What changed in this filing

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Item 1. Financial Statements

2025-08-04 compared with 2025-05-02 · 110 added, 72 removed, 410 unchanged (31% of the section changed)

3 unchanged sentences

(Amounts in thousands, except share and per share data)

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

Current assets:

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Preferred stock, $ 0.0001 par value;

10,000,000 shares authorized and no shares issued or outstanding as of March 31, 2025 and December 31, 2024

10,000,000 shares authorized and no shares issued or outstanding as of June 30, 2025 and December 31, 2024

Common stock, $ 0.0001 par value;

150,000,000 shares authorized;

20,341,917 shares issued and outstanding as of March 31, 2025, and 19,422,358 shares issued and outstanding as of December 31, 2024

21,040,474 shares issued and outstanding as of June 30, 2025, and 19,422,358 shares issued and outstanding as of December 31, 2024

Additional paid-in capital 1,380,978 1,281,522

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Three Months Ended

June 30, Six Months Ended

2025 2024 2025 2024

Collaboration revenue $ — $ 357 $ — $ 788

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Three Months Ended

June 30, Six Months Ended

2025 2024 2025 2024

Net loss $ ( 71,127 ) $ ( 32,677 ) $ ( 140,423 ) $ ( 72,230 )

Change in unrealized gain on marketable securities, net of tax 5 3

Change in unrealized (loss) gain on marketable securities, net of tax ( 264 ) ( 74 ) ( 259 ) ( 71 )

Comprehensive loss $ ( 71,391 ) $ ( 32,751 ) $ ( 140,682 ) $ ( 72,301 )

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Balance at March 31, 2025 20,341,917 $ 14 $ 1,344,577 $ ( 906,036 ) $ 659 $ 439,214

Stock-based compensation expense — — 7,770 — — 7,770

Issuance of common stock from at-the-market offerings, net of commission costs of $ 579

657,477 — 28,360 — — 28,360

Issuance of common stock from exercise of pre-funded warrants 26,509 — — — — —

Issuance of common stock under employee stock purchase plan 9,319 — 294 — — 294

Vesting of restricted stock units 5,860 — — — — —

Shares withheld for taxes for vesting of restricted stock units ( 608 ) — ( 23 ) — — ( 23 )

Change in unrealized gain on marketable securities, net of tax — — — — ( 264 ) ( 264 )

Net loss — — — ( 71,127 ) — ( 71,127 )

Balance at June 30, 2025 21,040,474 $ 14 $ 1,380,978 $ ( 977,163 ) $ 395 $ 404,224

Common Stock Additional

1 unchanged sentence

Deficit Accumulated Other

Comprehensive Gain Total

Comprehensive Gain (Loss) Total

Stockholders’

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Balance at March 31, 2024 13,258,047 $ 13 $ 923,141 $ ( 693,474 ) $ 3 $ 229,683

Stock-based compensation expense — — 5,878 — — 5,878

Issuance of common stock from follow-on public offering and accompanying pre-funded warrants, net of underwriting discounts, commissions and offering costs of $ 14,013

3,849,558 1 215,987 — — 215,988

Issuance of common stock from exercise of pre-funded warrants 622,123 — — — — —

Issuance of common stock under employee stock purchase plan 25,146 — 311 — — 311

Vesting of restricted stock units 726 — — — — —

Shares withheld for taxes for vesting of restricted stock units ( 242 ) — ( 13 ) — — ( 13 )

Issuance of common stock upon exercise of stock options 148 — 4 — — 4

Change in unrealized loss on marketable securities, net of tax — — — — ( 74 ) ( 74 )

Net loss — — — ( 32,677 ) — ( 32,677 )

Balance at June 30, 2024 17,755,506 $ 14 $ 1,145,308 $ ( 726,151 ) $ ( 71 ) $ 419,100

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

2 unchanged sentences

(Amounts in thousands)

Three Months Ended

Six Months Ended

Cash flows from operating activities:

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Cash flows from investing activities:

Purchases of property and equipment ( 56 ) —

Purchases of marketable securities ( 158,404 ) ( 290,142 )

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Payments of tax withholdings related to vesting of restricted stock units ( 1,218 ) ( 150 )

Proceeds from exercise of stock options 560 143

Proceeds from exercise of stock options and employee stock purchase plan purchases 854 458

Net cash provided by financing activities 82,899 399,120

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Purchase of property and equipment included in accrued expenses $ 64 $ —

Issuance costs from at-the-market offering included in accrued expenses $ — $ 168

Issuance costs from at-the-market offering included in accounts payable and accrued expenses $ — $ 134

Offering costs from follow-on offering included in accounts payable $ — $ 108

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

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The Company has funded its operations primarily with proceeds from the issuance of redeemable convertible preferred stock, from the sale of common stock through an initial public offering, at-the-market offerings under its shelf registration statement, and follow-on public offerings of common stock and pre-funded warrants to purchase common stock.

