix as the accounting acquiree for financial reporting purposes. Accordingly, these condensed consolidated financial statements of the Company are presented as a continuation of the financial statements of Legacy BBOT. The de-SPAC Transaction is presented as the issuance of common stock by BBOT for the net assets of Helix and proceeds from the PIPE Financing, accompanied by a recapitalization and a change in the reporting entity. The net assets of Helix were recorded at historical cost as of the Closing date, with no goodwill or other intangible assets recognized. Legacy BBOT was determined to be the accounting acquirer based on the following facts and circumstances as of the Closing date: • Legacy BBOT stockholders comprised a relative majority of the voting power of BBOT; • Legacy BBOT stockholders received the ability to influence decisions regarding the election and removal of members of BBOT’s board of directors; • Legacy BBOT stockholders received the right to appoint the majority of the BBOT board of directors; • Legacy BBOT’s operations prior to the de-SPAC Transaction comprised the only ongoing operations of BBOT; • BBOT substantially assumed the Legacy BBOT name; • Legacy BBOT’s headquarters became BBOT’s headquarters; • Legacy BBOT’s senior management comprised the senior management of BBOT; and • Prior to the Closing, Helix did not meet the definition of a business. 16 Table of Contents 4. Fair Value Mea surements and Disclosures 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): June 30, 2026 Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 53,603 $ — $ — $ 53,603 Total cash equivalents 53,603 — — 53,603 Short-term marketable securities: Treasury bills — 8,000 — 8,000 Commercial paper — 10,300 — 10,300 Corporate debt securities — 147,124 — 147,124 Certificates of deposit — 6,224 — 6,224 Total short-term marketable securities — 171,648 — 171,648 Long-term marketable securities: Treasury bills — 2,900 — 2,900 Corporate debt securities — 115,519 — 115,519 Total long-term marketable securities — 118,419 — 118,419 Total marketable securities — 290,067 — 290,067 Total assets $ 53,603 $ 290,067 $ — $ 343,670 December 31, 2025 Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 366,348 $ — $ — $ 366,348 Commercial paper — 5,484 — 5,484 Total cash equivalents 366,348 5,484 — 371,832 Short-term marketable securities: Commercial paper — 7,313 — 7,313 Corporate debt securities — 44,460 — 44,460 Total short-term marketable securities — 51,773 — 51,773 Total assets $ 366,348 $ 57,257 $ — $ 423,605 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. The pricing services use industry-standard valuation models and observable inputs, including reported trades, broker-dealer quotes, bids or offers on the same or similar securities issuer, credit spreads, benchmark securities, prepayment and default projections based on historical data, and other observable inputs. The Company's participation right liability was settled in full in April 2025 and was no longer outstanding as of December 31, 2025. 17 Table of Contents 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): June 30, 2026 Amortized Cost Basis Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Short-term marketable securities: Treasury bills $ 8,000 $ — $ — $ 8,000 Commercial paper 10,321 — ( 21 ) 10,300 Corporate debt securities 147,310 4 ( 190 ) 147,124 Certificates of deposit 6,234 — ( 10 ) 6,224 Total short-term marketable securities 171,865 4 ( 221 ) 171,648 Long-term marketable securities: Treasury bills 2,941 — ( 41 ) 2,900 Corporate debt securities 116,220 3 ( 704 ) 115,519 Total long-term marketable securities 119,161 3 ( 745 ) 118,419 Total marketable securities $ 291,026 $ 7 $ ( 966 ) $ 290,067 December 31, 2025 Amortized Cost Basis Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Short-term marketable securities: Commercial paper $ 7,311 $ 2 $ — $ 7,313 Corporate debt securities 44,446 18 ( 4 ) 44,460 Total short-term marketable securities $ 51,757 $ 20 $ ( 4 ) $ 51,773 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. All marketable securities with unrealized losses as of each balance sheet date had been in a loss position for less than twelve months. 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 June 30, 2026 and December 31, 2025 . 5. In-Licensing and C ollaboration Agreements From time to time, the Company enters into asset purchase and license agreements with third parties as a purchaser or licensee. These arrangements are generally accounted for as asset acquisitions, as the fair value of the consideration is concentrated in a single identifiable asset or group of similar identifiable assets. Given their stage of development, these assets typically have no alternative future use and are expensed as of the acquisition date. The Regents of the University of California License Agreements In September 2016, the Company entered into a license agreement with Regents of the University of California, San Francisco (“UCSF”) and was granted certain worldwide exclusive licenses to use the licensed compounds (the “UCSF License”). The UCSF License was subsequently amended and terminated in June 2021. However, certain terms survived the termination of the UCSF License. Upon a change of control or an initial public offering, Legacy BBOT was required to make a payment to UCSF (“Indexed Milestone Payment”). The Company believes that no such payment will be due now or in the future. 18 Table of Contents Under the UCSF License, UCSF received a right but not an obligation to purchase up to 10 % of securities in any offering on the same terms as other investors (“Participation Right”), which survived the termination of the UCSF License. Because UCSF was not notified of the Series B financing at the time it was completed in May 2024, the Participation Right was extended through March 29, 2025. 