Nuvectis Pharma, Inc.

Previous wording

We have licensed exclusive world-wide development and commercial rights to NXP900, a SRC Family Kinase (“SFK”) inhibitor that potently inhibits the c-Src (“SRC”) and YES1 kinases. NXP900 was discovered at the University of Edinburgh, Scotland.

Current wording

We have licensed exclusive worldwide development and commercial rights to NXP900, a SRC Family Kinase (“SFK”) inhibitor that potently inhibits the c-Src (“SRC”) and YES1 kinases. NXP900 was discovered at the University of Edinburgh, Scotland.

Previous wording

YES1 is a nonreceptor tyrosine kinase that belongs to the SRC family of kinases and controls multiple cancer signaling pathways. YES1 is gene-amplified and overexpressed in many tumor types, where it promotes cell proliferation, survival, and invasiveness. In addition, YES1 directly phosphorylates and activates the yes-associated protein 1 (“YAP1”), the main effector of the Hippo pathway, which has been identified as a promoter of drug resistance, cancer progression, and metastasis in several cancer types, including squamous cell, mesothelioma and papillary kidney cancers.

Current wording

YES1 is a non-receptor tyrosine kinase that belongs to the SRC family of kinases and controls multiple cancer signaling pathways. YES1 is gene-amplified and overexpressed in many tumor types, where it promotes cell proliferation, survival, and invasiveness. In addition, YES1 directly phosphorylates and activates the YES-associated protein 1 (“YAP1”), the main effector of the Hippo pathway, which has been identified as a promoter of drug resistance, cancer progression, and metastasis in several cancer types, including squamous cell, mesothelioma, and papillary kidney cancers.

Previous wording

The Phase 1 study was initiated in September 2023 and is comprised of two parts: dose-escalation (Phase 1a), to be followed by an expansion phase (Phase 1b). In the ongoing Phase 1a, the safety, tolerability and pharmacokinetic properties of NXP900 in patients with advanced solid tumors are being assessed to identify doses and dosing schedules for Phase 1b. In July 2025 we announced the completion and topline results from of a clinical drug-drug interaction (DDI) study in healthy volunteers.

Current wording

The NXP900 Phase 1 study was initiated in September 2023 and is comprised of two parts: dose-escalation (Phase 1a), and an expansion phase (Phase 1b).

Previous wording

The NXP900 Phase 1a dose escalation study evaluated the safety, pharmacokinetics (PK) and pharmacodynamics (PD) of NXP900 in patients with advanced solid tumors (all comers). In this study, a dose range of 20 to 300 mg/day was evaluated and the dose limiting toxicity dose level was not reached. The most common treatment emergent adverse events were mainly gastrointestinal-related and mild to moderate in intensity; systemic exposure to NXP900 increased with increased doses and a robust pharmacodynamic response of

Current wording

The Phase 1a dose escalation study evaluated the safety, pharmacokinetics (PK), and pharmacodynamics (PD) of NXP900 in patients with advanced solid tumors (all comers). In this portion of the study, a dose range of 20 to 300 mg/day was evaluated and the dose limiting toxicity dose level was not reached. The most common treatment emergent adverse events were primarily gastrointestinal-related and mild to moderate in intensity; systemic exposure to NXP900 increased with increased doses and a robust pharmacodynamic response of approximately 90% inhibition of SRC kinase phosphorylation was elicited at doses of 150 mg/day and higher, suggesting a potentially wide therapeutic window. The results of the Phase 1a study support once-daily oral dosing of NXP900. In August 2025, we

Previous wording

The NXP900 DDI study was conducted to evaluate the potentially of NXP900 to induce the activity of Cytochrome P450 (“CYP”) enzymes, that showed that NXP900 effect on the enzyme CYP3A is classified as a weak inhibitor according to the International Council for Harmonization ("ICH") M12. Key safety results from the DDI study included 1) no serious or severe adverse events were reported in this study, 2) diarrhea and non-infection related increases in white blood cell counts were the most common adverse events reported, all mild to moderate in intensity.

