What changed in this filing

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Item 1. Financial Statements

2026-08-06 compared with 2026-05-07 · 106 added, 74 removed, 560 unchanged (24% of the section changed)

27 unchanged sentences

authorized shares – 10,000,000 at

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

June 30, 2026 and December 31, 2025, respectively;

no shares issued

and outstanding at March 31, 2026 and December 31, 2025

and outstanding at June 30, 2026 and December 31, 2025

Common stock, $ 0.001 par value;

authorized shares – 200,000,000 at

March 31, 2026 and December 31, 2025;

June 30, 2026 and December 31, 2025;

issued and outstanding shares – 61,077,980

and 60,384,283 at March 31, 2026 and December 31, 2025, respectively

and 60,384,283 at June 30, 2026 and December 31, 2025, respectively

Additional paid-in capital

Accumulated other comprehensive income

Accumulated other comprehensive income (loss)

Accumulated deficit

6 unchanged sentences

Three Months Ended

Six Months Ended

Collaboration revenue

16 unchanged sentences

Unaudited Condensed Statements of Stockholders’ Equity

For the Three Months Ended March 31, 2026 and 2025

For the Six Months Ended June 30, 2026 and 2025

(in thousands, except share data)

1 unchanged sentence

Stockholders’

Income (loss)

Balance at December 31, 2025

Exercise of common stock options

Shares issued under employee stock purchase plan

Issuance of common stock upon settlement of restricted stock units

1 unchanged sentence

Unrealized loss on available-for-sale securities, net

Balance at March 31, 2026

Balance at June 30, 2026

Comprehensive

2 unchanged sentences

Exercise of common stock options

Shares issued under employee stock purchase plan

Issuance of common stock upon settlement of restricted stock units

Stock-based compensation

Unrealized gain on available-for-sale securities, net

Balance at June 30, 2025

See accompanying notes.

Janux Therapeutics, Inc.

Unaudited Condensed Statements of Stockholders’ Equity

For the Three Months Ended June 30, 2026 and 2025

(in thousands, except share data)

Comprehensive

Stockholders’

Income (loss)

Balance at March 31, 2026

Exercise of common stock options

Shares issued under employee stock purchase plan

Issuance of common stock upon settlement of restricted stock units

Stock-based compensation

Unrealized loss on available-for-sale securities, net

Balance at June 30, 2026

Comprehensive

Stockholders’

Balance at March 31, 2025

Exercise of common stock options

Shares issued under employee stock purchase plan

Issuance of common stock upon settlement of restricted stock units

Stock-based compensation

Unrealized loss on available-for-sale securities, net

Balance at June 30, 2025

See accompanying notes.

2 unchanged sentences

(in thousands)

Three Months Ended

Six Months Ended

Cash flows from operating activities

10 unchanged sentences

Operating lease right-of-use assets and liabilities, net

Net cash used in operating activities

Net cash provided by (used in) operating activities

Cash flows from investing activities

2 unchanged sentences

Maturities of short-term investments

Net cash provided by (used in) investing activities

Net cash used in investing activities

Cash flows from financing activities

Proceeds from exercise of common stock options

Proceeds from exercise of common stock options and employee stock purchase plan

Payments of issuance costs

14 unchanged sentences

Liquidity and Capital Resources

From its inception through March 31, 2026, the Company has devoted substantially all its efforts to organizing and staffing, business planning, raising capital and developing its TRACTr, TRACIr and ARM therapeutic platforms and assets.

The Company has incurred net losses and negative cash flows from operations since inception and had an accumulated deficit of $ 375.7 million as of March 31, 2026.

From its inception through June 30, 2026, the Company has devoted substantially all its efforts to organizing and staffing, business planning, raising capital and developing its TRACTr, TRACIr and ARM therapeutic platforms and assets.

The Company has incurred net losses and negative cash flows from operations since inception and had an accumulated deficit of $ 397.7 million as of June 30, 2026.

The Company has a limited operating history, has not generated any product revenue, and the sales and income potential of its business is unproven.

7 unchanged sentences

Unaudited Interim Financial Information

The unaudited condensed financial statements as of March 31, 2026, and for the three months ended March 31, 2026 and 2025, 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 June 30, 2026, and for the three and six months ended June 30, 2026 and 2025, 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 Company’s 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.

