COGNITION THERAPEUTICS INC 10-Q

Item 1. Financial Statements COGNITION THERAPEUTICS, INC. CONSOLIDATED BALANCE SHEETS (unaudited) (in thousands, except share and per share amounts) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ June 30, 2025 ​ December 31, 2024 ​ (unaudited) ​ ​ Assets ​ ​ ​ Current assets: ​ ​ ​ Cash and cash equivalents ​ $ 10,743 ​ $ 25,009 Grant receivables ​ 6,285 ​ 2,686 Prepaid expenses and other current assets ​ 1,207 ​ 1,860 Restricted cash equivalents ​ ​ 814 ​ ​ — Total current assets ​ 19,049 ​ 29,555 Property and equipment, net ​ 174 ​ 181 Right-of-use assets, operating leases ​ ​ 399 ​ ​ 498 Total assets ​ $ 19,622 ​ $ 30,234 Liabilities and Stockholders’ Equity ​ ​ Current liabilities: ​ ​ Accounts payable ​ $ 771 ​ $ 1,984 Accrued expenses ​ 9,372 ​ 7,620 Deferred grant income, current ​ ​ 1,982 ​ ​ 1,066 Operating lease liabilities, current ​ ​ 198 ​ ​ 193 Other current liabilities ​ 41 ​ 279 Total current liabilities ​ 12,364 ​ 11,142 Operating lease liabilities, non-current ​ 229 ​ 342 Total liabilities ​ 12,593 ​ 11,484 Commitments and contingencies (Note 6) ​ ​ Stockholders’ equity: ​ ​ Preferred stock, $ 0.001 par value, 10,000,000 shares authorized; no shares issued and outstanding at June 30, 2025 and December 31, 2024 ​ ​ — ​ ​ — Common stock, $ 0.001 par value, 250,000,000 shares authorized; 64,962,957 and 59,854,877 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively ​ 65 ​ 60 Additional paid-in capital ​ 197,338 ​ 193,850 Accumulated deficit ​ ( 190,374 ) ​ ( 175,160 ) Total stockholders’ equity ​ 7,029 ​ 18,750 Total liabilities and stockholders’ equity ​ $ 19,622 ​ $ 30,234 ​ ​ ​ The accompanying notes are an integral part of these consolidated financial statements. 5 Table of Contents COGNITION THERAPEUTICS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (unaudited) (in thousands, except share and per share amounts) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2025 2024 2025 2024 ​ Operating Expenses: ​ ​ ​ ​ ​ ​ Research and development ​ $ 11,481 ​ $ 11,577 ​ $ 22,267 ​ $ 22,130 ​ General and administrative ​ 2,497 ​ 3,101 ​ 5,486 ​ 6,650 ​ Total operating expenses ​ 13,978 ​ 14,678 ​ 27,753 ​ 28,780 ​ Loss from operations ​ ( 13,978 ) ​ ( 14,678 ) ​ ( 27,753 ) ​ ( 28,780 ) ​ Other income (expense): ​ ​ ​ ​ ​ Grant income ​ 7,106 ​ 7,311 ​ 12,192 ​ 12,223 ​ Other income, net ​ 141 ​ 333 ​ 355 ​ ​ 577 ​ Interest expense ​ ( 3 ) ​ ( 7 ) ​ ( 8 ) ​ ​ ( 17 ) ​ Loss on currency translation from liquidation of subsidiary ​ ​ — ​ ​ — ​ ​ — ​ ​ ( 195 ) ​ Total other income, net ​ 7,244 ​ 7,637 ​ 12,539 ​ 12,588 ​ Net loss ​ $ ( 6,734 ) ​ $ ( 7,041 ) ​ $ ( 15,214 ) ​ $ ( 16,192 ) ​ Foreign currency translation adjustment, including reclassifications ​ — ​ — ​ — ​ 195 ​ Total comprehensive loss ​ $ ( 6,734 ) ​ $ ( 7,041 ) ​ $ ( 15,214 ) ​ $ ( 15,997 ) ​ Net loss per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ ( 0.11 ) ​ $ ( 0.18 ) ​ $ ( 0.24 ) ​ $ ( 0.44 ) ​ Diluted ​ $ ( 0.11 ) ​ $ ( 0.18 ) ​ $ ( 0.24 ) ​ $ ( 0.44 ) ​ Weighted-average common shares outstanding: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ 63,690,945 ​ ​ 40,062,954 ​ ​ 62,169,748 ​ ​ 36,899,112 ​ Diluted ​ ​ 63,690,945 ​ ​ 40,062,954 ​ ​ 62,169,748 ​ ​ 36,899,112 ​ ​ The accompanying notes are an integral part of these consolidated financial statements. ​ ​ 6 Table of Contents COGNITION THERAPEUTICS, INC. CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (unaudited) (in thousands, except share amounts) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additional ​ ​ ​ ​ Other ​ Total ​ ​ Common Stock ​ Paid-in ​ Accumulated ​ Comprehensive ​ Stockholders’ ​ Shares Amount Capital Deficit (Loss) Gain Equity Balances as of December 31, 2023 32,165,478 ​ $ 32 ​ $ 165,826 ​ $ ( 141,189 ) ​ $ ( 195 ) ​ $ 24,474 Issuance of common stock in follow-on public offering, net of discounts and issuance costs of $ 1,329 7,557,142 ​ ​ 8 ​ ​ 11,888 ​ ​ — ​ ​ — ​ ​ 11,896 Issuance of common stock under the at-the-market (ATM) sales agreement, net ​ 191,273 ​ ​ — ​ ​ 381 ​ ​ — ​ ​ — ​ ​ 381 Issuance of common stock upon vesting of RSUs, net of shares withheld for employee taxes ​ 71,973 ​ ​ — ​ ​ ( 106 ) ​ ​ — ​ ​ — ​ ​ ( 106 ) Equity-based compensation — ​ ​ — ​ ​ 1,171 ​ ​ — ​ ​ — ​ ​ 1,171 Reclassification adjustment of foreign currency translation included in net loss for liquidation of subsidiary ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 195 ​ ​ 195 Net loss ​ — ​ ​ — ​ ​ — ​ ​ ( 9,151 ) ​ ​ — ​ ​ ( 9,151 ) Balances as of March 31, 2024 ​ 39,985,866 ​ $ 40 ​ $ 179,160 ​ $ ( 150,340 ) ​ $ — ​ $ 28,860 Issuance of common stock upon vesting of RSUs, net of shares withheld for employee taxes ​ 53,052 ​ ​ — ​ ​ ( 22 ) ​ ​ — ​ ​ — ​ ​ ( 22 ) Exercise of stock options ​ 73,350 ​ ​ — ​ ​ 65 ​ ​ ​ ​ ​ ​ ​ ​ 65 Equity-based compensation ​ — ​ ​ — ​ ​ 1,147 ​ ​ — ​ ​ — ​ ​ 1,147 Net loss ​ — ​ ​ — ​ ​ — ​ ​ ( 7,041 ) ​ ​ — ​ ​ ( 7,041 ) Balances as of June 30, 2024 ​ 40,112,268 ​ $ 40 ​ $ 180,350 ​ $ ( 157,381 ) ​ $ — ​ $ 23,009 ​ ​ ​ ​ ​ 7 Table of Contents COGNITION THERAPEUTICS, INC. CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (continued) (unaudited) (in thousands, except share amounts) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additional ​ ​ ​ ​ Other ​ Total ​ ​ Common Stock ​ Paid-in ​ Accumulated ​ Comprehensive ​ Stockholders’ ​ Shares Amount Capital Deficit (Loss) Gain Equity Balances as of December 31, 2024 59,854,877 ​ $ 60 ​ $ 193,850 ​ $ ( 175,160 ) ​ $ — ​ $ 18,750 Issuance of common stock under the at-the-market (ATM) sales agreement, net ​ 2,004,729 ​ ​ 2 ​ ​ 1,458 ​ ​ — ​ ​ — ​ ​ 1,460 Issuance of common stock upon vesting of RSUs, net of shares withheld for employee taxes ​ 115,149 ​ ​ — ​ ​ ( 46 ) ​ ​ — ​ ​ — ​ ​ ( 46 ) Equity-based compensation ​ — ​ ​ — ​ ​ 586 ​ ​ — ​ ​ — ​ ​ 586 Net loss ​ — ​ ​ — ​ ​ — ​ ​ ( 8,480 ) ​ ​ — ​ ​ ( 8,480 ) Balances as of March 31, 2025 ​ 61,974,755 ​ $ 62 ​ $ 195,848 ​ $ ( 183,640 ) ​ $ — ​ $ 12,270 Issuance of common stock under the at-the-market (ATM) sales agreement, net ​ 2,921,744 ​ ​ 3 ​ ​ 874 ​ ​ — ​ ​ — ​ ​ 877 Issuance of common stock upon vesting of RSUs, net