What changed in this filing

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Item 1. Financial Statements

2025-11-13 compared with 2025-08-07 · 120 added, 91 removed, 357 unchanged (37% of the section changed)

3 unchanged sentences

(in thousands, except par value and share amounts)

September 30,

Current assets:

6 unchanged sentences

Current liabilities:

Accounts payable and accrued expenses

Accounts payable and accrued expenses (includes related party amounts of $ 0 and $ 1,775 , respectively)

Operating lease liabilities

7 unchanged sentences

Preferred stock, $ 0.0001 par value;

200,000,000 shares authorized at June 30, 2025

200,000,000 shares authorized at September 30, 2025

and December 31, 2024;

0 shares issued and outstanding at June 30, 2025

0 shares issued and outstanding at September 30, 2025

and December 31, 2024

1 unchanged sentence

350,000,000 shares authorized at

June 30, 2025 and December 31, 2024;

September 30, 2025 and December 31, 2024;

58,792,088 and 58,099,164

shares issued and outstanding at June 30, 2025 and December 31, 2024

shares issued and outstanding at September 30, 2025 and December 31, 2024

Class B common stock, $ 0.0001 par value;

15,368,569 shares authorized at

June 30, 2025 and December 31, 2024;

September 30, 2025 and December 31, 2024;

0 shares issued and outstanding at

June 30, 2025 and December 31, 2024

September 30, 2025 and December 31, 2024

Additional paid-in capital

6 unchanged sentences

(in thousands, except share and per share amounts)

Three Months Ended June 30,

Six Months Ended June 30,

Three Months Ended September 30,

Nine Months Ended September 30,

Collaboration and other revenue

Operating expenses:

Research and development expense

Research and development expense (includes related party amounts of $ 0 for the three and nine months ended September 30, 2025 and $ 1,775 and $ 2,025 for the three and nine months ended September 30, 2024, respectively)

General and administrative expense

3 unchanged sentences

Interest income

Gain (loss) on warrant liability

Loss on warrant liability

Other expense

Total other income (loss)

6 unchanged sentences

(in thousands, except share amounts)

Three Months Ended June 30, 2025

Three Months Ended September 30, 2025

Stockholders’

Equity (Deficit)

Balance at March 31, 2025

Balance at June 30, 2025

Stock-based compensation expense

Issuance of common stock under equity incentive plans, net of shares withheld for taxes

Issuance of common stock for Employee Stock Purchase Plan

Taxes related to net share settlement of equity awards

Balance at June 30, 2025

Three Months Ended June 30, 2024

Balance at September 30, 2025

Three Months Ended September 30, 2024

Stockholders’

Equity (Deficit)

Balance at March 31, 2024

Balance at June 30, 2024

Stock-based compensation expense

Issuance of common stock under equity incentive plans, net of shares withheld for taxes

Issuance of common stock for Employee Stock Purchase Plan

Taxes related to net share settlement of equity awards

Balance at June 30, 2024

Balance at September 30, 2024

See accompanying notes.

2 unchanged sentences

(in thousands, except share amounts)

Six Months Ended June 30, 2025

Nine Months Ended September 30, 2025

Stockholders’

5 unchanged sentences

Taxes related to net share settlement of equity awards

Balance at June 30, 2025

Six Months Ended June 30, 2024

Balance at September 30, 2025

Nine Months Ended September 30, 2024

Stockholders’

5 unchanged sentences

Taxes related to net share settlement of equity awards

Balance at June 30, 2024

Balance at September 30, 2024

See accompanying notes.

2 unchanged sentences

(in thousands)

Six Months Ended June 30,

Nine Months Ended September 30,

Cash flows from operating activities

6 unchanged sentences

Accounts payable and accrued expenses

Accounts payable and accrued expenses - related parties

Right-of-use assets and lease liabilities, net

10 unchanged sentences

Increase in right-of-use assets and operating lease liabilities resulting from contract modification

Tax related to net settlement of equity awards included in accounts payable and

accrued expenses

See accompanying notes.

11 unchanged sentences

Basis of Presentation

The unaudited condensed financial statements as of June 30, 2025, and for the three and six months ended June 30, 2025 and 2024, have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”), and with accounting principles generally accepted in the United States (“GAAP”) applicable to interim financial statements.