34 unchanged sentences

Observable Inputs

As of March 31, 2026:

As of June 30, 2026:

Cash equivalents:

Money market funds

Commercial paper

Total cash equivalents

33 unchanged sentences

The Company considers all highly liquid investments with original maturities of three months or less when purchased to be cash equivalents.

Cash and cash equivalents include cash in readily available checking accounts and money market funds.

Cash and cash equivalents include cash in readily available checking accounts, money market funds and commercial paper.

Restricted Cash

11 unchanged sentences

Short-term investments are carried at fair value with the unrealized gains and losses included in accumulated other comprehensive income (loss) as a component of stockholders’ equity until realized.

Any premium or discount arising at purchase is amortized or accreted to interest income as an adjustment to yield using the straight-line method over the life of the instrument.

The Company records an allowance for credit losses when unrealized losses are due to

Any premium or discount arising at purchase is amortized or accreted to interest income as an adjustment to yield using the

Janux Therapeutics, Inc.

Notes to Unaudited Condensed Financial Statements–(Continued)

credit-related factors.

straight-line method over the life of the instrument.

The Company records an allowance for credit losses when unrealized losses are due to credit-related factors.

Realized gains and losses are calculated using the specific identification method and recorded as interest income.

The following tables summarize short-term investments (in thousands):

As of March 31, 2026

As of June 30, 2026

Treasury securities

5 unchanged sentences

Commercial paper

The amortized cost and estimated fair value in the tables above exclude $ 7.5 million and $ 6.4 million of accrued interest receivable as of March 31, 2026 and December 31, 2025, respectively.

The amortized cost and estimated fair value in the tables above exclude $ 6.2 million and $ 6.4 million of accrued interest receivable as of June 30, 2026 and December 31, 2025, respectively.

Accrued interest receivable is included in prepaid expenses and other current assets in the accompanying balance sheets.

Contractual maturities of available-for-sale debt securities are as follows (in thousands):

As of March 31, 2026

As of June 30, 2026

Due in 1 Year or Less

9 unchanged sentences

Commercial paper

As of March 31, 2026 , 53 out of 128 of our a vailable-for-sale debt securities were in an aggregate gross unrealized loss position.

As of June 30, 2026 , 88 out of 140 of our a vailable-for-sale debt securities were in an aggregate gross unrealized loss position.

The Company relies on both qualitative and quantitative factors to determine whether the unrealized loss for each available-for-sale debt security at any balance sheet date is due to a credit loss.

Qualitative factors may include a credit downgrade, severity of the decline in fair value below amortized cost and other adverse conditions related specifically to the security, as well as the intent to sell the security, or whether the Company will “more likely than not” be required to sell the security before recovery of its amortized cost

Janux Therapeutics, Inc.

Notes to Unaudited Condensed Financial Statements–(Continued)

the security, or whether the Company will “more likely than not” be required to sell the security before recovery of its amortized cost basis.

From time to time, the market value of the Company’s debt securities experience declines .

1 unchanged sentence

The Company does not intend to sell any securities prior to maturity.

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

There were no available-for-sale debt securities in a continuous unrealized loss position for 12 months or longer at March 31, 2026 or December 31, 2025 .

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

There were no available-for-sale debt securities in a continuous unrealized loss position for 12 months or longer at June 30, 2026 or December 31, 2025 .

Concentrations of Credit Risk

8 unchanged sentences

The Company generally does not perform evaluations of customers’ financial condition and generally does not require collateral.

For the three months ended March 31, 2026, all of the Company’s revenue related to a single customer.

As of March 31, 2026 and December 31, 2025 , all of the Company’s accounts receivable, if any, relate to a single customer.

The Company did no t recognize any revenue for the three months ended March 31, 2025 .

For the three and six months ended June 30, 2026, all of the Company’s revenue related to a single customer.

As of June 30, 2026 and December 31, 2025 , all of the Company’s accounts receivable, if any, relate to a single customer.

The Company did no t recognize any revenue for the three and six months ended June 30, 2025 .

Deferred Revenue

102 unchanged sentences

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

As of March 31,

As of June 30,

Common stock options outstanding

5 unchanged sentences

Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract.