of shares withheld for employee taxes ​ 66,458 ​ ​ — ​ ​ ( 5 ) ​ ​ — ​ ​ — ​ ​ ( 5 ) Equity-based compensation — ​ ​ — ​ ​ 621 ​ ​ — ​ ​ — ​ ​ 621 Net loss — ​ ​ — ​ ​ — ​ ​ ( 6,734 ) ​ ​ — ​ ​ ( 6,734 ) Balances as of June 30, 2025 ​ 64,962,957 ​ $ 65 ​ $ 197,338 ​ $ ( 190,374 ) ​ $ — ​ $ 7,029 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The accompanying notes are an integral part of these consolidated financial statements. ​ ​ 8 Table of Contents COGNITION THERAPEUTICS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ 2025 2024 Cash flows from operating activities: ​ ​ Net loss ​ $ ( 15,214 ) ​ $ ( 16,192 ) Adjustments to reconcile net loss to net cash used in operating activities: ​ ​ Depreciation and amortization ​ 7 ​ ​ 53 Equity-based compensation ​ 1,207 ​ ​ 2,318 Amortization of right-of-use assets ​ ​ 99 ​ ​ 72 Loss on currency translation from liquidation of subsidiary ​ ​ — ​ ​ 195 Changes in operating assets and liabilities: ​ ​ ​ ​ ​ Grant receivables ​ ( 3,599 ) ​ ​ ( 1,818 ) Prepaid expenses and other assets ​ 653 ​ ​ 1,101 Accounts payable and accrued expenses ​ 539 ​ ​ 1,348 Deferred grant income and other liabilities ​ ​ 916 ​ ​ ( 248 ) Operating lease liabilities ​ ( 108 ) ​ ​ ( 70 ) Net cash used in operating activities ​ ( 15,500 ) ​ ( 13,241 ) Cash flows from investing activities: ​ ​ ​ ​ Payments for property and equipment ​ — ​ ​ ( 3 ) Net cash used in investing activities ​ — ​ ( 3 ) Cash flows from financing activities: ​ ​ Proceeds from issuance of common stock under the ATM sales agreement, net ​ 2,337 ​ ​ 381 Proceeds from issuance of common stock in follow-on public offering, net ​ ​ — ​ ​ 11,896 Proceeds from the exercise of common stock options ​ ​ — ​ ​ 65 Payment of employee withholding taxes on vested RSUs ​ ​ ( 51 ) ​ ​ ( 128 ) Payments on loan payable ​ ​ ( 238 ) ​ ​ ( 359 ) Net cash provided by financing activities ​ 2,048 ​ 11,855 Net decrease in cash, cash equivalents and restricted cash equivalents ​ ( 13,452 ) ​ ( 1,389 ) Cash, cash equivalents, and restricted cash equivalents ​ ​ ​ ​ ​ ​ Cash, cash equivalents, and restricted cash equivalents – beginning of period ​ 25,009 ​ 29,922 Cash, cash equivalents, and restricted cash equivalents – end of period ​ $ 11,557 ​ $ 28,533 ​ The accompanying notes are an integral part of these consolidated financial statements. ​ 9 Table of Contents COGNITION THERAPEUTICS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (in thousands, except share and per share amounts) 1. Description of Business and Financial Condition Cognition Therapeutics, Inc. (the “Company”) was incorporated as a Delaware corporation on August 21, 2007. The Company is a biopharmaceutical company developing disease modifying therapies targeting age-related degenerative diseases and disorders of the central nervous system (“CNS”) and retina. The Company’s pipeline candidates were discovered using proprietary biology and chemistry platforms designed to identify novel drug targets and disease-modifying therapies that address dysregulated pathways specifically associated with neurodegenerative diseases. The Company was founded on the unique combination of biological expertise around these targets, including proprietary assays that emphasize functional responses, and proprietary medicinal chemistry intended to produce novel, high-quality small-molecule drug candidates. On December 23, 2022, the Company filed a Registration Statement on Form S-3 (File No. 333-268992) (the “Shelf”) with the Securities and Exchange Commission (“SEC”) in relation to the registration of common stock, preferred stock, debt securities, warrants, subscription rights, and/or units of any combination thereof of up to $ 200,000 in aggregate. The Shelf was declared effective on January 3, 2023 by the SEC. The Company also simultaneously entered into a sales agreement with Cantor Fitzgerald & Co. and B. Riley Securities, Inc. (the “Sales Agents”) providing for the offering, issuance and sale by the Company of up to $ 40,000 of its common stock from time to time in “at-the-market” offerings under the Shelf (the “ATM”). During the six months ended June 30, 2025, the Company sold 4,926,473 shares of its common stock pursuant to the ATM for gross proceeds of approximately $ 2,410 . Please refer to Note 7 – Stockholders’ Equity for further details. On March 10, 2023, the Company entered into a purchase agreement with Lincoln Park Capital Fund, LLC (“Lincoln Park”) for an equity line financing (the “Purchase Agreement”). The Purchase Agreement provides that, subject to the terms and conditions set forth therein, the Company has the right, but not the obligation, to direct Lincoln Park to purchase up to $ 35,000 of shares of common stock in the Company’s sole discretion, over a 36-month period commencing on March 10, 2023. The Company filed a prospectus supplement to its Registration Statement on Form S-3 (File No. 333-268992) covering the resale of shares of common stock that may be issued under the Purchase Agreement. As part of the Purchase Agreement, the Company issued 189,856 shares of its common stock as consideration for Lincoln Park’s commitment to purchase shares of common stock under the Purchase Agreement. During the six months ended June 30, 2025, the Company did not sell any shares of common stock to Lincoln Park. As of June 30, 2025, $ 34,795 was available to draw pursuant to the Purchase Agreement. Please refer to Note 7 – Stockholders’ Equity for further details. Liquidity and Going Concern The Company’s Consolidated Financial Statements have been prepared on a going concern basis, which contemplates the continuity of operations, realization of assets and the satisfaction of liabilities and commitments in the ordinary course of business. The Company has incurred recurring losses since inception, including net losses of $ 15,214 for the six months ended June 30, 2025 and $ 33,971 for the year ended December 31, 2024. As of June 30, 2025, the Company held cash and cash equivalents of $ 10,743 compared to $ 25,009 of cash and cash equivalents as of December 31, 2024. The Company has incurred losses and negative cash flows from operations