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, 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 In March 2017, the Company entered into a cooperative research and development agreement (“Leidos CRADA”) with Leidos Biomedical Research, Inc. (“Leidos”). The Company and Leidos executed subsequent amendments to the Leidos CRADA between January 2018 and September 2025 to clarify the scope and provide for term extensions. In December 2018, the Company and Leidos entered into a license agreement (“Initial Leidos License”), under which the Company was granted certain worldwide exclusive licenses to use the licensed compounds for its drug discovery and development initiatives. The Initial Leidos License was terminated in 2021. The Company and Leidos subsequently entered into three additional license agreements (“Additional Leidos Licenses”), including two related to KRAS G12C inhibitor and PI3Kα breaker compounds that were executed in August 2022, and one related to the PanKRAS inhibitor executed in December 2023. The Leidos CRADA, Initial Leidos License, and Additional Leidos Licenses are referred to as the “Leidos Agreements”. In December 2025, the Company and Leidos executed an amendment to extend the expiration date of the Leidos CRADA by nine months to September 2026. In December 2025, the Company and Leidos amended the Leidos CRADA to introduce an additional $ 1.5 million in contribution funding payments. Under the Additional Leidos Licenses, the Company previously incurred initial upfront fees of $ 1.8 million. The Company is required to pay Leidos annual license maintenance fees of $ 0.5 million, as well as royalties on net sales for such licensed compounds calculated using low single-digit percentages of annual net sales of licensed 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. Leidos is also entitled to receive a low double-digit percentage of the sublicensing income received by the Company. 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 In May 2018, the Company entered into a cooperative research and development agreement (“LLNS CRADA”) wi th Lawrence Livermore National Security, LLC (“LLNS”) to explore new knowledge therapeutics possibilities to KRAS drug discovery utilizing LLNS’s high-performance computing systems. The Company and LLNS executed subsequent amendments to the LLNS CRADA between December 2019 and November 2025 to clarify the scope and provide for term extensions. In July 2022, the Company entered into an exclusive patent license agreement for KRAS G12C inhibitors and an exclusive patent license agreement for PI3Kα breaker compounds. In December 2024, the Company entered into an exclusive license agreement with LLNS for research and development of a Pan KRAS inhibitor. These three agreements are collectively referred to as the LLNS Agreements. 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 November 2025, the Company and LLNS 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, the Company 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. Upon execution of the LLNS Agreements, the Company paid initial upfront cash fees of $ 0.2 million. In addition, under the terms of the LLNS Agreements, the Company is required to pay LLNS certain annual license maintenance fees of $ 0.1 million and royalties to LLNS on net sales for such licensed compounds. 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 19 Table of Contents country. 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 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. 6. 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 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. 7. Commitments and Contingencies Other Research and D evelopment Agreements We may enter into contracts in the normal course of business with contract research organizations for clinical trials, contract manufacturing organizations for clinical supplies, and other vendors for preclinical studies, supplies, and other services and products for operating purposes. These contracts generally provide for termination on notice with potential termination charges. Cash Bonus with Performance Conditions 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 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 In the ordinary course of business, we may provide indemnifications of varying scope and terms to vendors, lessors, business partners, Board members, officers, and other parties with respect to certain matters, including, but not limited to, losses arising out of breach of such agreements, services to be provided by us, our negligence or willful misconduct, violations of law, or intellectual property infringement claims made by third parties. No material demands have been made upon us to provide indemnification under such agreements, and thus, there are no claims that we are aware of that could have a material effect on our condensed consolidated financial statements. Contin gencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines, penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. There are no matters currently outstanding for which any liabilities have been accrued. The Company is not currently involved in any legal actions that could have a material effect on the Company’s financial position, results of operations, or liquidity . 8. Redeemable Convertible Prefe rred Stock and Stockholders’ Equity (Deficit) Redeemable Convert ible Preferred Stock In February 2025, one investor elected to voluntarily convert 21,783 shares of the Series B redeemable convertible preferred stock into common stock. 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. 20 Table of Contents 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 June 30, 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. Voting Rights Each share of the redeemable convertible preferred stock had voting rights equal to the number of shares of common stock into which it was convertible. The holders of redeemable convertible preferred stock voted together with the holders of common stock as a single class. Dividends The holders of the redeemable convertible preferred stock were entitled to receive noncumulative dividends at an annual rate of 8.0 % of the original issuance price per share of the respective series when declared by the Company’s Board prior and in preference to any dividends on common stock. 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 June 30, 2026. Redemption 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”). The following stockholders group were each required to vote to initiate or waive such redemption: (i) the holders of a majority of the then outstanding shares of the redeemable convertible preferred stock, voting together as a single class on an as-converted into common stock basis (“Requisite Holders”), and (ii) the holders of a majority of the then outstanding shares of the Series B, voting as a separate class (“Requisite Series B Holders”). Subsequent adjustments to the carrying values of the liquidation preferences were only required to be made if it became probable that such a liquidation event would occur. No subsequent measurement adjustments were recorded through August 2025. Liquidation Preference In the event of any liquidation, dissolution, or winding up of the Company, either voluntary or involuntary, and upon a Deemed Liquidation Event, the holders of the redeemable convertible preferred stock were entitled to receive, with equal priority among them, prior and in preference to any distribution of any of the Company’s assets to the holders of common stock, an amount equal to the greater of (a) the original issue price per share of redeemable