From inception through March 31, 2025, the Company raised $ 1.2 billion in aggregate cash proceeds from these transactions, net of issuance costs.

From inception through June 30, 2025, the Company raised $ 1.2 billion in aggregate cash proceeds from these transactions, net of issuance costs.

The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including but not limited to, risks associated with completing preclinical studies and clinical trials, receiving regulatory approvals for product candidates, development by competitors of new biopharmaceutical products, dependence on key personnel, protection of proprietary technology, compliance with government regulations and the ability to secure additional capital to fund operations.

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In accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (Subtopic 205-40) , the Company has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that these condensed consolidated financial statements are issued.

The Company has incurred recurring losses since its inception, including a net loss of $ 69.3 million for the three months ended March 31, 2025.

In addition, as of March 31, 2025, the Company had an accumulated deficit of $ 906.0 million.

The Company has incurred recurring losses since its inception, including a net loss of $ 140.4 million for the six months ended June 30, 2025.

In addition, as of June 30, 2025, the Company had an accumulated deficit of $ 977.2 million.

The Company expects to continue to generate operating losses for the foreseeable future.

The Company expects that its cash, cash equivalents and marketable securities as of March 31, 2025 of $ 472.0 million will be sufficient to fund its operating expenditures and capital expenditure requirements necessary to advance its research efforts and clinical trials for at least one year from the date of issuance of these condensed consolidated financial statements.

The Company expects that its cash, cash equivalents and marketable securities as of June 30, 2025 of $ 446.6 million will be sufficient to fund its operating expenditures and capital expenditure requirements necessary to

advance its research efforts and clinical trials for at least one year from the date of issuance of these condensed consolidated financial statements.

The future viability of the Company is dependent on its ability to raise additional capital to finance its operations.

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Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and ASUs of the FASB.

The significant accounting policies used in preparation of these condensed consolidated financial statements for the three months ended March 31, 2025 are consistent with those discussed in Note 2 to the consolidated financial statements included in the Company's 2024 Annual Report on Form 10-K, other than as noted below.

The significant accounting policies used in preparation of these condensed consolidated financial statements for the three and six months ended June 30, 2025 are consistent with those discussed in Note 2 to the consolidated financial statements included in the Company's 2024 Annual Report on Form 10-K, other than as noted below.

Unaudited Interim Condensed Consolidated Financial Information

The accompanying condensed consolidated balance sheet as of March 31, 2025, the condensed consolidated statements of operations for the three months ended March 31, 2025 and 2024, the condensed consolidated statements of comprehensive loss for the three months ended March 31, 2025 and 2024, the condensed consolidated statements of cash flows for the three months ended March 31, 2025 and 2024 and the condensed consolidated statements of stockholders’ equity for the three months ended March 31, 2025 and 2024 are unaudited.

The unaudited interim financial statements have been prepared on the same basis as the audited annual consolidated financial statements, and in the opinion of management reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the Company’s financial position as of March 31, 2025, the results of its operations for the three months ended March 31, 2025 and 2024 and its cash flows for the three months ended March 31, 2025 and 2024.

Financial statement disclosures for the three months ended March 31, 2025 and 2024 are condensed and do not include all disclosures required for an annual set of financial statements in accordance with GAAP.

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

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of expenses during the reporting periods.

Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, accrued and prepaid research and development expense, collaboration revenue, stock-based compensation expense and the recoverability of the Company’s net deferred tax assets and related valuation allowance.

Estimates are periodically reviewed in light of changes in circumstances, facts and experience.

Changes in estimates are recorded in the period in which they become known.

Actual results could differ materially from those estimates.