The new standard refines the scope of derivative accounting under ASC 815 by expanding an existing scope exception to exclude certain non-exchange traded contracts with underlyings based on the operations or activities of one of the contract parties from derivative classification.

The new standard refines the scope of derivative accounting under ASC 815 by expanding an existing scope exception to exclude certain non-exchange traded contracts with variables (referred to as underlyings) based on the operations or activities of one of the contract parties from derivative classification.

The ASU also provides guidance under Topic 606 on the accounting for share-based noncash consideration received from a customer in a revenue contract, including measurement and timing considerations.

27 unchanged sentences

Computer equipment and software

Assets not placed in service

Total property and equipment

8 unchanged sentences

License Agreement with WuXi Biologics (Hong Kong) Limited

In April 2021, the Company entered into a cell line license agreement (“Cell Line License Agreement”) with WuXi Biologics (Hong Kong) Limited (“WuXi Biologics”), pursuant to which the Company received a non-exclusive, worldwide, sublicensable license under certain of WuXi Biologics’ patent rights, know-how and biological materials (“WuXi Biologics Licensed Technology”),

Janux Therapeutics, Inc.

Notes to Unaudited Condensed Financial Statements–(Continued)

license under certain of WuXi Biologics’ patent rights, know-how and biological materials (“WuXi Biologics Licensed Technology”), to use the WuXi Biologics Licensed Technology to make, use, sell, offer for sale and import certain therapeutic products produced through the use of the cell line licensed by WuXi Biologics under the Cell Line License Agreement (“WuXi Biologics Licensed Product”).

to use the WuXi Biologics Licensed Technology to make, use, sell, offer for sale and import certain therapeutic products produced through the use of the cell line licensed by WuXi Biologics under the Cell Line License Agreement (“WuXi Biologics Licensed Product”).

In consideration for the license, the Company paid WuXi Biologics a non-refundable, one-time license fee of $ 0.2 million upon WuXi Biologics’ achievement of a certain technical milestone.

13 unchanged sentences

The letter of credit amount is subject to a 50 % reduction subject to certain conditions on or following the date that is 54 months following the contractual lease commencement date.

Future minimum noncancelable operating lease payments as of March 31, 2026 are as follows (in thousands):

Future minimum noncancelable operating lease payments as of June 30, 2026 are as follows (in thousands):

2026 (remaining)

4 unchanged sentences

Operating lease liabilities, net of current portion

The Company's operating leases had a weighted-average remaining lease term of 6.7 years and a weighted-average discount rate of 8.0 % as of March 31, 2026.

Operating lease expense included in the measurement of lease liabilities for the three months ended March 31, 2026 and 2025 was $ 1.0 million and $ 0.9 million, respectively.

Cash paid for amounts included in the measurement of lease liabilities for the three months ended March 31, 2026 and 2025 was $ 1.0 million and $ 0.9 million, respectively.

The Company's operating leases had a weighted-average remaining lease term of 6.4 years and a weighted-average discount rate of 8.0 % as of June 30, 2026.

Operating lease expense included in the measurement of lease liabilities for the three months ended June 30, 2026 and 2025 was $ 1.0 million and $ 0.9 million, respectively.

Operating lease expense included in the measurement of lease liabilities for the six months ended June 30, 2026 and 2025 was $ 1.9 million and $ 1.7 million, respectively.

Cash paid for amounts included in the measurement of lease liabilities for the three months ended June 30, 2026 and 2025 was $ 1.0 million and $ 0.9 million,

Janux Therapeutics, Inc.

Notes to Unaudited Condensed Financial Statements–(Continued)

respectively.

Cash paid for amounts included in the measurement of lease liabilities for the six months ended June 30, 2026 and 2025 was $ 2.0 million and $ 1.7 million, respectively.

Contingencies

1 unchanged sentence

The Company accrues a liability for such matters when it is probable that future expenditures will be made and such expenditures can be reasonably estimated.

As of March 31, 2026, the Company is not currently party to any material le gal proceedings.

As of June 30, 2026, the Company is not currently party to any material le gal proceedings.

Stockholders’ Equity

4 unchanged sentences

In May 2024 , the Company filed a shelf registration statement on Form S-3ASR which included a new prospectus which covers the offering, issuance and sale of up to a maximum aggregate offering price of $ 150.0 million of the Company’s common stock under the Sale Agreement .