convertible preferred stock of the respective series then outstanding, plus any declared or accrued but unpaid dividends, or (b) an amount payable on an as-converted into common stock basis. After payment of the preferential amounts to the holders of the redeemable convertible preferred stock, the remaining assets of the Company available for distribution were to be distributed among the holders of common stock in proportion to the number of shares then held. Conversion Rights At the option of the holder, each share of the redeemable convertible preferred stock was convertible at any time into such number of shares of common stock as determined by dividing the original issue price per share of the respective series by the applicable conversion price. The initial conversion price per share was equal to the original issue price per share of the respective series. The conversion price of the redeemable convertible preferred stock was subject to adjustments for recapitalizations and under anti-dilution provisions contained in the Company’s amended and restated certificate of incorporation. All outstanding shares of the redeemable convertible preferred stock were subject to automatic conversion into shares of common stock, at the applicable conversion price, upon either of the following: (a) the closing of the sale of shares of common stock at a price per share of at least $ 17.7109 , as adjusted to reflect the Consideration Ratio, in a firm-commitment underwritten public offering under the Securities Act of 1933, as amended, resulting in at least $ 100.0 million of proceeds to the Company, net of the underwriting discount and commissions, and on a qualified stock exchange, or (b) the date and time, or the occurrence of an event, specified by the Requisite Holders and the Requisite Series B Holders, voting or consenting as two separate groups. 21 Table of Contents Common Stock Amendment to Certificate of Incorporation In April 2025, the Company amended and restated its certificate of incorporation to increase the authorized redeemable convertible preferred stock from 36,386,702 to 38,896,148 shares and the authorized common stock from 41,341,250 to 44,008,427 shares. In August 2025, in connection with the de-SPAC Transaction, the Company filed a new certificate of incorporation that authorized the issuance of up to 510,000,000 shares with a par value of $ 0.0001 per share, including 500,000,000 shares of common stock, and 10,000,000 shares of undesignated preferred stock. Shares Reserv ed for Issuance The Company had the following shares reserved for issuance: June 30, December 31, 2026 2025 Common stock options issued and outstanding 12,600,655 9,035,498 Restricted Stock Units ("RSU"s) unvested and expected to vest 282,400 — Shares available for issuance under the stock option and incentive plan 748,841 459,417 Shares available for issuance under the employee stock purchase plan 1,808,313 895,607 Shares available for issuance under the inducement plan 948,915 1,046,940 Total 16,389,124 11,437,462 9. Leases 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. The renewal option was not reasonably certain to be exercised by the Company and was excluded from the lease term. The lease commenced in March 2025 and will expire in April 2030 . 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 (six months) 356 2027 730 2028 755 2029 782 2030 263 Total lease payments $ 2,886 Less: imputed interest ( 372 ) Total operating lease liabilities $ 2,514 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. 22 Table of Contents 10. 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 June 30, Six Months Ended June 30, 2026 2025 2026 2025 Research and development $ 2,387 $ 612 $ 4,325 $ 1,052 General and administrative 4,840 263 6,773 450 Total $ 7,227 $ 875 $ 11,098 $ 1,502 Common Stock Options Issued and Other Equity-Based Awards Issued by the Company 2016 Equit y Incentive Plan In January 2017, the Company adopted the 2016 Equity Incentive Plan (“2016 Plan”). The 2016 Plan provides for the grant of stock-based incentive awards, including common stock options and other forms of stock-based compensation. Any cancelled or forfeited awards under the 2016 Plan become available for future issuances. As of June 30, 2026 , no shares were reserved for future issuance under the 2016 Plan. 2025 Stock Option and Incentive Plan In August 2025, the Company adopted the 2025 Stock Option and Incentive Plan (“2025 Plan”). The 2025 Plan provides for the grant of equity and equity-based incentive awards, such as stock options and other forms of stock-based compensation, to officers, employees, directors, and consultants. Any cancelled or forfeited awards under the 2025 Plan become available for future issuances. As of June 30, 2026 , there were 748,841 shares available for future grants under the 2025 Plan. 2025 Employee Stock Purchase Plan In August 2025, the Company adopted the 2025 Employee Stock Purchase Plan (“ESPP”). 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 June 30, 2026 , there were 1,808,313 shares available for future grants under the ESPP. 2025 Inducement Plan In October 2025, the Company adopted the 2025 Inducement Plan (“2025 Inducement Plan”) to be used for grants of equity-based awards to individuals who were not previously its employees or directors as an inducement for entry into employment. Any cancelled or forfeited awards under the 2025 Inducement Plan become available for future issuances. As of June 30, 2026 , there were 948,915 shares available for future grants under the 2025 Inducement Plan. Outstanding C ommon Stock Options The Company had the following common stock options outstanding: Number of Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (In thousands) Outstanding as of December 31, 2025 9,035,498 $ 7.79 9.0 $ 42,771 Granted 5,474,018 9.75 Exercised ( 105,882 ) 4.28 Forfeited and cancelled ( 1,802,979 ) 9.57 Outstanding as of June 30, 2026 12,600,655 $ 8.42 8.9 $ 10,619 Exercisable as of June 30, 2026 2,959,771 $ 6.80 8.0 $ 5,516 23 Table of Contents 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 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. The remaining 222,939 options vest immediately upon the occurrence of a qualified change in control, excluding events such as an initial public offering or other bona fide financing transactions. 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 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, 2026 2025 Expected term, years 5.50 - 6.08 5.66 - 6.08 Expected volatility 70.29 % - 74.03 % 71.3 % - 71.9 % Expected dividends — — Risk-free interest rate 3.8 % - 4.2 % 3.8 % 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 six months ended June 30, 2026 was as follows: Number of Shares Weighted-Average Grant Date Fair Value Outstanding as of December 31, 2025 — $ — Granted 368,470 10.19 Vested and released ( 22,983 ) 10.19 Forfeited and cancelled ( 63,087 ) 10.19 Unvested and expected to vest at June 30, 2026 282,400 $ 10.19 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. 