Current wording

In July 2025, in advance of exploring combinations of NXP900 with EGFR and ALK inhibitors, we announced the completion and topline results from our clinical drug-drug interaction (DDI) study in healthy volunteers. The NXP900 DDI study was conducted to evaluate the potential of NXP900 to induce the activity of Cytochrome P450 (“CYP”) enzymes, which showed that NXP900's effect on the enzyme CYP3A is classified as a weak inhibitor according to the International Council for Harmonization ("ICH") M12. Key safety results from the DDI study included 1) no serious or severe adverse events were reported in this study, 2) diarrhea and non-infection related increases in white blood cell counts were the most common adverse events reported, all mild to moderate in intensity.

Previous wording

We have licensed exclusive world-wide development and commercial rights to NXP800, an oral, small molecule discoveredat the Institute of Cancer Research (“ICR”) in London, England.

Current wording

We have licensed exclusive worldwide development and commercial rights to NXP800, an oral, small molecule discoveredat the Institute of Cancer Research (“ICR”) in London, England.

Previous wording

In preclinical studies, treatment with NXP800 inhibited tumor growth in xenograft models of human ovarian, endometrial and gastric cancers, in which, a genetic mutation in the AT-rich interactive domain-containing protein 1A (“ARID1a”) gene was present, potentially rendering ARID1a as a biomarker for treatment sensitivity, thereby offering a potential strategy for patient enrichment. Based on this work, we have begun to clinically investigate NXP800 in platinum-resistant ARID1a-mutated ovarian carcinoma, a type of cancer which is primarily comprised of two histologies, ovarian clear cell carcinoma (“OCCC”) and ovarian endometrioid carcinoma (“OEC”). We are investigating the utility of ARID1a deficiency as a patient selection marker in additional tumor types. The genetic screening for the mutations in ARID1a can be detected using commercially available next generation sequencing-based in vitro diagnostic tests, which are routinely utilized in the clinic for cancer patients.

Current wording

In preclinical studies, treatment with NXP800 inhibited tumor growth in xenograft models of human ovarian, endometrial, and gastric cancers, in which a genetic mutation in the AT-rich interactive domain-containing protein 1A (“ARID1a”) gene was present, potentially rendering ARID1a as a biomarker for treatment sensitivity, thereby offering a potential strategy for patient enrichment. Based on this work, we have begun to clinically investigate NXP800 in platinum-resistant ARID1a-mutated ovarian carcinoma, a type of cancer that is primarily comprised of two histologies, ovarian clear cell carcinoma (“OCCC”) and ovarian endometrioid carcinoma (“OEC”). We are investigating the utility of ARID1a deficiency as a patient selection marker in additional tumor types. The genetic screening for mutations in ARID1a can be detected using commercially available next-generation sequencing-based in vitro diagnostic tests, which are routinely utilized in the clinic for cancer patients.

Previous wording

In December 2021, the Phase 1 study was initiated in the United Kingdom and is comprised of two parts: dose-escalation (Phase 1a), followed by an expansion phase (Phase 1b). In the Phase 1a, the safety, tolerability and pharmacokinetic properties of NXP800 were evaluated in patients with advanced solid tumors to identify a dose and dosing schedule for Phase 1b. The Phase 1b portion of the study, which was initiated in the second quarter of 2023, is evaluating the safety and preliminary anti-tumor activity of NXP800 in patients with platinum-resistant, ARID1a-mutated ovarian carcinoma.

Current wording

In December 2021, the Phase 1 study was initiated in the United Kingdom, comprising two parts: a dose-escalation phase (Phase 1a) followed by an expansion phase (Phase 1b). In the Phase 1a, the safety, tolerability and pharmacokinetic properties of NXP800 were evaluated in patients with advanced solid tumors to identify a dose and dosing schedule for Phase 1b. The Phase 1b portion of the study, initiated in the second quarter of 2023, is evaluating the safety and preliminary anti-tumor activity of NXP800 in patients with platinum-resistant, ARID1a-mutated ovarian cancer.