and has an accumulated deficit of $ 190,374 as of June 30, 2025. The Company expects to continue to incur losses for the foreseeable future. As of August 7, 2025, the date of issuance of these Consolidated Financial Statements, the Company believes that its cash and cash equivalents as of June 30, 2025 is not sufficient to fund operations for the period through one year after the date of this filing and therefore substantial doubt exists about the Company’s ability to continue as a going concern. To execute its business plans, the Company will need substantial funding to support its continuing operations and pursue its growth strategy. Until such time that the Company can generate significant revenue from product sales, if ever, the Company expects to finance its operations through the sale of common stock in public offerings and/or private placements, debt financings or other capital sources, including collaborations with other companies or other strategic 10 Table of Contents transactions. The terms of any financing may adversely affect the holdings or the rights of the Company’s stockholders. If the Company is unable to obtain funding, the Company could be forced to delay, reduce or abandon its product development programs, which could have a material adverse effect on its business prospects. ​ 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated 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 SEC and generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of the Company’s management, the accompanying unaudited interim consolidated financial statements contain all adjustments that are necessary to present fairly the Company’s financial position as of June 30, 2025, the statements of operations and comprehensive loss and stockholders’ equity for the three and six months ended June 30, 2025 and 2024, and cash flows for the six months ended June 30, 2025 and 2024. Such adjustments are of a normal and recurring nature. The results for the three and six months ended June 30, 2025 are not necessarily indicative of the results for the year ending December 31, 2025, or for any future period. These interim financial statements should be read in conjunction with the audited financial statements as of and for the year ended December 31, 2024, and the notes thereto, which are included in the Company’s Annual Report on Form 10-K, filed with the SEC on March 20, 2025. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash, Cash Equivalents, and Restricted Cash Equivalents Cash, cash equivalents, and restricted cash equivalents consist primarily of interest-bearing deposits at various financial institutions and money markets. The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. The following table provides a reconciliation of cash, cash equivalents, and restricted cash equivalents reported on the consolidated balance sheet which, in aggregate, represents the amount reported in the consolidated statements of cash flows for the six months ended June 30, 2025 and 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, ​ 2025 2024 Cash and cash equivalents ​ $ 10,743 ​ $ 28,533 Restricted cash equivalents ​ 814 ​ — Total ​ $ 11,557 ​ $ 28,533 ​ Receivables Grant Receivables Grant receivables relate to outstanding amounts due for reimbursable expenditures of awarded grants issued by the National Institute of Aging (“NIA”), a division of the National Institute of Health (“NIH”), and are carried at their estimated collectible amounts. The Company expects all receivables to be collectible, and accordingly, there is no allowance for doubtful accounts required on these grant receivables. 11 Table of Contents Grant Income The Company generates grant income through grants and donations from government and other (non-government) parties. Grant income is recognized in other income (expense) in the period in which the reimbursable research and development services are incurred and the right to payment is realized. Deferred grant income represents grant proceeds received by the Company prior to the period in which the reimbursable research and development services are incurred. For the three and six months ended June 30, 2025, the Company generated grant income of $ 7,106 and $ 12,192 , respectively, as compared to $ 7,311 and $ 12,223 for the three and six months ended June 30, 2024, respectively, primarily from reimbursements from the NIA for aging research. Deferred grant income as of June 30, 2025 and December 31, 2024 of $ 1,982 and $ 1,066 , respectively. The grants awarded relate to agreed-upon direct and indirect costs for specific studies or clinical trials, which may include personnel and consulting costs, costs paid to contract research organizations (“CROs”), research institutions and/or consortiums involved in the grants, as well as facilities and administrative costs. These grants are cost plus fixed fee arrangements in which the Company is reimbursed for its eligible direct and indirect costs over time, up to the maximum amount of each specific grant award. Only costs that are allowable under the grant award, certain government regulations and the NIH’s supplemental policy and procedure manual may be claimed for reimbursement, and the reimbursements are subject to routine audits from governmental agencies from time to time. While these NIH grants do not contain payback provisions, the NIH or other government agency may review the Company’s performance, cost structures and compliance with applicable laws, regulations, policies and standards and the terms and conditions of the applicable NIH grant. If any of the expenditures are found to be unallowable or allocated improperly or if the Company has otherwise violated terms of such NIH grant, the expenditures may not be reimbursed and/or the Company may be required to repay funds already disbursed. To date, the Company has not been found to have breached the terms of any NIH grant. As of June 30, 2025, the Company has been awarded grants with project periods that extend through May 31, 2027, subject to extension. Research and Development Costs The Company is involved in research and development of treatments for a variety of