24 Table of Contents 11. 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 June 30, 2026 2025 Common stock options issued and outstanding 12,600,655 4,094,802 Unvested RSUs of common stock 282,400 — Redeemable convertible preferred stock on an as-converted into common stock basis — 38,874,375 Total 12,883,055 42,969,177 12. 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 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 In August 2025, the Company executed an amendment to the transition services agreement with BridgeBio Pharma (“TSA Amendment”). Under the TSA Amendment, BBOT agreed to issue 784,720 shares of the Company’s common stock to BridgeBio Pharma by October 31, 2025 (“TSA Shares”) as a one-time charge related to the Closing of the de-SPAC Transaction. The promise to issue the TSA Shares represented a nonreciprocal transfer since the Company did not receive a commensurate value in exchange for the TSA Shares and was treated as a non-pro-rata distribution to a related party. During the year ended December 31, 2025, the Company recorded $ 7.8 million, included in general and administrative expenses in the consolidated statements of operations using the closing price of its common stock as of the TSA Amendment date. The promise to issue the TSA Shares was concluded to be equity-classified, and the corresponding credit was recorded to additional paid-in capital. The TSA Shares were issued and became outstanding in October 2025. Under the TSA Amendment, the issuance of the TSA Shares was not contingent on any condition other than the passage of time, and these shares are treated as outstanding for basic and diluted net loss per share calculation purposes from the TSA Amendment date. Collaborative Arrangement with Related Party 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 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 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. 25 Table of Contents ITEM 2. 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 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. Forward-looking statements are inherently subject to risks, uncertainties, and assumptions. Factors that could cause or contribute to such differences include, but are not limited to, those identified below and those discussed in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” included in the Annual Report on Form 10-K (the "Form 10-K"). Overv iew We are a clinical-stage biopharmaceutical company advancing a next-generation pipeline of novel small-molecule therapeutics targeting RAS and Phosphoinositide 3-kinase (“PI3K”), headquartered in South San Francisco, California. Our mission is to accelerate scientific and medical breakthroughs and deliver well-tolerated medicines with greater efficacy and safety to people with the deadliest cancers. We are advancing our next-generation RAS-pathway targeted small molecules with a focus on optimized target coverage for patients with tumors driven by RAS and PI3Kα and a synergistic portfolio that is designed to enable targeted KRAS combinations. Since our inception, we devoted substantially all of our resources to raising capital, conducting discovery and research activities, and establishing arrangements with third parties. We are currently developing three lead product candidates: • BBO-8520 is an orally bioavailable small molecule direct inhibitor targeting both the ON and OFF states of KRAS. The U.S. Food and Drug Administration (FDA) has granted Fast Track designation to BBO-8520 for the treatment of adult patients with previously treated, KRAS G12C-mutated metastatic non-small cell lung cancer ("NSCLC"). We are currently enrolling the Phase 1 ONKORAS-101 trial (NCT06343402) for patients with KRAS G12C mutant NSCLC. ONKORAS-101 is an open-label, multi-center Phase 1a/1b study designed to evaluate the safety, tolerability, preliminary antitumor activity, and pharmacokinetics of BBO-8520 as a single agent and in combination with pembrolizumab in patients with KRASG12C mutant NSCLC. On January 7, 2026, we announced new clinical data from the ongoing Phase 1 trial. 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. Updated clinical data are expected in the second half of 2026 and an internal combination study with BBO-10203 opened in April 2026. • BBO-11818 is an orally bioavailable small molecule pan-KRAS inhibitor that targets mutant KRAS in both the ON and OFF states. We are currently enrolling the Phase 1 KONQUER-101 (NCT06917079) trial for patients with locally advanced or metastatic KRAS mutant solid tumors. 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. Updated Phase 1 clinical data are expected in the second half of 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. 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 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. Our ability to generate sufficient product revenue to achieve profitability will depend heavily on the development and eventual commercialization efforts related to our product candidates. We expect to continue to incur significant expenses, and our operating losses are expected to increase for the foreseeable future if and as we: • Advance our existing and future research and development, including potential expansion into additional indications; • Conduct ongoing and future clinical trials for our product candidates; 26 Table of Contents • 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; • Add operational, financial, and management information systems and personnel; • Experience any delays, challenges, or other issues associated with the preclinical and clinical development of our product candidates, including with respect to our regulatory strategies; • Develop, maintain, and enhance sustainable, scalable, reproducible, and transferable clinical and commercial-scale current good manufacturing practices (“cGMP”) capabilities through a third party or our own manufacturing facility for the product candidates that we may develop; • Seek, obtain, and maintain regulatory approvals for any product candidates for which we successfully complete clinical trials; • Ultimately establish a sales, marketing, and distribution infrastructure to commercialize any product candidates for which we may obtain regulatory approval; • Generate revenue from commercial sales of product candidates for which we receive regulatory approval, if any; • Maintain safety, tolerability, and efficacy profile of any product we