What changed in this filing

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Item 1. Financial Statements

2025-08-07 compared with 2025-05-08 · 112 added, 76 removed, 464 unchanged (29% of the section changed)

41 unchanged sentences

$ 0.0001 par value;

10,000,000 shares authorized at March 31, 2025 and December 31, 2024;

0 shares issued and outstanding at each of March 31, 2025 and December 31, 2024

10,000,000 shares authorized at June 30, 2025 and December 31, 2024;

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

Common stock:

$ 0.0001 par value;

290,000,000 shares authorized at March 31, 2025 and December 31, 2024;

68,169,461 and 67,899,779 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively

290,000,000 shares authorized at June 30, 2025 and December 31, 2024;

74,514,039 and 67,899,779 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively

Additional paid-in capital

8 unchanged sentences

Three Months Ended

Six Months Ended

Operating expenses:

6 unchanged sentences

Income (loss) before equity method investment

Income (loss) from equity method investment

Loss from equity method investment

Net income (loss)

4 unchanged sentences

Other comprehensive income (loss):

Unrealized loss on marketable securities

Unrealized gain (loss) on marketable securities

Cumulative foreign currency translation adjustment

4 unchanged sentences

(in thousands, except share data)

Three Months Ended March 31, 2025

Six Months Ended June 30, 2025

Comprehensive

1 unchanged sentence

Balance at December 31, 2024

Common stock issued on exercise of stock options

Common stock issued upon exercise of stock options

Stock-based compensation expense

2 unchanged sentences

Balance at March 31, 2025

Three Months Ended March 31, 2024

Issuance of common stock upon exercise of common stock warrants

Issuance of pre-funded warrants upon exercise of common stock warrants

Common stock issued upon exercise of stock options

Stock-based compensation expense

Unrealized loss on marketable securities

Foreign currency translation adjustment

Balance at June 30, 2025

Six Months Ended June 30, 2024

Comprehensive

5 unchanged sentences

Balance at March 31, 2024

Common stock issued in connection with registered direct offering, net

Pre-funded warrants issued in connection with registered direct offering, net

Stock-based compensation expense

Unrealized gain on marketable securities

Foreign currency translation adjustment

Balance at June 30, 2024

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

2 unchanged sentences

(in thousands)

Three Months Ended

Six Months Ended

Cash flows from operating activities

Net income (loss)

Adjustments to reconcile net loss to net cash used in operating activities:

Adjustments to reconcile net income (loss) to net cash used in operating activities:

Depreciation and amortization

2 unchanged sentences

Change in fair value of warrant liability

Loss (gain) from equity method investment

Loss from equity method investment

Changes in operating assets and liabilities:

10 unchanged sentences

Purchases of property and equipment

Net cash (used in) provided by investing activities

Net cash used in investing activities

Cash flows from financing activities

Proceeds from issuance of common stock, net (includes $ 1,794 in aggregate gross proceeds from related parties)

Proceeds from issuance of pre-funded warrants, net (includes $ 1,769 in aggregate gross proceeds from related parties)

Proceeds from issuance of common warrants (includes $ 1,472 in aggregate gross proceeds from related parties)

Proceeds from the exercise of common stock warrants (includes $ 4,960 in aggregate proceeds from related parties)

Proceeds from exercise of common stock options

Net cash provided by financing activities

Net decrease in cash and cash equivalents

Net increase in cash and cash equivalents

Cash and cash equivalents at beginning of the period

26 unchanged sentences

The financing consisted of the sale of 13,512,699 shares of common stock and accompanying common stock warrants to purchase 13,078,509 shares of common stock (or pre-funded warrants in lieu thereof) at a combined offering price of $ 1.7312 per share, and the sale of pre-funded warrants to purchase 4,144,085 shares of common stock and accompanying common warrants to purchase 4,010,927 shares of common stock (or pre-funded warrants in lieu thereof) at a combined offering price of $ 1.7311 per share.

