Company entered into a securities purchase agreement (the "purchase agreement") with a group of leading institutional investors for a private placement financing (the "private placement"). The private placement is expected to result in aggregate gross proceeds to the Company of approximately $50 million, before deducting placement agent fees and other offering expenses.

The private placement includes participation from Sirenia Capital Management LP, Aberdeen Investments, Montanova, Sessa Capital, Casdin Capital, a life sciences-focused institutional investor and others.

Pursuant to the terms of the purchase agreement, the Company agreed to issue and sell an aggregate of (i) 5,170,384 shares of its common stock, at a price of $7.93 per share, and (ii)  pre-funded warrants to purchase up to 1,134,930 shares of common stock, at a price of $7.929 per pre-funded warrant, which equals the per share price of $7.93 less the exercise price $0.001 for such pre-funded warrant. The pre-funded warrants are immediately exercisable and will expire when exercised in full. The private placement was priced at-the-market under the rules of The Nasdaq Stock Market LLC. The private placement is expected to close on or about October 9, 2026, subject to the satisfaction of customary closing conditions.

The Company intends to use the net proceeds from the private placement, together with its current cash, cash equivalents and investments, to fund development of its two lead product candidates, other research programs, working capital and general corporate purposes. The Company estimates that the net proceeds from the private placement together with existing cash, cash equivalents and investments, will fund its operations through 2028.