may develop in additional indications following approval in one indication; • Maintain, expand, enforce, defend, and protect our intellectual property portfolio and other intellectual property protection or regulatory exclusivity for any products we may develop and defend any intellectual property-related claims; • Further acquire or in-license product candidates or programs, intellectual property, and technologies; • Maintain our current licenses and establish and maintain any future collaborations, including making related development and sales milestone payments, royalties, or other required payments; and • Incur additional costs of operating as a public company, including increased costs of audit, legal, regulatory, and tax-related services associated with maintaining compliance with an exchange listing and the SEC requirements, director and officer insurance premiums and investor and public relations costs. Any changes in the outcomes of these variables could significantly affect the costs and timing associated with the development of our product candidates. For example, if the FDA or another comparable regulatory authority were to require us to conduct clinical trials beyond those that we currently anticipate will be required to complete clinical development and obtain regulatory approval of one or more product candidates, or if we experience significant delays in our preclinical studies or clinical trials, we would be required to expend significant additional financial resources and time to advance and complete clinical development. We may never obtain regulatory approval for any of our product candidates. We will not generate revenue from product sales unless and until we successfully initiate and complete clinical development and obtain regulatory approval for any product candidates. If we obtain regulatory approval for any of our product candidates and do not enter into a commercialization partnership, we expect to incur significant expenses related to developing our commercialization capability to support product sales, manufacturing, marketing, and distribution. As a result of the above factors, we expect to need substantial additional funding to support our continued operations and growth strategy. Until such a time as we can generate significant revenue from our product sales, if ever, we expect to finance our operations through the sale of equity, debt financings, or other capital sources, including collaborations with other companies or other strategic transactions. We may not be able to raise additional funds or enter into such other agreements on favorable terms or at all. If we fail to raise capital or enter into such agreements as and when needed, we may have to significantly delay, scale back, or discontinue the development and commercialization of one or more of our programs. Due to the numerous risks associated with product development, we cannot accurately predict the timing or amount of increased expenses, or when or if we will be able to achieve or maintain profitability. Even if we are able to generate product sales, we may not become profitable. If we fail to become profitable or cannot sustain profitability on a continuing basis, then we may be unable to continue our operations at planned levels and be forced to reduce or terminate our operations. 27 Table of Contents de-SPAC Tra nsaction On February 28, 2025, TheRas, Inc. (“Legacy BBOT”) entered into a definitive business combination agreement, amended on June 17, 2025 (“Business Combination Agreement”) with Helix Acquisition Corp. II (“Helix”), a publicly traded special purpose acquisition company listed on Nasdaq under the ticker symbol “HLXB.” Pursuant to the Business Combination Agreement closing, Helix II Merger Sub, Inc., a wholly owned subsidiary of Helix, merged with and into Legacy BBOT, with Legacy BBOT surviving the merger as a wholly-owned subsidiary of Helix (“Merger”). In connection with the Merger, Helix changed its name to BridgeBio Oncology Therapeutics, Inc. and redomiciled as a Delaware corporation (“de-SPAC Transaction”). The de-SPAC Transaction was consummated on August 11, 2025 (“Closing”), and BBOT’s common stock became listed on Nasdaq under the ticker symbol “BBOT”. Prior to the Closing, all references to BBOT are related to the balances and activity of Legacy BBOT. Upon the Closing, BBOT became the successor of Helix and the reporting entity which consolidates the balances and activity of Legacy BBOT. Concurrent with the execution of the Business Combination Agreement, Helix entered into subscription agreements with certain investors pursuant to which Helix agreed to issue and sell shares of its common stock to investors in a private placement financing (“PIPE Financing”) for an aggregate purchase price of approximately $260.9 million, which was executed immediately prior to the Closing. The de-SPAC Transaction was accounted for as a reverse recapitalization effective upon the Closing. Under this method of accounting, Helix was treated as the acquired company for accounting purposes, and BBOT was the deemed acquirer for accounting purposes. The financial statements of BBOT for periods prior to the Closing include the financial information of Legacy BBOT. The number of shares and per share amounts for all periods presented were adjusted to reflect the capital structure of BBOT. For periods prior to the Closing, the share activity of BBOT was recast by multiplying the number of shares of Legacy BBOT held by each investor by a ratio of approximately 0.0889 (“Consideration Ratio”), established by the Business Combination Agreement, rounded down to the nearest whole share. The de-SPAC Transaction is presented as the issuance of common stock for the net assets of Helix and proceeds from the PIPE Financing, accompanied by a recapitalization and a change in the reporting entity. The net assets of Helix were recorded at historical cost as of the Closing date, with no goodwill or other intangible assets recognized. As a result of the de-SPAC Transaction, we assumed the operations of Legacy BBOT upon the Closing, and we became subject to the regulatory and reporting requirements and customary practices applicable to public companies. The costs and administrative demands of operating as a public company, including hiring additional personnel and implementing certain procedures and processes, may materially impact our financial position and results of operations. Material Related Pa rty Transactions BridgeBio Pharma is a commercial-stage biopharmaceutical company founded to discover, create, test, and deliver transformative medicines to treat patients who suffer from genetic diseases and cancers with clear genetic drivers. BridgeBio Pharma and its controlled entities are