Previous wording

In July 2025, we announced a final clinical data update from the NXP800 Phase 1b study in ovarian cancer. Further development of NXP800 in ovarian cancer will not be pursued and in the coming months the Company will evaluate the feasibility of development opportunities for NXP800 in other cancer types in which the patients' performance status and other characteristics may allow treatment with NXP800 to be more impactful.

Current wording

In July 2025, we announced a final clinical data update from the NXP800 Phase 1b study in ovarian cancer. Further development of NXP800 in ovarian cancer will not be pursued. In the coming months, we will evaluate the feasibility of development opportunities for NXP800 in other cancer types, where patients' performance status and other characteristics may allow treatment with NXP800 to be more impactful.

Previous wording

From our inception on July 27, 2020, through June 30, 2025, we did not generate any revenue. Since our inception through June 30, 2025,* *our main activities have been development activities for our two drug candidates, NXP900 and NXP800, including completion of the in-license agreements, IND-enabling studies and the conduct of the ongoing Phase 1 clinical trials for each drug candidate and other organizational activities including capital raising. For NXP900, we conducted IND-enabling studies, which were followed by our IND application and acceptance by the FDA, as well as the Phase 1a clinical trial, which commenced in September 2023 and the DDI study conducted this year. For NXP800, we conducted IND-enabling studies, which were followed by our Clinical Trial Application and acceptance by the Medicines and Healthcare Regulatory Agency in the UK, IND application and acceptance by the FDA, and Clinical Trial Application and acceptance by the Spanish Agency of Medicines and Medical Devices in Spain. The Phase 1a and Phase 1b clinical trials for NXP800 commenced in December 2021 and April 2023, respectively.

Current wording

From our inception on July 27, 2020, through September 30, 2025, we did not generate any revenue. Since our inception through September 30, 2025,* *our primary activities have been focused on the development of our two drug candidates, NXP900 and NXP800, including the completion of in-licensing agreements, IND-enabling studies, and the ongoing Phase 1 clinical trials for each drug candidate, as well as other organizational activities such as capital raising. For NXP900, we conducted IND-enabling studies, which were followed by our IND application and subsequent acceptance by the FDA. Additionally, the Phase 1a clinical trial commenced in September 2023, the Phase 1b trial commenced in August 2025, and a DDI study was conducted this year. For NXP800, we conducted IND-enabling studies, which were followed by our Clinical Trial Application and acceptance by the Medicines and Healthcare Products Regulatory Agency in the UK, the IND application and acceptance by the FDA, and the Clinical Trial

Previous wording

Product candidates in later stages of clinical development generally have higher development costs than those in earlier stages of clinical development, primarily due to the increased size and duration of later-stage clinical trials. We expect that our research and development expenses will increase substantially in connection with our ongoing and planned preclinical and clinical development activities in the near term and in the future. The successful development of our product candidates is highly uncertain. At this time, we cannot accurately estimate or know the nature, timing and costs of the efforts that will be necessary to complete the preclinical and clinical development of any of our product candidates and we may never succeed in obtaining regulatory approval for any of our product candidates.

Current wording

Product candidates in later stages of clinical development typically incur higher development costs than those in earlier stages, primarily due to the increased size and duration of later-stage clinical trials. We anticipate that our research and development expenses will increase substantially in connection with our ongoing and planned preclinical and clinical development activities in the near term and beyond. The successful development of our product candidates is highly uncertain. At this time, we cannot accurately estimate or determine the nature, timing, or costs of the efforts required to complete the preclinical and clinical development of any of our product candidates. We may also fail to obtain regulatory approval for any of our product candidates.