The common warrants have an exercise price of $ 3.50 per share of common stock (or $ 3.4999 per pre-funded warrant in lieu thereof), are exercisable at any time after the date of issuance, subject to certain ownership limitations, and expire on June 30, 2025.

The pre-funded warrants have an exercise price of $ 0.0001 and are exercisable any time after the date of the issuance, subject to certain ownership limitations.

As of March 31, 2025, 5,311,198 of the common warrants have been exercised, resulting in

proceeds of $ 18.6 million, and 11,778,238 common warrants remained outstanding.

During the three months ended March 31, 2025, no common warrants were exercised.

The common warrants had an exercise price of $ 3.50 per share of common stock (or $ 3.4999 per pre-funded warrant in lieu thereof), were exercisable at any time after the date of issuance, subject to certain ownership limitations, and expired on June 30, 2025.

The pre-funded warrants have an exercise price of $ 0.0001 and are exercisable any time after the date of the issuance, subject to

certain ownership limitations.

As of June 30, 2025, all of the common warrants have been exercised, resulting in proceeds of $ 54.3 million.

The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, development by competitors of new technological innovations, protection of proprietary technology, dependence on key personnel, contract manufacturer and contract research organizations, compliance with government regulations and the need to obtain additional financing to fund operations.

4 unchanged sentences

Because the outcome of any clinical trial and/or regulatory approval process is highly uncertain, the Company may not be able to accurately estimate the actual amounts necessary to successfully complete the development, regulatory approval process and commercialization of soquelitinib, ciforadenant and mupadolimab or any other product candidates.

The Company has incurred significant losses and negative cash flows from operations in all periods since inception and had an accumulated deficit of $ 381.8 million as of March 31, 2025.

The Company has incurred significant losses and negative cash flows from operations in all periods since inception and had an accumulated deficit of $ 389.8 million as of June 30, 2025.

To date, none of the Company’s product candidates have been approved for sale and therefore the Company has not generated any revenue from sales of commercial products.

1 unchanged sentence

The Company has funded its operations to date primarily through the sale of redeemable convertible preferred stock and common stock.

As of March 31, 2025, the Company had cash, cash equivalents and marketable securities of $ 44.2 million.

On May 7, 2025, the Company received approximately $ 31.3 million in cash from the early exercise of 8,945,175 common stock warrants.

Management believes that the Company’s cash, cash equivalents and marketable securities as of March 31, 2025 with the addition of approximately $ 31.3 million in cash received from the early exercise of common stock warrants on May 7, 2025, will be sufficient to fund the Company’s planned operations for a period of at least 12 months from the date these condensed consolidated financial statements are issued.

As of June 30, 2025, the Company had cash, cash equivalents and marketable securities of $ 74.4 million.

Management believes that the Company’s cash, cash equivalents and marketable securities as of June 30, 2025 will be sufficient to fund the Company’s planned operations for a period of at least 12 months from the date these condensed consolidated financial statements are issued.

To fund the Company’s planned operations, the Company will need to raise additional capital.

The Company intends to raise additional capital through private and public equity offerings, including its “at-the-market” offering program, debt financings, the potential exercise of common warrants outstanding with an exercise price of $ 3.50 per share and potential future collaboration, license and development agreements.

The Company intends to raise additional capital through private and public equity offerings, including its “at-the-market” offering program, debt financings and potential future collaboration, license and development agreements.

However, there can be no assurance that the Company will be successful in acquiring additional funding at levels sufficient to fund its operations or on terms acceptable to the Company or at all.

10 unchanged sentences

The condensed consolidated balance sheet as of December 31, 2024 was derived from audited financial statements, but does not include all disclosures required by GAAP.

The condensed consolidated results of operations for the three months ended March 31, 2025 are not necessarily indicative of the results to be expected for the full year or for any other future year or interim period.

The condensed consolidated results of operations for the three and six months ended June 30, 2025 are not necessarily indicative of the results to be expected for the full year or for any other future year or interim period.