The accompanying condensed consolidated balance sheet as of June 30, 2025, the condensed consolidated statements of operations for the three and six months ended June 30, 2025 and 2024, the condensed consolidated statements of comprehensive loss for the three and six months ended June 30, 2025 and 2024, the condensed consolidated statements of cash flows for the six months ended June 30, 2025 and 2024 and the condensed consolidated statements of stockholders’ equity for the three and six months ended June 30, 2025 and 2024 are unaudited.

The unaudited interim financial statements have been prepared on the same basis as the audited annual consolidated financial statements, and in the opinion of management reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the Company’s financial position as of June 30, 2025, the results of its operations for the three and six months ended June 30, 2025 and 2024 and its cash flows for the six months ended June 30, 2025 and 2024.

Financial statement disclosures for the three and six months ended June 30, 2025 and 2024 are condensed and do not include all disclosures required for an annual set of financial statements in accordance with GAAP.

The results for the three and six months ended June 30, 2025 are not necessarily indicative of results to be expected for the year ended December 31, 2025, any other interim periods, or any future year or period.

Common Stock Warrants

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The Company classifies warrants issued for the purchase of shares of its common stock as either equity or liability instruments based on an assessment of the specific terms and conditions of each respective contract.

Such assessment includes determining whether the warrants are freestanding financial instruments or embedded in a host instrument, whether the warrants are liabilities within the scope of ASC 480, whether the warrants meet the definition of a derivative in ASC 815 and whether the warrants meet the requirements for equity classification

pursuant to the indexation and equity classification criteria in ASC 815.

The Company determines the classification for its warrants at the time of issuance and updates its assessment, as necessary.

Warrants that meet all of the criteria for equity classification are recorded as a component of additional paid-in capital.

Net Loss per Share

Basic net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding for the period.

The calculation of weighted average number of common shares outstanding excludes shares of restricted common stock that are not vested but includes shares of common stock underlying pre-funded warrants.

Diluted net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding for the period, after giving consideration to the dilutive effect of potentially dilutive common shares.

For purposes of this calculation, outstanding options to purchase shares of common stock, unvested shares of restricted common stock and potential shares issuable under the 2020 ESPP are considered potentially dilutive common shares.

The Company has generated a net loss in all periods presented so the basic and diluted net loss per share are the same, as the inclusion of the potentially dilutive securities would be anti-dilutive.

Recently Enacted Tax Legislation

The One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S.

on July 4, 2025.

The OBBBA legislation provides for the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, revisions to the international tax framework and the reinstatement of favorable tax treatment for certain business provisions.

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

The Company maintains a full valuation allowance against its U.S.

federal and state deferred tax assets.

As such, it does not anticipate the OBBBA will have a material impact on its income tax provision in the near term.

However, the Company is currently evaluating the legislation’s potential impact on its tax attributes, including net operating loss carryforwards and tax credits, and on its condensed consolidated financial statements.

Recent Accounting Pronouncements

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Cash Equivalents and Marketable Securities

The following is a summary of the Company's investment portfolio as of March 31, 2025 and December 31, 2024 (in thousands):

As of March 31, 2025

The following is a summary of the Company's investment portfolio as of June 30, 2025 and December 31, 2024 (in thousands):

As of June 30, 2025

Gross Unrealized Estimated

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Total cash equivalents and marketable securities $ 398,109 $ 654 $ — $ 398,763

As of March 31, 2025, the Company had 7 securities with a total fair market value of $ 19.4 million in an unrealized loss position.

The Company believes that any unrealized losses associated with the decline in value of its securities is temporary and primarily related to the change in market interest rates since purchase, and believes that it is more likely than not that it will be able to hold its debt securities to maturity.

As of June 30, 2025, the Company had 21 securities with a total fair market value of $ 72.0 million in an unrealized loss position.

The Company believes that any unrealized losses associated with the decline in value of

its securities is temporary and primarily related to the change in market interest rates since purchase, and believes that it is more likely than not that it will be able to hold its debt securities to maturity.

The Company anticipates a full recovery of the amortized cost basis of its debt securities at maturity and an allowance was not recognized.

Contractual maturities of the marketable securities at each balance sheet date are as follows (in thousands):

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

Within one year $ 143,860 $ 177,195

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Securities are evaluated for impairment at the end of each reporting period.

The Company did not record any impairment related to its available-for-sale securities during the three months ended March 31, 2025 and 2024.

The Company did not record any impairment related to its available-for-sale securities during the three and six months ended June 30, 2025 and 2024.

Fair Value Measurements

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Prices or valuation techniques that require inputs that are both significant to the valuation of the asset and unobservable.