Previous wording

General and administrative expenses consist primarily of salaries and personnel-related costs, including stock-based compensation, for our personnel in executive, finance and accounting, and other administrative functions. General and administrative expenses also include legal fees relating to patent and corporate matters; professional fees paid for accounting, auditing, consulting, and tax services; insurance costs; investor relations activities; travel expenses; and facility costs not otherwise included in research and development expenses.

Current wording

General and administrative expenses consist primarily of salaries and personnel-related costs, including stock-based compensation, for our personnel in executive, finance and accounting, and other administrative functions. General and administrative expenses also include legal fees related to patent and corporate matters, as well as professional fees paid for accounting, auditing, consulting, and tax services. These expenses also cover insurance costs, investor relations activities, travel expenses, and facility costs not otherwise included in research and development expenses.

Previous wording

We anticipate that our general and administrative expenses will increase in the future as we increase our headcount to support our continued research and development and other corporate activities.

Current wording

We anticipate that our general and administrative expenses will increase in the future as we expand our headcount to support ongoing research and development, as well as other corporate activities.

Previous wording

Research and development expenses increased by $0.7 million, or 23% during the three months ended June 30, 2025, compared to the same period in 2024. The increase in research and development expense during the three months ended June 30, 2025, was primarily

Current wording

Research and development expenses increased by $3.0 million, or 105% during the three months ended September 30, 2025, compared to the same period in 2024. The increase in research and development expense during the three months ended September 30, 2025, was primarily driven by a one-time $2.0 million increase in license fees associated with the NXP900 milestone achievement, a $0.7 million increase in clinical expenses related to the development of NXP900 and NXP800, and a $0.2 million increase in employee compensation and benefits.

Previous wording

General and administrative expenses increase by $1.3 million, or 75%, during the three months ended June 30, 2025, compared to the same period in 2024. The increase in general and administrative expenses during the three months ended June 30, 2025, was primarily driven by the $1.5 million increase in professional and consulting services related to public company related expenses including a $0.4 million increase in stock-based compensation.

Current wording

General and administrative expenses increased by $0.5 million, or 31%, during the three months ended September 30, 2025, compared to the same period in 2024. The increase in general and administrative expenses during the three months ended September 30, 2025, was primarily driven by the $0.4 million increase in professional and consulting services related to public company-related expenses and $0.1 million in employee compensation.

Previous wording

As a result of the foregoing, our loss from operations for the three months ended June 30, 2025, increased $1.9 million or 43%, compared to the same period in 2024.

Current wording

As a result of the foregoing, our loss from operations for the three months ended September 30, 2025, increased $3.3 million or 80%, compared to the same period in 2024.

Previous wording

The following table summarizes our results of operations expenses for the six months ended June 30, 2025 and 2024:

Current wording

The following table summarizes our results of operations expenses for the nine months ended September 30, 2025, and 2024:

Previous wording

The following table summarizes our research and development expenses for the six months ended June 30, 2025 and 2024:

Current wording

The following table summarizes our research and development expenses for the nine months ended September 30, 2025, and 2024:

Previous wording

Research and development expenses increased by $1.7 million during the six months ended June 30, 2025 compared to the same period in 2024. The increase in research and development expenses during the six months ended June 30, 2025 was primarily driven by a $1.0

Current wording

Research and development expenses increased by $4.6 million during the nine months ended September 30, 2025, compared to the same period in 2024. The increase in research and development expenses during the nine months ended September 30, 2025, was primarily driven by a $2.4 million increase in one-time license fees for NXP900, $1.7 million increase in clinical expenses, and $0.6 million increase in employee compensation, and partially offset by a $0.1 million decrease in manufacturing expenses.

Previous wording

The following table summarizes our general and administrative expenses for the six months ended June 30, 2025 and 2024: (in thousands)

Current wording

The following table summarizes our general and administrative expenses for the nine months ended September 30, 2025, and 2024: (in thousands)

Previous wording

General and administrative expenses increased $1.4 million during the six months ended June 30, 2025 compared to the same period in 2024. The increase in general and administrative expenses during the six months ended June 30, 2024, was primarily driven by the $1.2 million increase in professional and consulting services related to public company related expenses including $0.4 million increase in stock-based compensation, $0.2 million increase for insurance and other expenses and $0.1 million increase in employee compensation.