The accompanying condensed consolidated financial statements should be read in conjunction with the audited financial statements and the related notes for the year ended December 31, 2024 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 25, 2025.

19 unchanged sentences

government agency securities, which can be subject to certain credit risks.

However, the Company mitigates the risks by

investing in high-grade instruments, limiting its exposure to any one issuer, and monitoring the ongoing creditworthiness of the financial institutions and issuers.

However, the Company mitigates the risks by investing in high-grade instruments, limiting its exposure to any one issuer, and monitoring the ongoing creditworthiness

of the financial institutions and issuers.

The Company has not experienced any losses on its deposits of cash, cash equivalents or marketable securities.

9 unchanged sentences

Significant Accounting Policies

There have been no material changes to the Company’s significant accounting policies during the three months ended March 31, 2025 from those discussed in the Company’s Annual Report on Form 10-K filed with the SEC on March 25, 2025.

There have been no material changes to the Company’s significant accounting policies during the six months ended June 30, 2025 from those discussed in the Company’s Annual Report on Form 10-K filed with the SEC on March 25, 2025.

Recent Accounting Pronouncements

18 unchanged sentences

Three Months Ended

Six Months Ended

Net income (loss) attributable to common stockholders, basic

6 unchanged sentences

Net loss per share, diluted

Weighted average common shares outstanding used in the calculation of basic and diluted net income (loss) per share for the three months ended March 31, 2025 includes 4,144,085 shares of common stock issuable upon conversion of pre-funded warrants.

Weighted average common shares outstanding used in the calculation of basic and diluted net income (loss) per share for the three and six months ended June 30, 2025 includes 8,275,913 shares of common stock issuable upon conversion of pre-funded warrants.

Refer to Note 9, “Warrants” for further details.

2 unchanged sentences

Three Months Ended

Six Months Ended

Common warrants (1)

Outstanding options

(1) Based on the treasury stock method, such common warrants that are in-the-money should be included in the calculation of diluted earnings per share (“EPS”) if the impact is not anti-dilutive.

Therefore, as the Company was in a net loss position for the three and six months ended June 30, 2024 and other income from the revaluation of the common warrants was $ 1.8 million for the three and six months ended June 30, 2024, the impact of including the

common warrants in calculating diluted EPS would be antidilutive and the Company has excluded the common warrants from the calculation of diluted net loss per share.

The Company views its operations and manages its business in one operating segment, that of the development and commercialization of drugs and antibodies that target critical elements of the immune system.

3 unchanged sentences

Managing and allocating resources on a consolidated basis enables the CODM to assess the overall level of resources available and how to best deploy these resources across functions and programs that are in line with the Company’s long-term company-wide strategic goals.

The following table presents reportable segment net loss (income), including significant expense categories, attributable to the Company’s reportable segment for the three months ended March 31, 2025 and 2024 (in thousands):

The following table presents reportable segment net loss (income), including significant expense categories, attributable to the Company’s reportable segment for the three and six months ended June 30, 2025 and 2024 (in thousands):

Three Months Ended

Six Months Ended

Compensation and benefits, excluding stock-based compensation

23 unchanged sentences

Financial Assets

The following tables present information as of March 31, 2025 and December 31, 2024 about the Company’s assets that are measured at fair value on a recurring basis and indicate the level of the fair value hierarchy the Company utilized to determine such fair values (in thousands):

March 31, 2025

The following tables present information as of June 30, 2025 and December 31, 2024 about the Company’s assets that are measured at fair value on a recurring basis and indicate the level of the fair value hierarchy the Company utilized to determine such fair values (in thousands):

June 30, 2025

Fair Value Measured Using

5 unchanged sentences

Marketable securities

As of March 31, 2025, all marketable securities had a maximum remaining maturity of less than thirteen months .

As of March 31, 2025 and December 31, 2024, the fair value of available for sale marketable securities by type of security were as follows (in thousands):

March 31, 2025

As of June 30, 2025, all marketable securities had a maximum remaining maturity of less than sixteen months and are considered available for current operations.