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

As of March 31, 2025

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

As of June 30, 2025

Level 1 Level 2 Level 3 Total

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Accrued expenses consisted of the following (in thousands):

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

Accrued external research and development expenses $ 15,279 $ 13,363

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The base rent increases by approximately 2 % annually.

The Company issued a letter of credit to the landlord related to the security deposit, secured by restricted cash, which is reflected within prepaid expenses and other current assets, and other non-current assets on the accompanying condensed consolidated balance sheets as of March 31, 2025 and December 31, 2024, respectively.

The Company issued a letter of credit to the landlord related to the security deposit, secured by restricted cash, which is reflected within prepaid expenses and other current assets and other non-current assets on the accompanying condensed consolidated balance sheets as of June 30, 2025 and December 31, 2024, respectively.

This lease qualifies as an operating lease.

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The option provided to UCB was determined not to be a material right.

The Company recognizes revenue for its research services performance obligation over time using an input method over the duration of the research services.

In December 2024, UCB exercised its option to in-license global development and commercialization rights for a KCNT1 development candidate as part of the Collaboration Agreement.

The Company recognized revenue for its research services performance obligation over time using an input method over the duration of the research services.

In December 2024, UCB exercised its option to in-license global

development and commercialization rights for a KCNT1 development candidate as part of the Collaboration Agreement.

Upon notice of the exercise, the Company recognized the $ 6.0 million option exercise fee and the $ 2.6 million of remaining collaboration revenue associated with the $ 5.0 million up front payment as collaboration revenue within the December 31, 2024 consolidated statement of operations, as the Company had no further research service obligations under the terms of the Collaboration Agreement.

The Company did not recognize any collaboration revenue associated with this Collaboration Agreement during the three months ended March 31, 2025, and as of March 31, 2025, there was no deferred revenue recorded in the condensed consolidated balance sheet.

The Company did not recognize any collaboration revenue associated with this Collaboration Agreement during the three and six months ended June 30, 2025.

As of June 30, 2025, there was no deferred revenue recorded in the condensed consolidated balance sheet.

During the three and six months ended June 30, 2024, the Company recognized $ 0.4 million and $ 0.8 million, respectively, related to the Collaboration Agreement in the condensed consolidated statement of operations.

As of December 31, 2024, there was no deferred revenue recorded in the consolidated balance sheet.

Tenacia Collaboration and License Agreement

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Total proceeds associated with the combined arrangement at inception were $ 14.8 million consisting of the following:

(i) $ 10.0 million gross

proceeds from the sale of common stock under the Stock Purchase Agreement and (ii) $ 4.8 million, net of tax, related to the up-front payment under the License Agreement, both of which were received in January 2024.

During the three months ended March 31, 2025, the Company had not achieved any development or sales milestones or earned any royalties under the License Agreement.

(i) $ 10.0 million gross proceeds from the sale of common stock under the Stock Purchase Agreement and (ii) $ 4.8 million, net of tax, related to the up-front payment under the License Agreement, both of which were received in January 2024.

During the three and six months ended June 30, 2025 and 2024, the Company did not achieve any development or sales milestones or earn any royalties under the License Agreement.

The Company recorded the common stock sold to BCPE at its issuance date fair value of $ 38.95 per share, or $ 17.3 million in the aggregate, which exceeded the proceeds received which were calculated based on the 20 % premium over the prior 30-day volume-weighted average price.

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For agreements where the licenses are considered separate performance obligations or represent the only performance obligation, the Company recognizes revenue at the point in time that the Company effectively grants the license, as the licenses or assignments represent functional intellectual property.

As of March 31, 2025, the Company did not have any receivables or deferred revenue related to the arrangement with Tenacia.

The Company did not recognize any contract assets related to costs to obtain a contract with a customer or costs to fulfill a contract with a customer through March 31, 2025 because no qualifying costs were incurred.

During the three months ended March 31, 2025, the Company did not recognize any revenue associated with the combined arrangement.

As of June 30, 2025 and December 31, 2024, the Company did not have any receivables or deferred revenue related to the arrangement with Tenacia.

The Company did not recognize any contract assets related to costs to obtain a contract with a customer or costs to fulfill a contract with a customer through June 30, 2025 because no qualifying costs were incurred.

During the three and six months ended June 30, 2025 and 2024, the Company did not recognize any revenue associated with the combined arrangement.