There was no activity from the Sale Agreement during the three months ended March 31, 2026 and 2025.

As of March 31, 2026 , $ 150.0 million of common stock remained available for sale under the Sale Agreement.

There was no activity from the Sale Agreement during the three and six months ended June 30, 2026 and 2025.

As of June 30, 2026 , $ 150.0 million of common stock remained available for sale under the Sale Agreement.

In July 2023, the Company closed an underwritten offering of 4,153,717 shares of its common stock and pre-funded warrants to purchase 583,483 shares of common stock at an exercise price of $ 0.001 per share.

14 unchanged sentences

Accordingly, the pre-funded common stock warrants are accounted for as a component of additional paid-in capital at the time of issuance.

Janux Therapeutics, Inc.

Notes to Unaudited Condensed Financial Statements–(Continued)

2017 Equity Incentive Plan

2 unchanged sentences

The maximum term of options granted under the 2017 Plan is ten years and, in general, the options issued under the 2017 Plan vest over a four-year period from the vesting commencement date.

Janux Therapeutics, Inc.

Notes to Unaudited Condensed Financial Statements–(Continued)

Plan allows for the early exercise of stock options, which may be subject to repurchase by the Company at the original exercise price.

The 2017 Plan allows for the early exercise of stock options, which may be subject to repurchase by the Company at the original exercise price.

Upon the effectiveness of the 2021 Plan defined and described below, no further grants will be made under the 2017 Plan.

7 unchanged sentences

In addition, the number of shares of common stock available for issuance under the 2021 Plan automatically increases on January 1 of each calendar year through January 1, 2031, in an amount equal to 5 % of the total number of shares of the Company’s common stock on the last day of the calendar month before the date of each automatic increase, or a lesser number of shares determined by the Company’s board of directors.

As of March 31, 2026, there wer e 13,571,381 sh ares authorized for issuance under the 2021 Plan, inclusive of shares added from 2017 Plan cancellations.

As of June 30, 2026, there wer e 16,195,173 sh ares authorized for issuance under the 2021 Plan, inclusive of shares added from 2017 Plan cancellations.

Stock Options

5 unchanged sentences

Forfeited or cancelled

Outstanding at March 31, 2026

Vested and expected to vest at March 31, 2026

Exercisable at March 31, 2026

The weighted-average grant date fair value per share of options granted during the three months ended March 31, 2026 and 2025 was $ 11.19 and $ 43.55 , respectively.

The total intrinsic value of stock options exercised for the three months ended March 31, 2026 and 2025 was $ 1.7 million and $ 3.0 million, respectively.

As of March 31, 2026 , total unrecognized stock-based compensation cost associated with option grants was $ 61.2 million, which is expected to be recognized over a remaining weighted-average period of approximately 2.7 years.

Outstanding at June 30, 2026

Vested and expected to vest at June 30, 2026

Exercisable at June 30, 2026

The weighted-average grant date fair value per share of options granted during the six months ended June 30, 2026 and 2025 was $ 11.22 and $ 39.26 , respectively.

The total intrinsic value of stock options exercised for the six months ended June 30, 2026 and 2025 was $ 2.2 million and $ 3.7 million, respectively.

As of June 30, 2026 , total unrecognized stock-based compensation cost associated with option grants was $ 52.3 million, which is expected to be recognized over a remaining weighted-average period of approximately 2.6 years.

The assumptions used in the Black-Scholes option pricing model to determine the fair value of stock options granted under the Plans were as follows:

Three Months Ended March 31,

Six Months Ended June 30,

Risk-free interest rate

3 unchanged sentences

101 % – 104 %

103 % – 104 %

Expected term (in years)

Expected dividend yield

Janux Therapeutics, Inc.

Notes to Unaudited Condensed Financial Statements–(Continued)

Risk-free interest rate .

3 unchanged sentences

Expected volatility.

Janux Therapeutics, Inc.

Notes to Unaudited Condensed Financial Statements–(Continued)

prices are publicly available, including the Company’s historical volatility, weighted by years of available trading data within the expected term.