related parties of BBOT. In August 2025, upon completion of the de-SPAC Transaction, we made a contractual promise to issue 784,720 shares of our common stock to BridgeBio Pharma (“TSA Shares”), which was not contingent on anything but the passage of time. We treated this transaction as a nonreciprocal transfer with a non-pro-rata distribution to related party. The contract was concluded to be equity-classified, and we recorded general and administrative expense of $7.8 million equal to the fair value of the underlying shares as of the contract execution date. The TSA Shares were issued to BridgeBio Pharma in October 2025. Emerging Growth Company Status As an emerging growth company (“EGC”) under the Jumpstart Our Business Startups Act (the “JOBS Act”), we are eligible for certain regulatory relief, including reduced disclosure obligations and extended transition periods for adopting new or revised accounting standards. Our EGC status commenced upon the completion of Helix’s initial public offering in February 2024 and is expected to continue for up to five years from this date through February 2029, unless certain disqualifying events occur earlier, such as achieving large accelerated filer status. Impact of General Economic Ri s k Factors on Our Operations 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 28 Table of Contents 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. Most of these developments and factors are outside of our control and could exist for an extended period. We will continue to evaluate the nature and extent of the potential impacts on our business, results of operations, liquidity, and capital resources. Components of Results of Operations Rev enues To date, we have not generated any revenue from product candidates under development and do not expect to generate any revenue in the foreseeable future. If our development efforts for our product candidates are successful and result in regulatory approval, we may generate revenue from product sales in the future. We cannot predict if, when, or to what extent we will generate revenue from the commercialization and sale of our product candidates. We may never succeed in obtaining regulatory approval for any of our product candidates. Operating Expenses Research and D evelopment Expenses Research and development expenses consist primarily of costs incurred for our research activities, including our drug discovery efforts, and the development of our product candidates, which include: • Employee-related expenses, including salaries, related benefits, stock-based compensation, and travel expenses for employees engaged in research and development functions; • Expenses incurred in connection with the preclinical and clinical development of our product candidates, including under agreements with contract research organizations (“CROs”) ; • The cost of consultants and contract manufacturing organizations (“CMOs”) that manufacture drug products for use in our preclinical studies and clinical trials ; • Facilities, depreciation, insurance, and other direct and allocated expenses incurred as a result of research and development activities; and • Payments made under third-party licensing and asset acquisition agreements. We expense research and development costs as incurred. Non-refundable advance payments that we make for goods or services to be received in the future for use in research and development activities are recorded as prepaid expenses. The prepaid amounts are expensed as the related goods are delivered or the services are performed. Our direct research and development costs consist primarily of external costs, such as fees paid to consultants, contractors, CMOs, and CROs in connection with our preclinical and clinical development activities. We are heavily dependent on the success of our product candidates, which are in early stages of development, and require a lengthy and expensive process with uncertain outcomes and the potential for substantial delays. We cannot give any assurance that any of our product candidates will receive regulatory approval, which is necessary before they can be commercialized. Product candidates in later stages of clinical development generally have higher development costs than those in earlier stages, primarily due to the increased size and duration of later-stage clinical trials. We expect that our research and development expenses will increase substantially in connection with our planned clinical and preclinical development activities in the near term and in future reporting periods, as we conduct additional clinical trials for our product candidates. We currently track research and development expenses based on expense nature. 29 Table of Contents General and Ad ministrative Expenses Our general and administrative costs consist primarily of fair value of common stock issued to BridgeBio Pharma, employee-related costs, travel expenses, expenses for outside professional services, including legal, human resources, audit, accounting, and tax services, and allocated facilities-related costs. Employee-related costs include salaries, bonuses, related benefits, and stock-based compensation. We expect to incur additional expenses as a result of operating as a public company, including expenses related to compliance with the rules and regulations of the SEC and listing standards applicable to companies listed on a national securities exchange, additional insurance expenses, investor relations activities, and other administrative and professional services. We also expect to increase the size of our administrative, finance, and legal functions to support the anticipated growth of our business. Other Income , Net Intere st Income Other income consists of interest income earned on our cash equivalents and marketable securities. Income from Transition Services Agreements Income from transition services agreements includes income for certain services provided to an unrelated party. Change in Fair Value o f Participation Right Liability Change in fair value of participation right liability represents the income or expense from the right to participate in the Legacy BBOT Series B Financing that we provided to the Regents of the University of California (“UCSF”), which was determined to be a freestanding financial instrument. This right was not exercised upon the initial issuance of the Series B in April 2024 and was subsequently extended through March 2025. UCSF elected to exercise the participation right in March 2025, and it was settled in full through the issuance of Series B shares in April 2025. Results of Operations 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, 2026 2025 Change Change, % Operating expenses: Research and development $ 49,225 $ 27,438 $ 