The unaudited condensed financial statements as of September 30, 2025, and for the three and nine months ended September 30, 2025 and 2024, have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”), and with accounting principles generally accepted in the United States (“GAAP”) applicable to interim financial statements.

These unaudited condensed financial statements have been prepared on the same basis as the audited financial statements and include all adjustments, consisting of only normal recurring accruals, which in the opinion of management are necessary to present fairly the Company’s financial position as of the interim date and results of operations for the interim periods presented.

3 unchanged sentences

The Company has incurred cumulative operating losses and negative cash flows from operations since its inception and expects to continue to incur significant expenses and operating losses for the foreseeable future as it continues development of its product candidates.

As of June 30, 2025, the Company had an accumulated deficit of $ 520.1 million .

As of September 30, 2025, the Company had an accumulated deficit of $ 535.9 million .

The Company plans to continue to fund its losses from operations and capital funding needs through public or private equity or debt financings, or other sources.

41 unchanged sentences

The Company does not have any finance leases.

Revenue Recognition

The Company recognizes revenue in a manner that depicts the transfer of control of a product or service to a customer and reflects the amount of the consideration the Company is entitled to receive in exchange for such product or service.

In doing so, the Company follows a five-step approach:

(i) identify the contract with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations, and (v) recognize revenue when (or as) the customer obtains control of the product or service.

The Company considers the terms of a contract and all relevant facts and circumstances when applying the revenue recognition standard.

A customer is a party that has entered into a contract with the Company, where the purpose of the contract is to obtain a product or a service that is an output of the Company’s ordinary activities in exchange for consideration.

To be considered a contract, (i) the contract must be approved (in writing, orally, or in accordance with other customary business practices), (ii) each party’s rights regarding the product or the service to be transferred can be identified, (iii) the payment terms for the product or the service to be transferred can be identified, (iv) the contract must have commercial substance (that is, the risk, timing or amount of future cash flows is expected to change as a result of the contract), and (v) it is probable that the Company will collect substantially all of the consideration to which it is entitled to receive in exchange for the transfer of the product or the service.

A performance obligation is defined as a promise to transfer a product or a service to a customer.

The Company identifies each promise to transfer a product or a service (or a bundle of products or services, or a series of products and services that are substantially the same and have the same pattern of transfer) that is distinct.

A product or service is distinct if both (i) the customer can benefit from the product or the service either on its own or together with other resources that are readily available to the customer and (ii) Company’s promise to transfer the product or the service to the customer is separately identifiable from other promises in the contract.

Each distinct promise to transfer a product or a service is a unit of accounting for revenue recognition.

If a promise to transfer a product or a service is not separately identifiable from other promises in the contract, such promises should be combined into a single performance obligation.

The transaction price is the amount of consideration the Company is entitled to receive in exchange for the transfer of control of a product or a service to a customer.

To determine the transaction price, the Company considers the existence of any significant financing component, the effects of any variable elements, non-cash consideration and consideration payable to the customer.

If a significant financing component exists, the transaction price is adjusted for the time value of money.

If an element of variability exists, the Company must estimate the consideration it expects to receive and use that amount as the basis for recognizing revenue as the product or service is transferred to the customer.

There are two methods for determining the amount of variable consideration:

(i) the expected value method, which is the sum of probability-weighted amounts in a range of possible consideration amounts, and (ii) the most likely amount method, which identifies the single most likely amount in a range of possible consideration amounts.

If a contract has multiple performance obligations, the Company allocates the transaction price to each distinct performance obligation in an amount that reflects the consideration the Company is entitled to receive in exchange for satisfying each distinct performance obligation.

For each distinct performance obligation, revenue is recognized when the Company transfers control of the product or the service applicable to such performance obligation.

In those instances where the Company first receives consideration in advance of satisfying its performance obligation, the Company classifies such consideration as deferred revenue until (or as) the Company satisfies such performance obligation.

In those instances where the Company first satisfies its performance obligation prior to its receipt of consideration, the consideration is recorded as accounts receivable.