diseases related to the central nervous system, with a focus on Alzheimer’s disease, dementia with Lewy bodies (“DLB”), and geographic atrophy (“GA”) secondary to dry age-related macular degeneration. Research and development costs are expensed as incurred. Research and development expenses consist principally of personnel costs, including salaries, stock-based compensation, and benefits for employees, third-party license fees and other operational costs related to its research and development activities, including allocated facility-related expenses and external costs of outside vendors, including CROs, and other direct and indirect costs. Non-refundable research and development costs are deferred and expensed as the related goods are delivered or services are performed. Costs for external development activities are recognized based on an evaluation of the progress to completion of specific tasks. Costs for certain research and development activities are recognized based on the pattern of performance of the individual arrangements, which may differ from the pattern of billings incurred, and are reflected in the consolidated financial statements as prepaid expenses or as accrued research and development expenses. Equity-based Compensation Following the provisions of ASC 718, Compensation — Stock Compensation, the Company recognizes compensation expense for equity-based grants using the straight-line attribution method, in which the expense is recognized ratably over the requisite service period within operating expenses based on the grant date fair value. The Company also has granted awards subject to performance-based vesting. The Company recognizes compensation expense for these awards commencing in the period in which the vesting condition becomes probable of achievement. The grant date fair value of stock options are estimated on the date of grant using the Black-Scholes option pricing model. Forfeitures are recognized in the period in which they occur. Black-Scholes requires inputs based on certain subjective assumptions, including (i) the expected stock price volatility, (ii) the expected term of the award, (iii) the risk-free interest rate and (iv) expected dividends. Due to a lack of sufficient public market data for the Company’s common stock and lack of company-specific historical and implied volatility data, the Company has based its computation of expected volatility on the historical volatility of a representative group of public companies with similar characteristics to the Company, including stage of product development and life 12 Table of Contents science industry focus. The historical volatility is calculated based on a period of time commensurate with expected term assumption. The Company uses the simplified method to calculate the expected term for stock options granted to employees whereby the expected term equals the arithmetic average of the vesting term and the original contractual term of the stock options due to its lack of sufficient historical data. The risk-free interest rate is based on U.S. Treasury securities with a maturity date commensurate with the expected term of the associated award. The expected dividend yield is assumed to be zero as the Company has never paid dividends and has no current plans to pay any dividends on its common stock. Refer to Note 8 – Equity-based Compensation for additional information. Concentration of Credit Risk The Company’s financial instruments that are exposed to credit risks consist of cash and cash equivalents. The Company maintains its cash and cash equivalents in bank deposit accounts which, at times, may exceed the federally insured limit. The Company has not experienced any losses in these accounts and does not believe it is exposed to any significant credit risk related to these funds. Fair Value of Financial Instruments The Company applies ASC 820, Fair Value Measurement (“ASC 820”), which establishes a framework for measuring fair value and clarifies the definition of fair value within that framework. ASC 820 defines fair value as an exit price, which is the price that would be received for an asset or paid to transfer a liability in the Company’s principal or most advantageous market in an orderly transaction between market participants on the measurement date. The fair value hierarchy established in ASC 820 generally requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Observable inputs reflect the assumptions that market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the entity’s own assumptions based on market data and the entity’s judgments about the assumptions that market participants would use in pricing the asset or liability and are to be developed based on the best information available in the circumstances. The carrying value of the Company’s cash and cash equivalents, grants receivable, prepaid expense, other receivables, other assets, accounts payable, accrued expenses and other liabilities approximate fair value because of the short-term maturity of these financial instruments. The valuation hierarchy is composed of three levels. The classification within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement. The levels within the valuation hierarchy are described below: ● Level 1  —  Assets and liabilities with unadjusted, quoted prices listed on active market exchanges. Inputs to the fair value measurement are observable inputs, such as quoted prices in active markets for identical assets or liabilities. ● Level 2  —  Inputs to the fair value measurement are determined using prices for recently traded assets and liabilities with similar underlying terms, as well as direct or indirect observable inputs, such as interest rates and yield curves that are observable at commonly quoted intervals. ● Level 3  —  Inputs to the fair value measurement are unobservable inputs, such as estimates, assumptions, and valuation techniques when little or no market data exists for the assets or liabilities. Net Loss Per Share Basic net loss per share is computed by dividing the net loss per share by the weighted-average number of shares of common stock outstanding during each period. Diluted net