As of June 30, 2025 and December 31, 2024, the fair value of available for sale marketable securities by type of security were as follows (in thousands):

June 30, 2025

Treasury securities

4 unchanged sentences

Financial Liabilities

The following tables present information as of March 31, 2025 and December 31, 2024 about the Company’s liabilities that are measured at fair value on a recurring basis and indicate the level of the fair value hierarchy the Company utilized to determine such fair values (in thousands):

March 31, 2025

Fair Value Measured Using

Warrant liability

The following table presents information as of December 31, 2024 about the Company’s liabilities that are measured at fair value on a recurring basis and indicate the level of the fair value hierarchy the Company utilized to determine such fair values (in thousands):

December 31, 2024

1 unchanged sentence

Warrant liability

During the three months ended March 31, 2025, the changes in the Company’s warrant liability were as follows (in thousands):

During the six months ended June 30, 2025, the Company’s remaining outstanding common warrants were exercised and the changes in the Company’s warrant liability were as follows (in thousands):

Warrant liability balance as of December 31, 2024

2 unchanged sentences

Exercise of warrants

Warrant liability balance as of March 31, 2025

Warrant liability balance as of June 30, 2025

The Company uses the Black-Scholes pricing model to determine the fair value of its warrant liabilities using Level 3 inputs.

1 unchanged sentence

The significant unobservable input used in the fair value measurement of the warrant liabilities is the estimated term of the warrants.

The key inputs into valuation models used to estimate the fair value of the warrant liabilities as of March 31, 2025 and December 31, 2024 were as follows:

The key inputs into valuation models used to estimate the fair value of the warrant liabilities as of December 31, 2024 were as follows:

Risk-free interest rate

3 unchanged sentences

Angel Pharmaceuticals Co.

(“Angel Pharmaceuticals”) is a corporate venture in the People’s Republic of China designed to develop, manufacture, and commercialize soquelitinib, ciforadenant and mupadolimab compounds for distribution within the countries of China, Taiwan, Macao, and Hong Kong based on intellectual property licenses to be contributed to Angel Pharmaceuticals by the Company.

As of March 31, 2025 and December 31, 2024, the Company’s ownership interest in Angel Pharmaceuticals was approximately 49.7 %, excluding 7 % of Angel Pharmaceuticals’ equity reserved for issuance under the Angel

Pharmaceuticals Employee Stock Ownership Plan, and is accounted for as an equity method investment.

The Company recognized its share of income/loss in Angel Pharmaceuticals for the total amount of $ 0.5 million as loss and $0.2 million as income from equity method investment in the condensed consolidated statement of operations for the three months ended March 31, 2025 and 2024, respectively.

(“Angel Pharmaceuticals”) is a corporate venture in the People’s Republic of China designed to develop, manufacture, and commercialize soquelitinib, ciforadenant and mupadolimab compounds for distribution within the countries of China, Taiwan, Macao, and Hong Kong based on intellectual property licenses contributed to Angel Pharmaceuticals by the Company.

As of June 30, 2025 and December 31, 2024, the Company’s ownership interest in Angel Pharmaceuticals was approximately 49.7 %, excluding 7 % of Angel Pharmaceuticals’ equity reserved for issuance under the Angel Pharmaceuticals Employee Stock Ownership Plan, and is accounted for as an equity method investment.

The Company recognized its share of loss in Angel Pharmaceuticals for the total amount of $ 0.4 million and $ 0.9 million as loss from equity method investment in the condensed consolidated statement of operations for the three and six months ended June 30, 2025, respectively.

Summary Financial Information

1 unchanged sentence

Balance Sheet Data

March 31, 2025

June 30, 2025

December 31, 2024

6 unchanged sentences

Three Months Ended

Six Months Ended

Statement of Operations Data

22 unchanged sentences

In February 2017, the Company made a milestone payment of $ 3.0 million to Vernalis following the expansion of a cohort of patients with renal cell cancer treated with single agent ciforadenant in the Company’s Phase 1/1b clinical trial.