Current wording

General and administrative expenses increased $1.9 million during the nine months ended September 30, 2025, compared to the same period in 2024. The increase in general and administrative expenses during the nine months ended September 30, 2024, was primarily driven by the $1.5 million increase in professional and consulting services related to public company-related expenses, $0.2 million increase in insurance and other expenses, and $0.2 million increase in employee compensation.

Previous wording

As a result of the foregoing, our loss from operations for the six months ended June 30, 2025, increased $3.1 million, compared to the same period in 2024, which was primarily driven by increased employee compensation and benefits, professional and consulting services, clinical trial expenses, and one-time license fee for NXP900.

Current wording

As a result of the foregoing, our loss from operations for the nine months ended September 30, 2025, increased $6.4 million, compared to the same period in 2024, which was primarily driven by increased employee compensation and benefits, professional and consulting services, clinical trial expenses, and a one-time license fee for NXP900.

Previous wording

As of June 30, 2025, we had $26.8 million of cash and cash equivalents. For the three months ended June 30, 2025 and 2024, we reported net losses of $6.3 million and $4.4 million, respectively. For the six months ended June 30, 2025 and 2024, our net losses were $11.7 million and $8.6 million, respectively.

Current wording

As of September 30, 2025, we had $35.4 million of cash and cash equivalents. For the three months ended September 30, 2025 and 2024, we reported net losses of $7.5 million and $4.2 million, respectively. For the nine months ended September 30, 2025, and 2024, our net losses were $19.1 million and $12.8 million, respectively.

Previous wording

In addition, on July 29, 2022, we completed the July 2022 Private Placement in which we received gross proceeds of $15.9 million before deducting fees and expenses (for net proceeds of $14.2 million) excluding payments required by our license agreements. As part of this transaction, we issued Preferred Investment Options which became exercisable on January 23, 2023, and are exercisable through January 29, 2026, at an exercise price of $9.65 per share, subject to certain adjustments as defined in the securities purchase agreement. As of December 31, 2023, 1,001,091 Preferred Investment Options were exercised for $8.9 million, net of fees. For the three and six months ended June 30, 2025, zero Preferred Investment Options were exercised, and $0.0 million, net of fees, was received. In addition, as part of the July 2022 Private Placement, we issued warrants to the placement agent to purchase up to 115,481 shares of common stock. The placement agent warrants are in substantially the same form as the Preferred Investment Options, except that the exercise price is $10.31. As of June 30, 2025, 79,104 placement agent warrants were exercised, and $0.8 million, net of fees, was received.

Current wording

In addition, on July 29, 2022, we completed the July 2022 Private Placement in which we received gross proceeds of $15.9 million before deducting fees and expenses (for net proceeds of $14.2 million), excluding payments required by our license agreements. As part of this transaction, we issued Preferred Investment Options, which became exercisable on January 23, 2023, and are exercisable through January 29, 2026, at an exercise price of $9.65 per share, subject to certain adjustments as defined in the securities purchase agreement. As of December 31, 2023, 1,001,091 Preferred Investment Options were exercised for $8.9 million, net of fees. For the three and nine months ended September 30, 2025, zero Preferred Investment Options were exercised, and $0.0 million, net of fees, was received. In addition, as part of the July 2022 Private Placement, we issued warrants to the placement agent to purchase up to 115,481 shares of common stock. The placement agent warrants are in substantially the same form as the Preferred Investment Options, except that the exercise price is $10.31. As of September 30, 2025, 79,104 placement agent warrants were exercised, and $0.8 million, net of fees, was received.