Common Stock and Preferred Stock

As of March 31, 2025 and December 31, 2024, the authorized capital stock of the Company included 150,000,000 shares of common stock, $ 0.0001 par value.

As of March 31, 2025 and December 31, 2024, the Company did no t hold any treasury shares.

As of June 30, 2025 and December 31, 2024, the authorized capital stock of the Company included 150,000,000 shares of common stock, $ 0.0001 par value.

As of June 30, 2025 and December 31, 2024, the Company did no t hold any treasury shares.

Follow-On Public Offerings

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No cash proceeds associated with the exercise were received by the Company.

During the three months ended March 31, 2025, 173,843 pre-funded warrants were exercised via cashless exercise, resulting in 173,840 shares of common stock issued.

During the six months ended June 30, 2025, 200,355 pre-funded warrants were exercised via cashless exercise, resulting in 200,349 shares of common stock issued.

No cash proceeds associated with the exercise were received by the Company.

As of March 31, 2025, a total of 730,737 pre-funded warrants associated with this offering remained outstanding.

As of June 30, 2025, a total of 704,225 pre-funded warrants associated with this offering remained outstanding.

April 2024 Public Offering

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No holder may exercise any portion of the warrants that would cause the aggregate number of shares of common stock beneficially owned by such holder, together with its affiliates, to exceed 4.99 % (or 9.99 %) of the issued and outstanding common stock.

A holder of a pre-funded warrant may increase or decrease this percentage up to 19.99 % by providing at least 61 days' prior notice to the Company.

A holder of a

pre-funded warrant may increase or decrease this percentage up to 19.99 % by providing at least 61 days' prior notice to the Company.

The pre-funded warrants do not expire.

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Following the occurrence of certain fundamental transactions, the holders of the pre-funded warrants have the right to receive upon exercise of the warrants the same amount and kind of securities, cash or property as they would have been entitled to receive if they had been holders of the common shares issuable under the warrants immediately prior to such transaction.

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

As of June 30, 2025, none of the pre-funded warrants have been exercised and all remained outstanding.

The Company determined that the pre-funded warrants related to the January 2024 and April 2024 public offerings are freestanding financial instruments because they are both legally detachable and separately exercisable from the common stock sold in the offering.

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Preferred Stock

As of March 31, 2025 and December 31, 2024, the authorized capital stock of the Company included 10,000,000 shares of undesignated preferred stock, $ 0.0001 par value.

As of June 30, 2025 and December 31, 2024, the authorized capital stock of the Company included 10,000,000 shares of undesignated preferred stock, $ 0.0001 par value.

Stock-Based Compensation

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In January 2025, the number of shares of common stock authorized for issuance under the Inducement Plan was increased by 870,000 shares.

The total number of shares of common stock authorized for issuance under the Inducement Plan as of March 31, 2025 and December 31, 2024 was 1,000,000 shares and 130,000 shares, respectively.

The total number of shares of common stock authorized for issuance under the Inducement Plan as of June 30, 2025 and December 31, 2024 was 1,000,000 shares and 130,000 shares, respectively.

2020 Stock Option and Incentive Plan

The total number of shares of common stock authorized for issuance under the 2020 Stock Option and Incentive Plan (the "2020 Plan”) as of March 31, 2025 and December 31, 2024 was 2,941,950 shares and 1,970,833 shares, respectively.

The total number of shares of common stock authorized for issuance under the 2020 Stock Option and Incentive Plan (the "2020 Plan”) as of June 30, 2025 and December 31, 2024 was 2,941,950 shares and 1,970,833 shares, respectively.

2017 Stock Incentive Plan

The total number of shares of common stock authorized for issuance under the 2017 Stock Incentive Plan (the "2017 Plan") as of March 31, 2025 and December 31, 2024 was 395,850 shares.

The total number of shares of common stock authorized for issuance under the 2017 Stock Incentive Plan (the "2017 Plan") as of June 30, 2025 and December 31, 2024 was 395,850 shares.

Any authorization to issue new options under the 2017 Plan was cancelled upon the effectiveness of the 2020 Plan and no further awards will be granted under the 2017 Plan.

2020 Employee Stock Purchase Plan

The total number of shares of common stock authorized for issuance under the 2020 Employee Stock Purchase Plan (the "2020 ESPP”) as of March 31, 2025 and December 31, 2024 was 369,368 shares and 175,145 shares, respectively.