For options granted in the initial years following the Company’s IPO, given the Company’s limited historical stock price volatility data, the expected volatility assumption is based on volatilities of a peer group of similar companies whose share prices are publicly available, including the Company’s historical volatility, weighted by years of available trading data within the expected term.

The peer group was developed based on companies in the biotechnology industry.

12 unchanged sentences

Forfeited or cancelled

Outstanding at March 31, 2026 (1)

Outstanding at June 30, 2026 (1)

(1) This amount includes 49,146 vested and unsettled RSUs granted to the Company’s non-employee directors who have elected deferred settlement of the RSUs to a specified date following the first to occur of (i) the date that is 30 days following the date of the director's separation from service for any reason, or (ii) a change in control event.

1 unchanged sentence

The grant-date fair value is recognized as compensation expense over the vesting period.

As of March 31, 2026, total unrecognized stock-based compensation cost associated wit h RSUs was $ 28.5 million, which is expected to be recognized over a remaining weighted-average period of approximately 3.3 years.

As of June 30, 2026, total unrecognized stock-based compensation cost associated wit h RSUs was $ 25.1 million, which is expected to be recognized over a remaining weighted-average period of approximately 3.1 years.

2021 Employee Stock Purchase Plan

4 unchanged sentences

provided that before the date of any such increase, the Company’s board of directors may determine that such increase will be less than the amount set forth in clauses (i) and (ii).

Stock-based compensation expense related to the ESPP was immaterial for the three months ended March 31, 2026 and 2025.

As of March 31, 2026 , total unrecognized stock-based compensation expense related to the ESPP was $ 1.2 million, which is expected to be recognized over a remaining weighted-average period of approximately 1.4 years.

Stock-based compensation expense related to the ESPP was immaterial for the three and six months ended June 30, 2026 and 2025.

As of June 30, 2026 , total unrecognized stock-based compensation expense related to the ESPP was $ 1.9 million, which is expected to be recognized over a remaining weighted-average period of approximately 1.5 years.

Janux Therapeutics, Inc.

3 unchanged sentences

Three Months Ended

Six Months Ended

Research and development

17 unchanged sentences

The Merck Agreement provides that Merck is obligated to pay to the Company tiered royalty payments on a product-by-product and country-by-country basis, ranging from low single-digit to low teens percentage royalty rates on specified portions of annual net sales for licensed products under either of the Collaboration Targets that are commercialized.

Such royalties are subject to reduction, on a product-by-product and country-by-country basis, for licensed products not covered by patent claims, or that require Merck to obtain a license to obtain a license to third-party intellectual property in order to commercialize the licensed products, or that are subject to compulsory licensing.

Such royalties are subject to reduction, on a product-by-product and country-by-country basis, for licensed products not covered by patent claims, or that require Merck to obtain a license to third-party intellectual property in order to commercialize the licensed products, or that are subject to compulsory licensing.

The Merck Agreement will terminate at the end of the calendar year in which the expiration of all royalty obligations occurs for all licensed products under the agreement.

4 unchanged sentences

Upon expiration of the agreement but not early termination thereof, and provided all payments due under the agreement have been made, Merck’s exclusive licenses under the agreement will become fully paid-up and perpetual.

Under the Merck Agreement, the Company recognized no revenue for each of the three months ended March 31, 2026 and 2025.

Under the Merck Agreement, the Company recognized no revenue for each of the three and six months ended June 30, 2026 and 2025.

The Company's performance obligations related to the First Collaboration Target and Second Collaboration Target were completed in March 2023 and August 2024, respectively.

6 unchanged sentences

BMS is obligated to use commercially reasonable efforts to develop and seek regulatory approval of and commercialize at least one Licensed Product in the United States.

As consideration for the rights granted to BMS under the BMS Agreement, the Company received an upfront payment of $ 15.0 million, will receive a $ 35.0 million payment related to a developmental milestone achieved in March 2026 and upon achievement of certain development, regulatory and sales milestones, will be eligible to receive up to $ 750.0 million in additional milestone payments.

As consideration for the rights granted to BMS under the BMS Agreement, the Company received an upfront payment of $ 15.0 million, a $ 35.0 million payment related to a developmental milestone and upon achievement of certain development, regulatory and sales milestones, will be eligible to receive up to $ 750.0 million in additional milestone payments.