The Company expenses incremental costs of obtaining and fulfilling a contract as incurred if the expected amortization period for the asset that would be recognized is one year or less, or if the amount of the asset is immaterial.

Otherwise, such costs are capitalized as contract assets if they are incremental to the contract and amortized to expense proportionate to revenue recognition of the underlying contract.

Comprehensive Loss

7 unchanged sentences

Potentially dilutive securities not included in the calculation of diluted net loss per common share because to do so would be anti-dilutive are as follows (in common stock equivalents):

As of June 30,

As of September 30,

Common stock warrants

2 unchanged sentences

Recent Accounting Pronouncements

There were no new accounting standards that had a material impact on the Company’s financial statements during the six months ended June 30, 2025.

There were no new accounting standards that had a material impact on the Company’s financial statements during the nine months ended September 30, 2025.

In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (“ASU”) No.

10 unchanged sentences

Prepaid expenses and other current assets consist of the following (in thousands):

September 30,

Prepaid research and development

2 unchanged sentences

Property and equipment consist of the following (in thousands):

September 30,

Furniture, fixtures and office equipment

3 unchanged sentences

Accounts payable and accrued expenses consist of the following (in thousands):

September 30,

Accounts payable

5 unchanged sentences

In connection with the restructuring, the Company implemented a reduction in workforce of approximately 30 %, which was initiated in the first quarter of 2025.

The Company recorded restructuring costs of $ 0 and $ 0.6 million, during the three and six months ended June 30, 2025, respectively, of which $ 0.5 million is included in research and development expense and $ 0.1 million is included in general administrative expense for the six months ended June 30, 2025 in the condensed statements of operations and comprehensive loss.

The Company recorded restructuring costs of $ 0 and $ 0.6 million, during the three and nine months ended September 30, 2025, respectively, of which $ 0.5 million is included in research and development expense and $ 0.1 million is included in general administrative expense for the nine months ended September 30, 2025 in the condensed statements of

operations and comprehensive loss.

Restructuring costs primarily consisted of employee severance, continuing healthcare benefits and other employee-related costs.

These benefits were fully paid out during the second quarter of 2025.

The following table presents the changes in the Company's restructuring liability (in thousands):

Restructuring Liability

Balance at December 31, 2024

Restructuring charges

Cash payments

Balance at June 30, 2025

These benefits were fully paid out during the second quarter of 2025, and there is no remaining restructuring liability as of September 30, 2025.

Fair Value Measurements

16 unchanged sentences

The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands):

As of June 30, 2025

As of September 30, 2025

Cash equivalents

4 unchanged sentences

Warrant Liability

As of June 30, 2025, Level 3 liabilities include the warrant liability which resulted from warrants being issued on December 20, 2024 (as further described in Note 7), which did not meet the criteria for equity classification in accordance with Accounting Standards Codification (“ASC”) Subtopic 815-40, Derivatives and Hedging - Contracts in Entity’s Own Equity (“ASC 815-40”), and are therefore accounted for as liabilities at fair value.

As of September 30, 2025, Level 3 liabilities include the warrant liability which resulted from warrants being issued on December 20, 2024 (as further described in Note 7), which did not meet the criteria for equity classification in accordance with Accounting Standards Codification (“ASC”) Subtopic 815-40, Derivatives and Hedging - Contracts in Entity’s Own Equity (“ASC 815-40”), and are therefore accounted for as liabilities at fair value.

The Company estimates the fair value of its warrants using significant unobservable inputs, which represent Level 3 measurements within the fair value hierarchy.

2 unchanged sentences

Valuation Date

September 30,

Common stock price

3 unchanged sentences

Dividend yield

The following table presents the changes in the fair value of Level 3 liabilities for the year ended June 30, 2025 (in thousands):

The following table presents the changes in the fair value of Level 3 liabilities for the year ended September 30, 2025 (in thousands):

Warrant Liability

1 unchanged sentence

Change in fair value of warrant liability

Balance at June 30, 2025

Balance at September 30, 2025

Changes in the fair value of the liability-classified warrants are recognized as a component of other income (loss) in the statement of operations.