During the three months ended March 31, 2025 and 2024, no clinical or regulatory milestones were completed or paid to Vernalis, and the aggregate potential milestone payments were approximately $ 220 million for all indications as of March 31, 2025.

During the six months ended June 30, 2025 and 2024, no clinical or regulatory milestones were completed or paid to Vernalis, and the aggregate potential milestone payments were approximately $ 220 million for all indications as of June 30, 2025.

The Company has also agreed to pay Vernalis tiered incremental royalties based on the annual net sales of licensed products containing ciforadenant on a product by product and country by country basis, subject to certain offsets and reductions.

16 unchanged sentences

The Company is also required to make development and sales milestone payments to Monash with respect to the licensed products.

During the three months ended March 31, 2025 and 2024, no development or sales milestones were completed or paid to Monash, and the aggregate potential milestones were $ 45.1 million as of March 31, 2025.

During the six months ended June 30, 2025 and 2024, no development or sales milestones were completed or paid to Monash, and

the aggregate potential milestones were $ 45.1 million as of June 30, 2025.

The Company is also required to pay to Monash tiered royalties on net sales of licensed products sold by it, its affiliates and its sublicensees at a rate ranging in the low single digits.

19 unchanged sentences

Accrued legal and accounting

During the three months ended March 31, 2025 and 2024, the Company recorded approximately $ 22,000 and $ 23,000 in depreciation expense, respectively.

During the three months ended June 30, 2025 and 2024, the Company recorded approximately $ 29,000 and $ 21,000 in depreciation expense, respectively, and during the six months ended June 30, 2025 and 2024, the Company recorded approximately $ 51,000 and $ 44,000 in depreciation expense, respectively.

On May 6, 2024, the company completed a registered direct offering in which the Company sold an aggregate of 13,512,699 shares of common stock and common warrants to purchase up to 13,078,509 shares of common stock (or pre-funded warrants in lieu thereof) at a combined offering price of $ 1.7312 per share and common warrant, and pre-funded warrants to purchase up to 4,144,085 shares of common stock and common warrants to purchase up to 4,010,927 shares of common stock (or pre-funded warrants in lieu thereof), at a combined offering price of $ 1.7311 per share underlying each pre-funded warrant and common warrant, which equals the offering price per share and common warrant less the $ 0.0001 exercise price per share of the pre-funded warrants.

3 unchanged sentences

In accordance with accounting guidance discussed in Note 2, the Company recorded $ 5.0 million to additional paid-in capital upon issuance of the pre-funded warrants on May 6, 2024.

As of March 31, 2025, none of the pre-funded warrants have been exercised.

The common warrants have an exercise price per share of common stock equal to $ 3.50 per share (or $ 3.4999 per pre-funded warrant).

The exercise price and the number of shares of common stock (or pre-funded warrants in lieu thereof) issuable upon exercise of the common warrants are subject to appropriate adjustments in the event of certain stock dividends and distributions, stock splits, stock combinations, reclassifications or similar events affecting the common stock.

The common warrants are exercisable at any time after the date of issuance and will expire on June 30, 2025.

In accordance with accounting guidance discussed in Note 2, “Summary of Significant Accounting Policies,” the Company recorded a decrease in fair value of warrant liability of $ 25.1 million to other income in its condensed consolidated statement of operations and comprehensive loss for the three months ended March 31, 2025.

As of March 31, 2025, 5,311,198 of the common warrants have been exercised, resulting in proceeds of $ 18.6 million.

As of March 31, 2025, 11,778,238 common warrants were outstanding and the Company’s warrant liability was $ 3.8 million.

During the three months ended March 31, 2025, no common warrants were exercised.

As of March 31, 2025, the amended and restated certificate of incorporation authorizes the Company to issue 290 million shares of common stock and 10 million shares of preferred stock.

During the three months ended June 30, 2025, an additional 4,131,828 pre-funded warrants were issued in connection with the exercise of common warrants.