loss per share includes the effect, if any, from the potential exercise or conversion of securities, such as convertible preferred stock and stock options, which would result in the issuance of incremental shares of common stock. For diluted net loss per share, the weighted-average number of shares of 13 Table of Contents common stock is the same for basic net loss per share due to the fact that when a net loss exists, dilutive securities are not included in the calculation as the impact is anti-dilutive. Segments The Company has determined that it operates and manages one operating segment, which is the business of development of clinical and preclinical product candidates for neurodegenerative disorders, such as Alzheimer’s disease and DLB. The Company’s chief operating decision maker, its chief executive officer, reviews financial information on an aggregate basis for the purpose of allocating resources. Refer to Note 10 – Segment Reporting for more information. Emerging Growth Company Status The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. 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 is (a) no longer an emerging growth company or (b) affirmatively and irrevocably opt out of the extended transition period provided in the JOBS Act. As a result, these financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates. Recent Accounting Pronouncements Adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which enhances segment disclosures and requires additional disclosures of segment expenses. This ASU is effective for annual periods in fiscal years beginning after December 15, 2023, and interim periods beginning after December 15, 2024. We adopted this ASU for the annual period ended December 31, 2024 and the amendments have been applied retrospectively to all prior periods presented in the financial statements by expanding the disclosure of expenses included in our segment measures of profitability. Refer to Note 10 – Segment Reporting for more information. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”). The standard enhances transparency in income tax disclosures by requiring, on an annual basis, certain disaggregated information about a reporting entity’s effective tax rate reconciliation and income taxes paid. The ASU also requires disaggregated disclosure related to pre-tax income (or loss) and income tax expense (or benefit) and eliminates certain disclosures related to the balance of an entity’s unrecognized tax benefit and the cumulative amount of certain temporary differences. The ASU is effective for the fiscal year beginning on January 1, 2025. Not Yet Adopted In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements (“ASU 2023-06”), to clarify or improve disclosure and presentation requirements of a variety of topics and align the requirements in the FASB ASC with the SEC's regulations. The Company is currently evaluating ASU 2023-06 to determine its impact on the Company's consolidated financial statements and disclosures. Income Taxes In accordance with ASC 270, Interim Reporting , and ASC 740, Income Taxes , the Company is required at the end of each interim period to determine the best estimate of its annual effective tax rate, apply that rate in providing for income taxes on a current year-to-date (interim period) basis, and include the tax impact for discrete items within the interim period. The Company maintains a full valuation allowance against all deferred tax assets as of June 30, 2025 and 14 Table of Contents December 31, 2024, as management has determined that it is not more likely than not that the Company will realize these future tax benefits. As of June 30, 2025 and December 31, 2024, the Company had no uncertain tax positions. ​ 3. Financial Instruments and Fair Value Measurements Financial assets and liabilities measured at fair value are summarized below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2025 ​ ​ ​ ​ ​ ​ ​ ​ Significant ​ ​ ​ ​ ​ Quoted Priced in ​ Significant Other ​ Unobservable ​ ​ ​ ​ ​ Active Markets ​ Observable Inputs ​ Inputs ​ ​ ​ ​ (Level 1) (Level 2) (Level 3) Total Assets: ​ ​ ​ ​ Cash and cash equivalents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ $ 10,050 ​ $ — ​ $ — ​ $ 10,050 Restricted cash equivalents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ ​ 814 ​ ​ — ​ ​ — ​ ​ 814 Total assets ​ $ 10,864 ​ $ — ​ $ — ​ $ 10,864 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ Significant ​ ​ ​ ​ ​ Quoted Priced in ​ Significant Other ​ Unobservable ​ ​ ​ ​ ​ Active Markets ​ Observable Inputs ​ Inputs ​ ​ ​ ​ (Level 1) (Level 2) (Level 3) Total Assets: ​ ​ ​ ​ Cash and cash equivalents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ $ 23,999 ​ $ — ​ $ — ​ $ 23,999 Total assets ​ $ 23,999 ​ $ — ​ $ — ​ $ 23,999 ​ ​ 4. Accrued Expenses Accrued expense consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ June 30, 2025 December 31, 2024 ​ Employee compensation, benefits, and related accruals ​ $ 1,085 ​ $ 1,526 ​ Research and development costs ​ 8,013 ​ 5,654 ​ Professional fees and other accruals ​ 274 ​ 440 ​ Total ​ $ 9,372 ​ $ 7,620 ​ ​ ​ ​ 5. Other Current Liabilities In October 2023, the Company entered into an insurance premium financing agreement with a lender. Under the agreement, the Company financed $ 721 of certain premiums at a 8.65 % annual interest rate. Total payments of approximately $ 62 , including interest and principal, are due monthly from November 2023 through October 2024. The outstanding principal of the loan was paid off in 2024. In October 2024, the Company entered into an insurance premium financing agreement with a lender. Under the agreement, the Company financed $ 356 of certain premiums at a 8.65 % annual interest rate. Total payments of approximately $ 41 , including interest and principal, are due monthly from November 2024 through July 2025. As of June 30, 2025 and December 31, 2024, the outstanding principal of the loan was $ 41 and $ 279 , respectively, and is included in other current liabilities on the consolidated balance sheet. 