6 unchanged sentences

The components of lease expense included in the Company’s condensed statements of operations and comprehensive loss include (in thousands):

Three Months Ended June 30,

Six Months Ended June 30,

Three Months Ended September 30,

Nine Months Ended September 30,

Operating lease expense

2 unchanged sentences

Variable lease costs are primarily related to payments made to lessors for common area maintenance, property taxes, insurance, and other operating expenses.

The Company did not have any short-term leases or finance leases for the three and six months ended June 30, 2025 and 2024.

The Company did not have any short-term leases or finance leases for the three and nine months ended September 30, 2025 and 2024.

The weighted average remaining lease term and weighted average discount rate for operating leases were as follows:

As of June 30,

As of September 30,

Weighted average remaining lease term (in years)

1 unchanged sentence

Supplemental cash flow information related to leases under which the Company is the lessee was as follows (amounts in thousands):

Three Months Ended June 30,

Six Months Ended June 30,

Three Months Ended September 30,

Nine Months Ended September 30,

Cash paid for amounts included in the measurement of operating leases

Maturities of operating lease liabilities as of June 30, 2025 were as follows (in thousands):

Six months ending December 31, 2025

Maturities of operating lease liabilities as of September 30, 2025 were as follows (in thousands):

Three months ending December 31, 2025

Total future lease payments

10 unchanged sentences

The accompanying Warrants became exercisable on June 20, 2025 and will expire five years from the date of initial exercisability.

There were 9,679,158 Warrants outstanding and exercisable at June 30, 2025.

There were 9,679,158 Warrants outstanding and exercisable at September 30, 2025.

2020 Equity Incentive Plan

The Company may grant awards of common stock under the 2020 Equity Incentive Plan (the “2020 Plan”) to the Company’s employees, consultants and non-employee directors pursuant to option awards, stock appreciation rights awards, restricted stock awards, restricted stock unit awards, performance stock awards, performance stock unit awards and other stock-based awards.

As of June 30, 2025 and December 31, 2024 , the total number of common shares authorized for issuance under the 2020 Plan was 12,273,892 and 10,735,431 , respective ly.

On January 1st of each year, commencing with the first January 1st following the effective date of the 2020 Plan, the shares authorized for issuance under the 2020 Plan shall be increased by a number of shares equal to the lesser of 4 % of the total number of shares outstanding on the immediately preceding December 31 and such lesser number of shares determined by the Company’s board of directors.

As of September 30, 2025 and December 31, 2024 , the total number of common shares authorized for issuance under the 2020 Plan was 12,273,892 and 10,735,431 , respective ly.

determined by the Company’s board of directors.

The maximum term of the options granted under the 2020 Plan is no more than ten years .

Awards under the 2020 Plan generally vest at 25 % one year from the vesting commencement date and ratably each month thereafter for a period of 36 months , subject to continuous service.

Stock-based compensation expense for the three and six months ended June 30, 2025 and 2024 has been reported in the condensed statements of operations and comprehensive loss as follows (in thousands):

Stock-based compensation expense for the three and nine months ended September 30, 2025 and 2024 has been reported in the condensed statements of operations and comprehensive loss as follows (in thousands):

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

Research and development

1 unchanged sentence

Restricted Stock Units

The following table summarizes RSU activity under the 2020 Plan for the six months ended June 30, 2025:

The following table summarizes RSU activity under the 2020 Plan for the nine months ended September 30, 2025:

Weighted - Average

Outstanding at December 31, 2024

Outstanding at June 30, 2025

As of June 30, 2025, total unrecognized stock-based compensation expense for RSUs w as $ 2.8 million, which is expected to be recognized over a remaining weighted-average period of approximately 3.2 years.

Outstanding at September 30, 2025

As of September 30, 2025, total unrecognized stock-based compensation expense for RSUs w as $ 2.5 million, which is expected to be recognized over a remaining weighted-average period of approximately 2.9 years.

Stock Options

The following table summarizes stock option activity under the 2020 Plan for the six months ended June 30, 2025:

The following table summarizes stock option activity under the 2020 Plan for the nine months ended September 30, 2025:

Weighted - Average

1 unchanged sentence

Balance at December 31, 2024

Balance at June 30, 2025

Vested and expected to vest at June 30, 2025

Exercisable at June 30, 2025

As of June 30, 2025 , total unrecognized stock-based compensation cost for unvested common stock options was $ 4.7 million, which is expected to be recognized over a remaining weighted-average period of approximately 1.53 years.