The total number of shares of common stock authorized for issuance under the 2020 Employee Stock Purchase Plan (the "2020 ESPP”) as of June 30, 2025 and December 31, 2024 was 369,368 shares and 175,145 shares, respectively.

Restricted Stock Units

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Forfeited ( 19,952 ) 59.37

Unvested as of March 31, 2025 522,257 $ 62.23

As of March 31, 2025, total unrecognized compensation cost related to unvested restricted stock units was $ 30.0 million, which is expected to be recognized over a weighted-average period of 3.47 years.

Unvested as of June 30, 2025 515,596 $ 61.57

As of June 30, 2025, total unrecognized compensation cost related to unvested restricted stock units was $ 27.2 million, which is expected to be recognized over a weighted-average period of 3.28 years.

Stock Options

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Cancelled or Forfeited ( 16,964 ) 66.95

Outstanding as of March 31, 2025 2,050,354 $ 87.82 8.40 $ 1,117

Exercisable as of March 31, 2025 1,048,080 $ 114.85 7.64 $ 942

Vested and expected to vest as of March 31, 2025 2,050,354 $ 87.82 8.40 $ 1,117

Outstanding as of June 30, 2025 2,102,627 $ 86.63 8.18 $ 1,566

Exercisable as of June 30, 2025 1,132,791 $ 111.08 7.42 $ 1,336

Vested and expected to vest as of June 30, 2025 2,102,627 $ 86.63 8.18 $ 1,566

Valuation of Stock Options

The weighted-average assumptions that the Company used in the Black-Scholes option pricing model to determine the grant-date fair value of stock options granted to employees and non-employees on the date of grant were as follows for the three months ended March 31, 2025:

Three Months Ended

June 30, Six Months Ended

Risk-free interest rate 3.90 % 4.45 %

3 unchanged sentences

Weighted average grant-date fair value per share $ 34.10 $ 46.74

As of March 31, 2025, total unrecognized compensation cost related to unvested stock options was $ 45.2 million, which is expected to be recognized over a weighted-average period of 2.64 years.

As of June 30, 2025, total unrecognized compensation cost related to unvested stock options was $ 41.8 million, which is expected to be recognized over a weighted-average period of 2.40 years.

Stock-Based Compensation

1 unchanged sentence

Three Months Ended

June 30, Six Months Ended

2025 2024 2025 2024

Research and development $ 3,230 $ 2,060 $ 7,010 $ 7,658

4 unchanged sentences

Three Months Ended

June 30, Six Months Ended

2025 2024 2025 2024

Outstanding stock options 2,102,627 1,134,459 2,102,627 1,134,459

2 unchanged sentences

2,634,163 1,243,316 2,634,163 1,243,316

Common shares issuable upon exercise of the pre-funded warrants that were sold in connection with the January 2024 and April 2024 underwritten public offerings are included in the calculation of basic weighted average number of common shares outstanding for the three months ended March 31, 2025.

Consistent with the guidance in ASC 260-10-45-13, the underlying common shares are issuable for little to no consideration and there are no vesting conditions or contingencies associated with the warrants.

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One of the founders of RogCon became the Company's General Counsel in June 2020.

The Company continues to reimburse RogCon for its out-of-pocket costs incurred for activities performed under the License Agreement.

The Company continues to reimburse RogCon for its out-of-pocket costs incurred for

activities performed under the License Agreement.

Expenses incurred during all periods presented were not material.

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The majority of the Company's long-lived assets are held in the United States.

The following table presents selected financial information about the Company's single operating segment for the three months ended March 31, 2025 and 2024 (in thousands):

The following table presents selected financial information about the Company's single operating segment for the three and six months ended June 30, 2025 and 2024 (in thousands):

Three Months Ended

June 30, Six Months Ended

2025 2024 2025 2024

Collaboration revenue $ — $ 357 $ — $ 788

9 unchanged sentences

Other segment expenses (a)

6,753 5,037 15,129 10,183

Interest income 4,940 4,811 10,372 7,144

Consolidated net loss $ ( 69,296 ) $ ( 39,553 )

Net loss $ ( 71,127 ) $ ( 32,677 ) $ ( 140,423 ) $ ( 72,230 )

(a) Other segment expenses includes research and development and general and administrative costs not attributable to a specific program .

3 unchanged sentences

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