15 Table of Contents 6. Commitments and Contingencies Operating Leases Amounts reported in the consolidated balance sheets for leases where the Company is the lessee as of June 30, 2025 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ As of ​ June 30, 2025 ​ December 31, 2024 Assets ​ ​ ​ Operating lease assets $ 399 ​ $ 498 Total operating lease assets $ 399 ​ $ 498 Liabilities ​ ​ ​ ​ ​ Current: ​ ​ ​ ​ ​ Operating lease liabilities $ 198 ​ $ 193 Non-current: ​ ​ ​ ​ ​ Operating lease liabilities, non-current ​ 229 ​ ​ 342 Total operating lease liabilities $ 427 ​ $ 535 ​ Operating lease costs for the three and six months ended June 30, 2025 was $ 54 and $ 108 , respectively, as compared to operating lease costs for the three and six months ended June 30, 2024 of $ 55 and $ 109 , respectively. The maturities of the operating lease liabilities and minimum lease payments as of June 30, 2025 were as follows: ​ ​ ​ ​ ​ For the Years Ended December 31, Operating Leases 2025 (remaining) ​ $ 111 2026 ​ 155 2027 ​ 87 2028 ​ ​ 88 2029 ​ ​ 38 Thereafter ​ ​ — Total undiscounted lease payments ​ $ 479 Less: Imputed interest ​ ​ ( 52 ) Present value of operating lease liabilities ​ $ 427 ​ The following table summarizes the lease term and discount rate as of June 30, 2025, respectively: ​ ​ ​ ​ ​ As of ​ June 30, 2025 ​ December 31, 2024 Weighted-average remaining lease term (years) ​ ​ ​ Operating leases 3.0 ​ 3.3 Weighted-average discount rate ​ ​ ​ Operating leases 8.1 % ​ 8.1 % ​ Operating cash flows used for operating leases for the six months ended June 30, 2025 and 2024 was $ 111 and $ 112 , respectively. 16 Table of Contents Litigation and Contingencies From time to time, the Company may be involved in disputes or regulatory inquiries that arise in the ordinary course of business. When the Company determines that a loss is both probable and reasonably estimable, a liability is recorded and disclosed if the amount is material to the financial statements taken as a whole. When a material loss contingency is only reasonably possible, the Company does not record a liability but instead discloses the nature and the amount of the claim and an estimate of the loss or range of loss, if such an estimate can reasonably be made. As of June 30, 2025 and December 31, 2024, there was no litigation or contingency with at least a reasonable possibility of a material loss. 7. Stockholders’ Equity Common and Preferred Stock The Company is authorized to issue up to 250,000,000 shares of common stock with a par value of $ 0.001 per share, and 10,000,000 shares of preferred stock with a par value of $ 0.001 per share. Common stockholders are entitled to dividends if and when declared by the Company’s board of directors subject to the rights of the preferred stockholders. As of June 30, 2025, no dividends on common stock had been declared by the Company. ATM On December 23, 2022, the Company filed a shelf registration statement on Form S-3 with the SEC in relation to the registration of common stock, preferred stock, debt securities, warrants, subscription rights, and/or units of any combination thereof of up to $ 200,000 in aggregate (the “Shelf”). The Shelf was declared effective on January 3, 2023 by the SEC. The Company also simultaneously entered into a sales agreement with the Sales Agents providing for the offering, issuance and sale by the Company of up to $ 40,000 of its common stock from time to time in ATM offerings under the Shelf. The Company sold 4,926,473 shares of common stock pursuant to the ATM during the six months ended June 30, 2025 for gross proceeds of approximately $ 2,410 . As of June 30, 2025, there was $ 19,464 remaining of common stock available for sale under the ATM, subject to the limitations of General Instruction I.B.6 of Form S-3. Lincoln Park Purchase Agreement On March 10, 2023, the Company entered into a purchase agreement with Lincoln Park for an equity line financing. The Purchase Agreement provides that, subject to the terms and conditions set forth therein, the Company has the right, but not the obligation, to direct Lincoln Park to purchase up to $ 35,000 of shares of common stock in the Company’s sole discretion, over a 36-month period commencing on March 10, 2023. During the six months ended June 30, 2025, the Company did not sell any shares of common stock to Lincoln Park. As of June 30, 2025, $ 34,795 was available to draw pursuant to the Purchase Agreement. March 2024 Offering In March 2024, the Company entered into an underwriting agreement with Titan Partners Group LLC, a division of American Capital Partners, LLC, relating to the issuance and sale by the Company of 7,557,142 shares of its common stock, which included the exercise of the underwriters’ option to purchase 985,714 additional shares of common stock, at a public offering price of $ 1.75 per share. The Company closed this offering on March 14, 2024 and the full exercise of the underwriters’ option to purchase 985,714 additional shares of common stock was closed on March 28, 2024. The 17 Table of Contents Company received net proceeds of approximately $ 11,896 , after deducting $ 1,329 of underwriting discounts and commissions and other offering related expenses payable by the Company. 8. Equity-based Compensation 2021 Equity Incentive Plan On October 7, 2021, the date upon which the Company’s Registration Statement on Form S-1 in connection with the IPO was declared effective, the Company’s 2021 Equity Incentive Plan (the “2021 Plan”) became effective. On the same date, the Company ceased granting awards under its 2017 Equity Incentive Plan (the “2017 Plan”). The 2021 Plan authorizes the award of both equity-based and cash-based incentive awards, including: (i) stock options (both incentive stock options and nonqualified stock options), (ii) stock appreciation rights, (iii) restricted stock awards, (iv) restricted stock units (“RSUs”), and (v) cash or other stock-based awards. Incentive stock options may be granted only to employees. All other types of awards may be issued to employees, directors, consultants, and other service providers. As of June 30, 2025, the aggregate number of shares of common stock of the Company that may be issued under the 2021 Plan is 3,540,520 . The number