Previous wording

On March 17, 2023, we filed a shelf registration statement on Form S-3 (the “Registration Statement”). Pursuant to the Registration Statement, we may offer and sell securities having an aggregate public offering price of up to $150.0 million. In connection with the filing of the Registration Statement, we also entered into a sales agreement with H. C. Wainwright & Co. (the “Sales Agent”), pursuant to which we may issue and sell shares of our common stock for an aggregate offering price of up to $40.0 million under an at-the-market offering program (the “ATM”), which is included in the $150.0 million of securities that may be offered pursuant to the Registration Statement. Pursuant to the ATM, we will pay the Sales Agent a commission rate of up to 3.0% of the gross proceeds from the sale of

Current wording

filing of the Registration Statement, we also entered into a at-the-market sales agreement with H. C. Wainwright & Co. (the “Sales Agent”), pursuant to which we may issue and sell shares of our common stock for an aggregate offering price of up to $40.0 million under an at-the-market offering program (the “ATM”), which is included in the $150.0 million of securities that may be offered pursuant to the Registration Statement. Pursuant to the ATM, we will pay the Sales Agent a commission rate of up to 3.0% of the gross proceeds from the sale of any shares of our common stock. On April 30, 2025, we terminated our sales agreement with the Sales Agent. On May 9, 2025, we entered into a new sales agreement with Leerink Partners, the sales agent, pursuant to which we may issue and sell shares of our common stock for an aggregate offering price of up to $60.0 million under an at-the-market offering program (the “ 2025 ATM”), which is included in the $150.0 million of securities that may be offered pursuant to the Registration Statement. Pursuant to the 2025 ATM, we will pay the Sales Agent a commission rate of up to 3.0% of the gross proceeds from the sale of any shares of our common stock. We are not obligated to make any sales of shares under either ATM program. As of September 30, 2025, we have sold 13,835,139 shares of our common stock and received $32.3 million in net proceeds under the ATM programs.

Previous wording

We believe that the proceeds from our IPO, private placement, ATM and public offering will enable us to fund our operating expenses and capital expenditures through at least the next 12 months from the issuance of our financial statements. We have based this estimate on assumptions that may prove to be wrong, and we could exhaust our available capital resources sooner than we expect. Our future viability in the long term is dependent on our ability to raise additional capital to finance our operations.

Current wording

We believe that the proceeds from our IPO, private placement, ATM Program, and public offering will enable us to fund our operating expenses and capital expenditures through at least the next 12 months from the issuance of our financial statements. We have based this estimate on assumptions that may prove to be incorrect, and we could exhaust our available capital resources sooner than expected. Our long-term viability is dependent on our ability to raise additional capital to finance our operations.

Previous wording

We expect our expenses to increase in connection with our ongoing activities, particularly as we advance the clinical trials of our current or future product candidates, including payments of milestones and sponsored research commitments associated with our license agreements for NXP900 and NXP800. In addition, we expect to incur increasing costs associated with operating as a public company as we continue to grow, including increased legal, accounting, investor relations, and other expenses. The timing and amount of our operating expenditures will depend largely on our ability to:

Current wording

We expect our expenses to increase in connection with our ongoing activities, particularly as we advance the clinical trials of our current or future product candidates, including payments of milestones and sponsored research commitments associated with our license agreements for NXP900 and NXP800. Additionally, we anticipate incurring increasing costs associated with operating as a public company as we continue to grow, including higher expenses for legal, accounting, investor relations, and other services. The timing and amount of our operating expenditures will depend largely on our ability to:

Previous wording

During the six months ended June 30, 2025, $7.5 million of cash was used in operating activities. This was primarily attributable to our net loss of $11.7 million, partially offset by non-cash charges of $3.1 million. The change in our operating assets and liabilities was primarily due to $1.1 million payments to vendors, and a $0.1 million payment for our director and officer insurance.

Current wording

During the nine months ended September 30, 2025, $12.0 million of cash was used in operating activities. This was primarily attributable to our net loss of $19.1 million, partially offset by non-cash charges of $4.6 million. The change in our operating assets and liabilities was primarily due to $3.1 million payments to vendors, and a $0.1 million payment for our director and officer insurance.