As of June 30, 2025, none of the pre-funded warrants have been exercised and 8,275,913 pre-funded warrants remain outstanding.

The common warrants had an exercise price per share of common stock equal to $ 3.50 per share (or $ 3.4999 per pre-funded warrant).

The exercise price and the number of shares of common stock (or pre-funded warrants in lieu thereof) issuable upon exercise of the common warrants were subject to appropriate adjustments in the event of certain stock dividends and distributions, stock splits, stock combinations, reclassifications or similar events affecting the common stock.

The common warrants were exercisable at any time after the date of issuance and had an expiration date of June 30, 2025.

In accordance with accounting guidance discussed in Note 2, “Summary of Significant Accounting Policies,” the Company recorded a decrease in fair value of warrant liability of $ 2.0 million and $ 27.1 million to other income in its condensed consolidated statement of operations and comprehensive loss for the three and six months ended June 30, 2025, respectively.

As of June 30, 2025, all of the common warrants have been exercised, resulting in proceeds of $ 54.3 million.

As of June 30, 2025, the amended and restated certificate of incorporation authorizes the Company to issue 290 million shares of common stock and 10 million shares of preferred stock.

Each share of common stock is entitled to one vote.

Common stockholders are entitled to dividends if and when declared by the board of directors.

As of March 31, 2025, no dividends on common stock had been declared.

As of June 30, 2025, no dividends on common stock had been declared.

On August 6, 2024, the Company entered into an open market sale agreement (the “2024 Sales Agreement”) with Jefferies LLC (“Jefferies”) to sell shares of the Company’s common stock, from time-to-time, with aggregate gross sales proceeds of up to $ 100.0 million, through an at-the-market equity offering program under which Jefferies will act as its sales agent.

1 unchanged sentence

Jefferies is entitled to compensation for its services up to 3.0 % of the gross proceeds of any shares of common stock sold through Jefferies under the 2024 Sales Agreement.

During the three months ended March 31, 2025, the Company did not sell any shares of common stock under its at-the-market offering program.

As of March 31, 2025, $ 100.0 million remained available for sale under the 2024 Sales Agreement.

During the six months ended June 30, 2025, the Company did not sell any shares of common stock under its at-the-market offering program.

As of June 30, 2025, $ 100.0 million remained available for sale under the 2024 Sales Agreement.

The Company has reserved shares of common stock for issuance as follows:

23 unchanged sentences

Options forfeited

Balance at March 31, 2025

Balance at June 30, 2025

Stock-Based Compensation

1 unchanged sentence

Three Months Ended

Six Months Ended

Research and development

General and administrative

During the three months ended March 31, 2025, the Company recorded no income tax expense due to the continued losses.

During the three months ended March 31, 2024, the Company recorded no income tax benefits for the net operating losses (NOLs) incurred due to the uncertainty of realizing a benefit from those items.

During the six months ended June 30, 2025, the Company recorded no income tax expense due to the continued losses.

During the six months ended June 30, 2024, the Company recorded no income tax benefits for the net operating losses (NOLs) incurred due to the uncertainty of realizing a benefit from those items.

The Company continues to maintain a full valuation allowance against its net deferred tax assets.

On July 4, 2025, the One Big Beautiful Bill Act (the “Act”) was enacted into law.

The Act includes significant changes to the U.S.

tax code, including restoration of immediate recognition of domestic research and development expenditures and reinstatement of 100 % bonus depreciation for qualifying property.

As the Act was enacted after the Company’s reporting period ended June 30, 2025, no adjustments have been made to the condensed consolidated financial statements as of and for the three and six months ended June 30, 2025.

The impact of the Act, if applicable, will be reflected in the Company’s financial statements as of and for the three and nine months ending September 30, 2025, the period in which the legislation was enacted.

The Company is currently evaluating the impact of the Act on its condensed consolidated financial statements, including the effects on its deferred tax assets and liabilities.

Facility Lease

5 unchanged sentences

In addition to base rent, the Company is obligated to pay its proportionate share of taxes, insurance and operating expenses.