of shares reserved for issuance under the 2021 Plan increased automatically on January 1, 2025 pursuant to an evergreen provision therein by 2,992,743 shares, representing 5 % of total common shares outstanding at December 31, 2024. The aggregate number of shares will increase each anniversary of such date prior to the termination of the 2021 Plan, equal to the lesser of (i) 5 % of the Company’s shares of common stock issued and outstanding on the last day of the immediately preceding fiscal year and (ii) such smaller number of shares as determined by the Company’s board of directors or the compensation committee. No more than 9,057,517 shares of common stock may be issued under the 2021 Plan through incentive stock options. Shares subject to the 2021 Plan, the 2017 Plan or the 2007 Equity Incentive Plan (the “2007 Plan” and collectively with the 2017 Plan, the “Prior Plans”) that expire, terminate or are cancelled or forfeited for any reason after the effectiveness of the 2021 Plan will be added (or added back) to the shares available for issuance under the 2021 Plan. The total number of shares underlying the Prior Plan awards that may be recycled into the 2021 Plan will not exceed 4,334,131 shares. 2017 Equity Incentive Plan On September 15, 2017, the Company’s board of directors approved the 2017 Plan, which provides for the granting of incentive stock options, non-qualified stock options and stock awards to employees, certain consultants and directors. The board of directors, or its designated committee, has the sole authority to select the individuals to whom awards are granted and determine the terms of each award, including the number of shares and the schedule upon which the award becomes exercisable. Upon the effectiveness of the 2021 Plan, no further awards will be granted under the 2017 Plan. The aggregate number of shares of common stock of the Company that may be issued under the 2017 Plan is 4,334,131 (taking into account shares of common stock that may become issuable pursuant to Section 3(b) of the 2017 Plan in respect of shares of common stock reserved under the Company’s Amended and Restated 2007 Equity Incentive Plan). The 2021 Plan provides for shares granted under the Prior Plans which are cancelled, forfeited, exchanged or surrendered without having been exercised shall subsequently be available for reissuance under the 2021 Plan. Employee Stock Purchase Plan The Company’s board of directors approved the Employee Stock Purchase Plan (the “ESPP”) prior to the closing of the IPO. Under the ESPP, the Company may provide employees and employees of the Subsidiary with an opportunity to purchase shares of the Company’s common stock at a discounted purchase price. As of June 30, 2025, a total of 209,532 shares of common stock are authorized and reserved for issuance under the ESPP. Subject to prior approval by the board of directors in each instance, on or about January 1, 2022 and each anniversary of such date thereafter prior to the termination of the ESPP, the number of shares of common stock authorized and reserved for issuance under the ESPP will be increased by a number of shares of common stock equal to the least of (i) 1,000,000 shares of common stock, (ii) 1 % of the shares of common stock outstanding on the final day of the immediately preceding calendar year, and (iii) such smaller number of shares of common stock as determined by the board 18 Table of Contents of directors. Such shares of common stock may be newly issued shares, treasury shares or shares acquired on the open market. In the event that any dividend or other distribution (whether in the form of cash, our common stock, or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, or exchange of common stock or other securities, or other change in the structure affecting common stock occurs, then in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the ESPP, the compensation committee will, in such manner as it deems equitable, adjust the number of shares and class of common stock that may be delivered under the ESPP, the purchase price per share and the number of shares covered by each outstanding option under the ESPP, and the numerical limits described above. Stock Options The fair value of options granted was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions: ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2024 Expected volatility 91.78 % – 92.29 % Risk-free interest rate 4.23 % – 4.45 % Dividend yield 0.00 % Expected term (years) 6.10 – 6.20 ​ ​ During the six months ending June 30, 2025, there were no stock options granted. ​ Expected Volatility  — Up until October 13, 2021, the Company was privately held and did not have a trading history of common stock. As such, the expected volatility was derived from the average historical stock volatilities of the common stock of several public companies within the industry that the Company considers to be comparable to our business over a period equivalent to the expected term of the stock-based awards. The Company will continue to derive expected volatility from average historical stock volatilities of industry peers until the Company has compiled a trading history of its own for a sufficient period of time. Risk-Free Interest Rate  — The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the date of grant for zero-coupon U.S. Treasury constant maturity notes with terms approximately equal to the stock-based awards’ expected term. Dividend Yield  — The expected dividend yield is zero as the Company has not paid and does not anticipate paying any dividends in the foreseeable future. Expected Term  — The expected term represents the period that the stock-based awards are expected to be outstanding. As the Company does not have sufficient historical experience for determining the expected term of the stock option awards granted, expected term has been calculated using the simplified method. 