Previous wording

During the six months ended June 30, 2024, $7.4 million of cash was used in operating activities. This was primarily attributable to our net loss of $8.6 million, partially offset by non-cash charges of $2.6 million. The change in our operating assets and liabilities was primarily due to $0.5 million of payments for employee compensation and benefits.

Current wording

During the nine months ended September 30, 2024, $9.8 million of cash was used in operating activities. This was primarily attributable to our net loss of $12.8 million, partially offset by non-cash charges of $3.7 million. The change in our operating assets and liabilities was primarily due to $0.6 million of payments for vendors and $0.1 million payment for our directors and officer insurance.

Previous wording

During the six months ended June 30, 2025, net cash provided by financing activities was $15.8 million, consisting primarily of net proceeds from the sale of common stock through the public offering and the ATM.

Current wording

During the nine months ended September 30, 2025, net cash provided by financing activities was $28.9 million, consisting primarily of net proceeds from the sale of common stock through the February 2025 public offering and the ATM Programs.

Previous wording

During the six months ended June 30, 2024, net cash provided by financing activities was $6.4 million, consisting of $6.4 million of net proceeds from the sale of common stock through the ATM.

Current wording

During the nine months ended September 30, 2024, net cash provided by financing activities was $7.8 million, consisting of $7.8 million of net proceeds from the sale of common stock through the ATM Programs.

Previous wording

Pursuant to the NXP800 License Agreement, we are required to make payments to the ICR for certain development and regulatory milestones, including up to $22.0 million related to pre-approval milestones, up to $178 million (in addition to the $22.0 million) in regulatory and commercial sales milestones, and mid-single digit to 10% royalties on a tiered basis on net sales, unless development ceases. Additionally, we originally agreed to provide the ICR with up to an additional $0.5 million in research and development. On March 31, 2022, we agreed to provide the ICR with $0.4 million of additional research and development support ($0.9 million total).

Current wording

Pursuant to the NXP800 License Agreement, we are required to make payments to the ICR for certain development and regulatory milestones, including up to $22.0 million related to pre-approval milestones, up to $178 million (in addition to the $22.0 million) in regulatory and commercial sales milestones, and mid-single digit to 10% royalties on a tiered basis on net sales, unless development ceases. Additionally, we originally agreed to provide the ICR with up to an additional $0.5 million in research and development. On March 31, 2022, we agreed to provide the ICR with $0.4 million of additional research and development support ($0.9 million total). In July 2025, we announced a final clinical data update from the NXP800 Phase 1b study in ovarian cancer. Further development of NXP800 in ovarian cancer will not be pursued and in the coming months we will evaluate the feasibility of development opportunities

Previous wording

We did not have during the periods presented, and we do not currently have, any off-balance sheet arrangements, as defined in the rules and regulations of the SEC.

Current wording

We did not have any off-balance sheet arrangements during the periods presented, and we do not currently have any, as defined in the rules and regulations of the SEC.

Previous wording

Our condensed financial statements and the related notes thereto included elsewhere in this Quarterly Report on Form 10-Q are prepared in accordance with U.S. generally accepted accounting principles. The preparation of condensed financial statements also requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, costs, expenses, and related disclosures. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ significantly from the estimates made by management. To the extent that there are differences between our estimates and actual results, our future financial statement presentation, financial condition, results of operations, and cash flows will be affected.

Current wording

Our condensed financial statements and the related notes thereto included elsewhere in this Quarterly Report on Form 10-Q are prepared in accordance with U.S. generally accepted accounting principles. The preparation of condensed financial statements also requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, costs, expenses, and related disclosures. We base our estimates on historical experience and various other assumptions that we believe are reasonable under the circumstances. Actual results could differ significantly from the estimates made by management. To the extent that there are differences between our estimates and actual results, our future financial statement presentation, financial condition, results of operations, and cash flows will be affected.