There were no stock options granted during the six months ended June 30, 2025.

The total fair value of options vested during the six months ended June 30, 2025 was $ 2.4 million.

Balance at September 30, 2025

Vested and expected to vest at September 30, 2025

Exercisable at September 30, 2025

As of September 30, 2025 , total unrecognized stock-based compensation cost for unvested common stock options was $ 3.6 million, which is expected to be recognized over a remaining weighted-average period of approximately 1.31 years.

There were no stock options granted during the nine months ended September 30, 2025.

The total fair value of options vested during the nine months ended September 30, 2025 was $ 3.4 million.

Upon option exercise, the Company issues new shares of its common stock.

1 unchanged sentence

The ESPP permits participants to purchase common stock through payroll deductions of up to 15 % of their eligible compensation.

As of June 30, 2025 and December 31, 2024, a total of 3,035,873 shares and 2,281,600 shares, respectively, of common stock were authorized for issuance under the ESPP.

The number of shares of common stock authorized for issuance will automatically increase on January 1 of each calendar year, from January 1, 2021 through January 1, 2030 by the least of (i) 1.0 % of the total number of common shares of our common stock outstanding on December 31 of the preceding calendar year (calculated on a fully diluted basis), (ii) 929,658 common shares or (iii) a number determined by the Company’s board of directors that is less than (i) and (ii).

The Company issued 135,472 and 191,020 shares of common stock under the ESPP during the six months ended June 30, 2025 and 2024, respectively.

As of June 30, 2025, 2,310,693 shares o f common stock remained available for issuance under the ESPP.

Stock-based compensation expense related to the ESPP for the three and six months ended June 30, 2025 and 2024 was immaterial.

As of September 30, 2025 and December 31, 2024, a total of 3,035,873 shares and 2,281,600 shares, respectively, of common stock were authorized for issuance under the ESPP.

fully diluted basis), (ii) 929,658 common shares or (iii) a number determined by the Company’s board of directors that is less than (i) and (ii).

The Company issued 135,472 and 191,020 shares of common stock under the ESPP during the nine months ended September 30, 2025 and 2024, respectively.

As of September 30, 2025, 2,310,693 shares o f common stock remained available for issuance under the ESPP.

Stock-based compensation expense related to the ESPP for the three and nine months ended September 30, 2025 and 2024 was immaterial.

Common Stock Reserved for Future Issuance

Common stock reserved for future issuance are as follows in common equivalent shares:

September 30,

Warrants for the purchase of common stock

4 unchanged sentences

Collaboration, License and Option Agreements

Global Co-Development and Collaboration Agreement with BeiGene

In April 2019, the Company entered into a Global Co-Development and Collaboration agreement (the “BeiGene Collaboration”) with BeiGene, Ltd.

and BeiGene Switzerland GmbH (collectively “BeiGene”), for the development, manufacturing and commercialization of evalstotug (BA3071).

The BeiGene Collaboration was amended several times between 2019 and 2021 and the Company received a total of $ 25.0 million in non-refundable payments from BeiGene during that time.

In November 2021, the BeiGene Collaboration was terminated, subject to survival of certain provisions, and BeiGene handed back rights to know-how and materials received under the amended BeiGene Collaboration.

Global Co-Development and Collaboration Agreement with BeOne Medicines

In April 2019, the Company entered into a Global Co-Development and Collaboration agreement (the “BeOne Collaboration”) with BeOne Medicines Ltd., formerly BeiGene Ltd.

(“BeOne”), for the development, manufacturing and commercialization of evalstotug (BA3071).

The BeOne Collaboration was amended several times between 2019 and 2021 and the Company received a total of $ 25.0 million in non-refundable payments from BeOne during that time.

In November 2021, the BeOne Collaboration was terminated, subject to survival of certain provisions, and BeOne handed back rights to know-how and materials received under the amended BeOne Collaboration.

As a result, the Company is responsible for the global development and commercialization of evalstotug.