19 Table of Contents Activity for options was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options Outstanding ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ ​ ​ ​ Aggregate ​ Remaining ​ ​ Number of ​ Weighted-Average ​ Intrinsic Value ​ Contractual Life ​ Options Exercise Price (in 000’s) (In Years) Balance, December 31, 2024 4,353,490 ​ $ 4.67 $ — ​ 5.8 Options granted — ​ $ — ​ ​ ​ ​ ​ Options exercised — ​ $ — ​ ​ ​ ​ ​ Options forfeited — ​ $ — ​ ​ ​ ​ ​ Options expired ( 636,393 ) ​ $ 0.88 ​ ​ ​ ​ ​ Balance, June 30, 2025 3,717,097 ​ $ 5.32 ​ $ — ​ 6.2 Exercisable as of June 30, 2025 3,308,560 ​ $ 5.67 ​ $ — ​ 6.0 ​ There were no grants of stock options for the three and six months ended June 30, 2025. The weighted-average grant date fair value of stock options granted was $ 1.54 and $ 1.56 during the three and six months ended June 30, 2024, respectively. There were 42,500 and 247,500 stock options granted at an aggregate fair value of $ 65 and $ 385 for the three and six months ended June 30, 2024, respectively. During the three and six months ended June 30, 2024, there were no stock options exercised. ​ Restricted Stock Units The fair values of RSUs are based on the fair market value of the Company’s common stock on the date of grant. Each RSU represents a contingent right to receive one share of the Company’s common stock upon vesting. RSUs with time base vesting conditions for employees vest annually over three or four years on each anniversary of the Grant Date and RSUs for non-employee directors vest on the one-year anniversary of the Grant Date. RSUs with performance conditions for employees vest on the one-year anniversary of the performance achievement date, assuming continued service from the employee during that period of time. During the six months ended June 30, 2025 and 2024, the Company granted 2,757,008 and 280,600 RSU awards, respectively, containing time based vesting conditions to employees, non-employees, and non-employee directors. During the six months ending June 30, 2025 and 2024, the Company granted 0 and 515,600 RSU awards containing performance and time based vesting conditions to employees. The performance conditions for the RSU awards granted in 2024 were achieved in 2024 and the RSUs will vest on the one-year anniversary of the achievement of the performance condition. As of June 30, 2025, the RSU awards granted in 2024 had no remaining performance conditions. The following table summarizes the Company’s RSU activity for the six months ended June 30, 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Weighted-Average ​ ​ Restricted Stock Units ​ Grant Date Fair Value Outstanding at December 31, 2024 ​ 1,172,964 ​ $ 1.98 Granted ​ 2,757,008 ​ $ 0.61 Vested ​ ( 262,082 ) ​ $ 2.06 Forfeited ​ — ​ $ — Outstanding at June 30, 2025 ​ 3,667,890 ​ $ 0.97 ​ 20 Table of Contents Equity-based Compensation Expense ​ The Company recorded total equity-based compensation expense in the statement of operations and comprehensive loss related to stock options and restricted stock units as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2025 2024 2025 2024 Research and development ​ $ 331 ​ $ 282 ​ $ 641 ​ $ 513 ​ General and administrative ​ 290 ​ 865 ​ 566 ​ 1,805 ​ Total equity-based compensation ​ $ 621 ​ $ 1,147 ​ $ 1,207 ​ $ 2,318 ​ ​ As of June 30, 2025, total future compensation expense related to unvested time-based awards yet to be recognized by the Company was $ 2,827 , which is expected to be recognized over a weighted-average remaining vesting period of approximately 2.56 years. Total unrecognized compensation expense related to unvested performance-based awards was $ 155 , which is expected to be recognized over a weighted-average remaining vesting period of approximately 0.4 years. ​ 9. Net Loss per Share The following outstanding potentially dilutive common stock equivalents have been excluded from the calculation of diluted net loss per share for the periods presented due to their antidilutive effect: ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ 2025 2024 Options issued and outstanding 3,717,097 4,382,080 Restricted stock units issued and outstanding ​ 3,667,890 ​ 1,170,248 Total 7,384,987 5,552,328 ​ ​ ​ ​ ​ ​ ​ ​ 10. Segment Reporting Operating segments are defined as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker (CODM), or decision-making group, in making decisions on how to allocate resources and assess performance. The Company views its operations and manages its business in one operating segment related to the development of clinical and preclinical product candidates for neurodegenerative disorders, such as Alzheimer’s disease and DLB. The Company’s Chief Executive Officer (“CEO”) serves as the CODM. The CEO manages and allocates resources to the operations of the Company on a consolidated basis. Managing and allocating resources on a consolidated basis enables the CEO to assess the overall level of resources available and how to best deploy these resources across functions and research and development projects that are in line with the Company’s strategic goals. Consistent with this decision-making process, the CEO uses consolidated financial information for purposes of evaluating performance, cash forecasting, allocating resources and setting incentive targets. The CEO bases this assessment on the Company’s consolidated net loss. The measure of segment assets is reported on the consolidated balance sheets as total assets. 21 Table of Contents The table below is a summary of the segment loss, including significant segment expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2025 ​ 2024 Grant income ​ $ 12,192 ​ $ 12,223 Less: ​ ​ ​ ​ Clinical programs ​ ​ 15,051 ​ ​ 14,335 R&D Personnel costs (1) ​ ​ 4,973 ​ ​ 5,221 Preclinical programs ​ ​ 225 ​ ​ 525 Manufacturing ​ ​ 1,150 ​ ​ 1,412 Other research and development expenses ​ ​ 227 ​ ​ 124 General and administrative expenses (2) ​ ​ 4,920 ​ ​ 4,845 Equity-based compensation ​ ​ 1,207 ​ ​ 2,318 Other segment items (3) ​ ( 347 ) ​ ( 365 ) Segment and consolidated net loss ​ $ ( 15,214 ) ​ $ ( 16,192 ) (1) R&D Personnel costs exclude equity-based compensation (2) General and administrative expenses exclude equity-based compensation (3) Other segment items include, Other income, net, Interest expense and Loss on currency translation from liquidation of subsidiary . ​ 22 Table of Contents