In November 2024, the Company paid the sublandlord $ 231,235 in prepaid rent, which shall be applied to the monthly base rent and the Company’s proportionate share of additional expenses for the first three months of the term of the sub-sublease.

In November 2024, the Company paid the sublandlord $ 231,235 in prepaid rent, which was applied to the monthly base rent and the Company’s proportionate share of additional expenses for the first three months of the term of the sub-sublease.

Although the non-cancellable lease term commenced on February 21, 2025, for purposes of determining the right-of-use asset balance, in accordance with ASC Topic 842, the Company used November 25, 2024 as the commencement date, the date on which the sublandlord granted the Company access to the premises.

1 unchanged sentence

Therefore, the non-lease components were not included in the right-of-use asset and liability and are reflected as an expense in the period incurred.

As of March 31, 2025 and December 31, 2024, the right-of-use asset under the operating lease was $ 1.1 million and $ 1.2 million, respectively.

The elements of lease expense under the operating lease for the three months ended March 31, 2025 were as follows (in thousands):

As of June 30, 2025 and December 31, 2024, the right-of-use asset under the operating lease was $ 1.0 million and $ 1.2 million, respectively.

The elements of lease expense under the operating lease for the three and six months ended June 30, 2025 were as follows (in thousands):

Three Months Ended

Six Months Ended

Statements of operations and

12 unchanged sentences

Discount rate

As of March 31, 2025, minimum rental commitments under this lease were as follows (in thousands):

As of June 30, 2025, minimum rental commitments under this lease were as follows (in thousands):

Year Ended December 31 (in thousands)

13 unchanged sentences

Pursuant to such agreements, the Company may indemnify, hold harmless and defend an indemnified party for losses suffered or incurred by the indemnified party.

Some of the provisions will limit losses to those arising from

third-party actions.

Some of the provisions will limit losses to those arising from third-party actions.

In some cases, the indemnification will continue after the termination of the agreement.

7 unchanged sentences

On May 6, 2024, the Company closed a registered direct offering which resulted in gross proceeds of approximately $ 30.6 million.

funded warrants in lieu thereof) at a combined offering price of $ 1.7311 per share.

The common warrants had an exercise price of $ 3.50 per share of common stock (or $ 3.4999 per pre-funded warrant in lieu thereof), are exercisable at any time after the date of issuance, subject to certain ownership limitations, and expired on June 30, 2025.

The pre-funded warrants have an exercise price of $ 0.0001 and are exercisable anytime after the date of the issuance, subject to certain ownership limitations.

8 unchanged sentences

is the Company’s Senior Vice President, Pharmaceutical Development.

During the three months ended June 30, 2025, all of the common warrants sold to related parties as part of the Company’s May 2024 registered direct offering were exercised.

The details of these exercises are as follows:

Common Shares

Common Warrants

Proceeds Received

Upon Exercise

OrbiMed Advisors LLC (1)

Puissance Capital Management

(1) OrbiMed Advisors LLC paid the exercise price of $ 3.50 per common stock warrant on a cashless basis, resulting in the Company withholding 1,176,332 of the warrant shares to pay the exercise price and issuing to OrbiMed Advisors LLC the remaining 221,352 shares.

This transaction is considered a non-cash financing activity.

In July 2021, Linda S.

1 unchanged sentence

ICON is a clinical research organization and provides services to support the Company’s clinical trials.

During the three months ended March 31, 2025 and 2024, the Company recorded approximately $ 94,000 and $ 27,000 , respectively, in clinical trial expenses under its agreements with ICON.

Subsequent Event

On May 7, 2025, the Company received approximately $ 31.3 million in cash from the early exercise of 8,945,175 common stock warrants, which included 559,073 common stock warrants exercised by the Company’s Chief Executive Officer.

During the three months ended June 30, 2025 and 2024, the Company recorded approximately $ 137,000 and $ 128,000 , respectively, in clinical trial expenses under its agreements with ICON.

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