21,787 79 % General and administrative 10,962 2,655 8,307 313 % Total operating expenses 60,187 30,093 30,094 100 % Loss from operations (60,187 ) (30,093 ) (30,094 ) 100 % Other income, net: Interest income 3,551 1,666 1,885 113 % Income from transition services agreements 196 — 196 100 % Other income (expense) (14 ) (8 ) (6 ) * Total other income, net 3,733 1,658 2,075 125 % Net loss $ (56,454 ) $ (28,435 ) $ (28,019 ) 99 % * Percentage is not meaningful 30 Table of Contents Research and Development Expenses Research and development expenses consisted of the following components for the periods indicated (in thousands): Three Months Ended June 30, 2026 2025 Change Research and development trials and consumables expenses $ 37,528 $ 20,008 $ 17,520 Payroll and personnel expenses 9,634 5,989 3,645 Facilities and other expenses 2,063 1,441 622 Total research and development $ 49,225 $ 27,438 $ 21,787 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: • a $17.5 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 $3.6 million increase in our payroll and personnel expenses primarily due to headcount expansion, and • 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 $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 $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 $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 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. 31 Table of Contents 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, 2026 2025 Change Change, % Operating expenses: Research and development $ 89,027 $ 48,073 $ 40,954 85 % General and administrative 17,339 5,157 12,182 236 % Total operating expenses 106,366 53,230 53,136 100 % Loss from operations (106,366 ) (53,230 ) (53,136 ) 100 % Other income, net: Interest income 7,495 3,475 4,020 116 % Income from transition services agreements 419 — 419 100 % Change in fair value of participation right liability — (725 ) 725 (100 )% Other income (expense) (108 ) (10 ) (98 ) * Total other income, net 7,806 2,740 5,066 185 % Net loss $ (98,560 ) $ (50,490 ) $ (48,070 ) 95 % * 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, 2026 2025 Change Research and development trials and consumables expenses $ 66,376 $ 33,286 $ 33,090 Payroll and personnel expenses 19,089 11,550 7,539 Facilities and other expenses 3,562 3,237 325 Total research and development $ 89,027 $ 48,073 $ 40,954 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. 32 Table of Contents 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 Sources of Liquidity Since our inception, we have incurred significant operating losses. 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. In January 2017, we issued to BridgeBio Pharma 800,061 shares of Series Seed redeemable convertible preferred stock in a single closing at $1.2508 per share for gross cash proceeds of $1.0 million. Between May 2017 and April 2024, we issued to BridgeBio Pharma 10,929,005 shares of Series A redeemable convertible preferred stock (“Series A”) at $11.2467 per share for gross cash proceeds of $122.9 million and 2,072,629 shares of the Series A at $11.2467 per share in exchange for the settlement of related party payables of $23.3 million. In April 2024, we received $175.0 million in gross cash proceeds from the issuance of 19,761,881 shares of Series B at $8.8554 per share. In May 2024, we received $25.0 million in gross cash proceeds through the issuance of 2,823,126 shares of Series B at $8.8554 per share. In March 2025, UCSF elected to exercise the Participation Right. We settled the Participation Right in April 2025 through the issuance of 2,509,446 shares of the Series B for $22.2 million of cash proceeds. In August 2025, upon closing of the de-SPAC Transaction, the combined company received $373.5 million from Helix, which included the proceeds from the PIPE Financing, the unredeemed cash held by Helix, and reflected payment of Helix’s transaction costs. 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 $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. We could exhaust our available capital resources sooner than management expects. 33 Table of Contents In the future, we plan to access capital resources by public or private equity offerings, debt financings, potential collaborations, licensing agreements, and other sources. We have historically been able to raise capital through the issuance and sale of equity and equity-linked instruments, such as redeemable convertible preferred stock for Legacy BBOT and common stock for BBOT. However, no assurance can be provided that we will continue to be successful in doing so in the future. If sufficient funds on acceptable terms are not available when needed, we may be required to significantly reduce our operating expenses and delay, reduce the scope of, or eliminate one or more of our development programs. Failure to manage discretionary spending or raise additional financing, as needed, may adversely impact our ability to achieve our intended business objectives. Cash F lows Overview of Cash Flows We have historically financed our operations primarily through the sale of equity securities. 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 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. Specifically, we made significant prepayments under our agreements with contract research organizations and contract manufacturing organizations prior to the commencement of clinical trials and manufacturing activities. 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 six months ended June 30, 2026 and 2025 The following table summarizes our cash flows during the periods indicated (in thousands): Six Months Ended June 30, 2026 2025 Change Net cash used in operating activities $ (80,278 ) $ (42,892 ) $ (37,386 ) Net cash (used in) provided by investing activities (239,678 ) 25,007 (264,685 ) Net cash provided by financing activities 332 18,552 (18,220 ) Net decrease in cash, cash equivalents, and restricted cash $ (319,624 ) $ 667 $ (320,291 ) Net Cash Flows from Operating Activities 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 $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. 