As consideration for this amendment, the Company agreed to pay BeiGene mid-single digit royalties on sales worldwide and on a limited basis will share in any upfront and milestone payments received through a sublicense of evalstotug.

The Company reclassified its then remaining $ 19.8 million of deferred revenue as a

long-term liability which is expected to settle as licensing payments are made to BeiGene in accordance with the resulting amendment.

In the event the license is terminated, the liability will be extinguished with no further payment to BeiGene.

The Company did no t recognize any revenue related to the collaboration agreement with BeiGene during the three and six months ended June 30, 2025 and 2024 .

The Company had a $ 19.8 million liability to licensor as of June 30, 2025 and December 31, 2024.

As consideration for this amendment, the Company agreed to pay BeOne mid-single digit royalties on sales worldwide and on a limited basis will share in any upfront and milestone payments received through a sublicense of evalstotug.

The Company reclassified its then remaining $ 19.8 million of deferred revenue as a long-term liability which is expected to settle as licensing payments are made to BeOne in accordance with the resulting amendment.

In the event the license is terminated, the liability will be extinguished with no further payment to BeOne.

The Company did no t recognize any revenue related to the collaboration agreement with BeOne during the three and nine months ended September 30, 2025 and 2024 .

The Company had a $ 19.8 million liability to licensor as of September 30, 2025 and December 31, 2024.

License Agreement with Context Therapeutics Inc.

10 unchanged sentences

Variable consideration related to royalties will be recognized when the related sales occur.

All variable consideration remains fully constrained as of June 30, 2025.

All variable consideration remains fully constrained as of September 30, 2025.

Further, the Company determined that there were no significant financing components, noncash consideration, or amounts that may be refunded to the customer.

1 unchanged sentence

Additional revenue will be recognized for development milestone payments, the sales milestone payments, and the royalty payments if and when the constraints are resolved.

The Company did no t recognize any revenue related to the Context License Agreement for the three and six months ended June 30, 2025 and 2024 .

The Company did no t recognize any revenue related to the Context License Agreement for the three and nine months ended September 30, 2025.

The Company recognized $ 11.0 million of revenue related to the Context License Agreement for the three and nine months ended September 30, 2024, included in Collaboration and Other Revenue.

Related Party Transactions

11 unchanged sentences

The Company is the principal in the Context License Agreement and in the Himalaya Agreement, and will record revenues and expenses on a gross basis given that the Company had full discretion in setting consideration pricing in the Context License Agreement, the Company will be primarily responsible for providing the License, and Himalaya has no obligation to be a part of any of the fulfillment activities.

For the three and six months ended June 30, 2025 , the Company did not recognize any expense related to the transactions with Himalaya, compared to $ 0.1 million and $ 0.3 million for the three and six months ended June 30, 2024.

The Company did not have any amounts due to Himalaya as of June 30, 2025 .

For the three and nine months ended September 30, 2025 , the Company did not recognize any expense related to the transactions with Himalaya, compared to $ 1.8 million and $ 2.0 million for the three and nine months ended September 30, 2024.

The Company did not have any amounts due to Himalaya as of September 30, 2025 .

The Company maintains a defined contribution 401(k) plan available to eligible employees.

6 unchanged sentences

The Company’s operations are organized and reported as a single reportable segment, which includes all activities related to the discovery, development, and commercialization of its CAB products.

The Company’s CODM, its chief executive officer, reviews operating results on an aggregate basis and manages the operations as a single operating segment.

The Company’s CODM, its chief

executive officer, reviews operating results on an aggregate basis and manages the operations as a single operating segment.

The measure of segment assets is reported on the balance sheets as total assets.

2 unchanged sentences

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

(in thousands)

Collaboration and other revenue

Program expenses:

17 unchanged sentences

Subsequent Events

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted by the U.S.

The OBBBA includes significant provisions, such as the permanent extension of expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions.

The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027.

The Company is currently assessing the impact of the OBBBA on its financial statements.

In November 2025, the Company received the first $ 2 million milestone payment under the Context License Agreement for progress with their CAB-Nectin-4 x CD3 TCE.

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

What changed 10-Q

Item 1. Financial Statements