In addition, BMS is obligated to make tiered royalty payments to the Company based on annual net sales of Licensed Products, with the applicable royalty rates ranging from high-single digit to low-double digit percentages, subject to certain customary reductions.

12 unchanged sentences

Under the cost-to-cost method, revenue is recognized based on the percentage of actual costs incurred relative to total estimated costs required to satisfy the performance obligation, applied to the estimated transaction price.

In accordance with ASC 606, the Company determined the initial transaction price under the BMS Agreement to be $ 57.3 million, which is comprised of the non-refundable upfront payment of $ 15.0 million, $ 35.0 million related to a developmental milestone achieved in March 2026, at which time the Company had an unconditional right to the consideration, and a total of $ 7.3 million aggregate estimated reimbursable expenses associated with certain research and development activities the Company is

In accordance with ASC 606, the transaction price under the BMS Agreement is $ 56.7 million, which is comprised of the non-refundable upfront payment of $ 15.0 million, $ 35.0 million related to the developmental milestone previously mentioned and a total of $ 6.7 million aggregate estimated reimbursable expenses associated with certain research and development activities the Company is required to perform under the BMS Agreement up to the point of IND submission.

The variable consideration related to estimated

Janux Therapeutics, Inc.

Notes to Unaudited Condensed Financial Statements–(Continued)

required to perform under the BMS Agreement up to the point of IND submission.

The variable consideration related to estimated reimbursable future research expenses was included in the transaction price under the expected value method based on the Company’s best estimate of the amount to be received as part of the joint development plan.

The aggregate amount of the transaction price allocated to the performance obligations that were unsatisfied (or partially unsatisfied) as of March 31, 2026 was $ 53.6 million.

reimbursable future research expenses is included in the transaction price under the expected value method based on the Company’s best estimate of the amount to be received as part of the joint development plan at each respective period end.

The aggregate amount of the transaction price allocated to the performance obligations that were unsatisfied (or partially unsatisfied) as of June 30, 2026 was $ 42.7 million.

The Company concluded that there was not a significant financing component under the BMS Agreement.

As of March 31, 2026, with respect to the remaining variable consideration within the BMS Agreement, including all other future development milestone payments and sales milestone payments, the Company did not determine that these payments were not probable of significant revenue reversal as their achievement is highly dependent on factors outside the Company’s control.

Therefore, this aggregate consideration has been fully constrained and is not included in the transaction price at March 31, 2026.

As of June 30, 2026, with respect to the remaining variable consideration within the BMS Agreement, including all other future development milestone payments and sales milestone payments, the Company did not determine that these payments were not probable of significant revenue reversal as their achievement is highly dependent on factors outside the Company’s control.

Therefore, this aggregate consideration has been fully constrained and is not included in the transaction price at June 30, 2026.

At the end of each subsequent reporting period, the Company will re-evaluate the probability of achievement of each milestone and any related constraint, and if necessary, adjust its estimate of the overall transaction price.

Any such adjustments are recorded on a cumulative catch-up basis, which would affect the reported amount of revenues in the period of adjustment.

Under the BMS Agreement, the Company recognized $ 3.7 million of revenue for the three months ended March 31, 2026.

As of March 31, 2026 , aggregate deferred revenue related to the BMS Agreement was $ 46.3 million, $ 37.6 million of which was classified as current.

The Company had $ 35.0 million of accounts receivable outstanding under the BMS Agreement as of March 31, 2026 .

Under the BMS Agreement, the Company recognized $ 10.3 million and $ 14.0 million of revenue for the three and six months ended June 30, 2026, respectively.

As of June 30, 2026 , aggregate deferred revenue related to the BMS Agreement was $ 36.1 million, $ 35.1 million of which was classified as current.

The Company had $ 0.1 million of accounts receivable outstanding under the BMS Agreement as of June 30, 2026 .

The remaining performance obligations under the BMS Agreement relate to the Company’s conduct of research services for the BMS Collaboration Target.

The Company estimates the remaining term of the research services, over which revenue will be recognized, to be 1.6 years as of March 31, 2026 .

The Company estimates the remaining term of the research services, over which revenue will be recognized, to be 1.3 years as of June 30, 2026 .

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