34 Table of Contents 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 $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 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 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 We will not generate revenue from product sales unless we complete clinical development and obtain regulatory approval for our product candidates. If we obtain regulatory approval for any of our product candidates and do not enter into a commercialization partnership, we expect to incur significant expenses related to developing our internal commercialization capability to support product sales, marketing, and distribution. Subsequent to the de-SPAC Transaction, we expect to incur additional costs associated with operating as a public company. In the future, we will need substantial additional funding to support our continuing operations and pursue our growth strategy. Until we can generate significant revenue from product sales, if ever, we expect to finance our operations through a combination of equity offerings, debt financings, collaborations, strategic alliances, and marketing, distribution, or licensing arrangements. If we do raise additional capital through public or private equity offerings, the ownership interest of our existing stockholders will be diluted, and the terms of these securities may include liquidation or other preferences that adversely affect our stockholders’ rights. If we raise additional capital through debt financing, we may be subject to covenants that limit or restrict our ability to take specific actions, such as incurring debt, making capital expenditures, or declaring dividends. Furthermore, we may be unable to raise additional funds or enter into other agreements or arrangements on favorable terms or at all when needed. If we fail to raise capital or enter into such agreements, as and when needed, we may have to significantly delay, scale back, or discontinue the development and commercialization of one or more of our product candidates. Due to the numerous risks and uncertainties associated with the research, development, and commercialization of pharmaceutical products, we are unable to accurately estimate the exact amount of our operating capital requirements. Our future funding requirements will depend on many factors, including, but not limited to: • The successful achievement of preclinical and clinical milestones; • Continuing our research and drug discovery and development efforts; • Conducting preclinical and clinical trials for our current product candidates and additional product candidates; 35 Table of Contents • Establishing a sales, marketing, and distribution infrastructure to commercialize any product candidates for which we may obtain regulatory approval; • Establishing and maintaining manufacturing and supply chain capacity sufficient to provide adequate supplies of our product candidates to support our ongoing and planned clinical trials and commercial quantities of any product candidates for which we may obtain marketing approval; • Maintaining, expanding, and protecting our intellectual property portfolio; • Acquiring or in-licensing other product candidates and technologies; • Continuing to discover and develop additional product candidates; • Hiring additional personnel to support our product candidate development efforts to obtain regulatory approval and securing additional facilities for operations; and • Operating as a public company following the de-SPAC Transaction. Due to the numerous risks and uncertainties associated with the development of our product candidates, we are unable to accurately predict the timing or amount of increased expenses, or when or if we will be able to achieve or maintain profitability. Even if we are able to generate product sales, we may not become profitable. If we fail to become profitable or are unable to sustain profitability on a continuing basis, then we may be unable to continue our operations at the planned levels and be forced to reduce or terminate our operations. In-Licensing and Co llaboration Agreements The Regents of the University of California License Agreements 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. Under the UCSF License, UCSF received the right, but not an obligation, to purchase up to 10% of the securities in any offering on the same terms as other investors, which survived the termination of the UCSF License (“Participation Right”). Because UCSF was not notified of the Legacy BBOT Series B Financing at the time it was completed in 2024, the Participation Right was extended through March 29, 2025. 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 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. (“Leidos”). 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. 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, 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. 36 Table of Contents Lawrence Livermore National Security Lic ense and Cooperative Research and Development Agreements 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, 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, 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, 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 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 Our management’s discussion and analysis of our financial condition and results of operations is based on our financial statements, which have been prepared in accordance with U.S. GAAP. The preparation of these condensed financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, and the disclosure of contingent assets and liabilities as of the date of the financial statements, as well as revenues, if any, and expenses incurred during the reporting periods. Our estimates are based on our historical experience and various other factors that we believe are reasonable under the circumstances, which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. 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 and six months ended June 30, 2026. Recent Accounti ng Pronouncements See Note 2, “Summary of significant accounting policies” to our condensed consolidated financial statements, which are included in this Quarterly Report, for more information. Ite m 3. Quantitative and Qualitative Disclosures About Market Risk. We are a smaller reporting company, as defined by Rule 12b-2 under the Securities and Exchange Act of 1934, as amended ( “ Exchange Act ” ), and are not required to provide the information under this item. 37 Table of Contents Ite m 4. Controls and Procedures. Management’s Evaluation of Disclosure Controls and Procedures We maintain disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time period specified in the SEC’s rules and forms, and that such information is accumulated and communicated to management, including our Chief Executive Officer (who serves as our principal executive officer), and our Chief Operating Officer (who serves as our principal financial officer), as appropriate, to allow timely decisions regarding required disclosure. In designing and evaluating our disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. 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 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 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. 38 Table of Contents PART II—OTHE R INFORMATION