Aprea Therapeutics, Inc.

Previous wording

We are targeting WEE1, a kinase that is a key regulator of multiple phases of the cell cycle. Our lead WEE1 inhibitor product candidate is APR-1051. In March 2024, our IND for APR-1051 (IND 169359) went into effect and in the second quarter of 2024 we enrolled the first patient into ACESOT-1051, our Phase 1 dose escalation study. Preliminary results provide early clinical proof-of-concept of APR-1051. A potential dose-response trend was observed, with increasing single-agent activity across the 70 mg, 100 mg, 150 mg and 220 mg cohorts. On January 29, 2026, we announced the first unconfirmed partial response (uPR) observed in a patient enrolled in the ongoing Phase 1 ACESOT-1051 dose-escalation study: a patient with PPP2R1A-mutated uterine serous carcinoma, a form of endometrial cancer, treated at the 150 mg dose level of APR-1051. At the protocol-defined 8-week first imaging assessment, the patient achieved a 50% reduction in target lesion size per RECIST v1.1 criteria, along with a marked reduction in cancer antigen 125 (CA-125) levels, from 732 to 70 U/mL. CA-125 is a well-recognized tumor marker in endometrial cancer. On March 30, 2026, we announced a confirmed partial response observed in a second patient with PPP2R1A-mutated endometrial cancer, treated at the 220 mg dose level. At the first imaging assessment the patient achieved a 50% reduction in target lesion size, along with a marked decline in CA-125 from 362 at baseline to 47 U/mL, further supporting the anti-tumor activity of APR-1051. This response was subsequently confirmed at the second image assessment, with an additional 9.5% reduction in target lesion size, and a reduction in CA-125 to 40.2U/ml (from 362 U/mL at baseline). As of April 30, 2026, we observed 6 patients with stable disease in the ongoing Phase 1 ACESOT-1051 dose escalation study. In addition, preliminary results from the ACESOT-1051 study indicate that APR-1051 has been well-tolerated to date, supporting our development strategy to differentiate WEE1 inhibition through a potentially improved therapeutic index. We are currently dosing patients in the 300mg cohort. If the 300mg cohort is deemed safe we plan to further dose patients at 400mg and will further test at 500mg, if 400mg is deemed safe. We will enroll subjects into backfill at 220mg after the 300mg cohort is fully enrolled. Backfill consists of assigning patients to dose levels below the level where the study is at and allows for the collection of additional pharmacokinetic, and response data. Our plan is to expand enrollment in ACESOT-1051 to include at least 50 patients with uterine serous carcinoma (USC), as well as patients with cyclin E-overexpressing, platinum-resistant ovarian cancer (PROC). This strategy is designed to sharpen the clinical development path for APR-1051 and provide further insight into biomarker-defined patient populations most

Current wording

We are targeting WEE1, a kinase that is a key regulator of multiple phases of the cell cycle. Our lead WEE1 inhibitor product candidate is APR-1051. In March 2024, our IND for APR-1051 (IND 169359) went into effect and in the second quarter of 2024 we enrolled the first patient into ACESOT-1051, our Phase 1 dose escalation study. Preliminary results provide early clinical proof-of-concept of APR-1051. On January 29, 2026, we announced the first unconfirmed partial response (uPR) observed in a patient enrolled in the ongoing Phase 1 ACESOT-1051 dose-escalation study: a patient with PPP2R1A-mutated uterine serous carcinoma, a form of endometrial cancer, treated at the 150 mg dose level of APR-1051. At the protocol-defined 8-week first imaging assessment, the patient achieved a 50% reduction in target lesion size per RECIST v1.1 criteria, along with a marked reduction in cancer antigen 125 (CA-125) levels, from 732 to 70 U/mL. CA-125 is a well-recognized tumor marker in endometrial cancer. On March 30, 2026, we announced a confirmed partial response observed in a second patient with PPP2R1A-mutated endometrial cancer, treated at the 220 mg dose level. At the first imaging assessment the patient achieved a 50% reduction in target lesion size, along with a marked decline in CA-125 from 362 at baseline to 47 U/mL, further supporting the anti-tumor activity of APR-1051. This response was subsequently confirmed at the second image assessment, with an additional 9.5% reduction in target lesion size, and a reduction in CA-125 to 40.2U/ml (from 362 U/mL at baseline). As of May 6, 2026, we observed 6 patients with stable disease in the ongoing Phase 1 ACESOT-1051 dose escalation study. We expect to report the next clinical data update from ACESOT-1051 at a medical meeting in the fourth quarter of 2026. Enrollment is accelerating ahead of this anticipated clinical catalyst, with the number of active clinical sites expanding from three to ten. We expect enrollment to reach 6 to 10 patients per month by Q4 of 2026, potentially increasing the pace of clinical data generation. Our plan is to expand enrollment in ACESOT-1051 to include at least 50 patients with uterine serous carcinoma (USC), or patients with cyclin E-overexpressing, platinum-resistant ovarian cancer (PROC). This strategy is designed to sharpen the clinical development path for APR-1051 and provide further insight into biomarker-defined patient populations most likely to benefit from WEE1 inhibition. Completion of dose escalation and backfill expansion is anticipated in the second quarter of 2027.

Previous wording

Our second clinical-stage synthetic lethality product candidate is ATRN-119, an oral small molecule inhibitor of ataxia telangiectasia and Rad3-related, or ATR. The ATR kinase is a master regulator of the DNA damage response, with key roles in cell cycle control and DNA repair following replication stress. We have developed ATRN-119, the first oral macrocyclic ATR inhibitor to enter clinical trials. On October 15, 2025, we determined the recommended Phase 2 monotherapy dose (RP2D) of 1,100 mg once daily for ATRN-119 in the ABOYA-119 Phase 1/2a dose-escalation study, in patients with advanced solid tumors. Building on the completion of dose escalation, we are considering further ATRN-119 development in combination approaches that could expand its therapeutic potential. We believe ATRN-119's mechanism of action, favorable safety profile, and pharmacologic characteristics make it an ideal candidate for combination with other anti-cancer therapies, including radiation therapy, chemotherapy, antibody-drug conjugates (ADCs) and immune checkpoint inhibitors. As part of this strategic focus, we have initiated an orderly wind-down of ABOYA-119 as we explore ATRN-119 in potential combination approaches.

Current wording

Our second clinical-stage synthetic lethality product candidate is ATRN-119, an oral small molecule inhibitor of ataxia telangiectasia and Rad3-related, or ATR. The ATR kinase is a master regulator of the DNA damage response, with key roles in cell cycle control and DNA repair following replication stress. We have developed ATRN-119, the first oral macrocyclic ATR inhibitor to enter clinical trials. On October 15, 2025, we determined the recommended Phase 2 monotherapy dose (RP2D) of 1,100 mg once daily for ATRN-119 in the ABOYA-119 Phase 1/2a dose-escalation study, and have closed this study to focus our resources on the clinical development of APR-1051. Building on the completion of dose escalation, we are considering further ATRN-119 development in combination approaches that could expand its therapeutic potential. We believe ATRN-119's mechanism of action, favorable safety profile, and pharmacologic characteristics potentially make it an ideal candidate for combination with other anti-cancer therapies, including radiation therapy, chemotherapy, antibody-drug conjugates (ADCs) and immune checkpoint inhibitors.

Previous wording

In addition, we have an early-stage program, APR-1602, a macrocyclic DYRK1A/B inhibitor, that will be ready to enter IND-enabling studies in the fourth quarter of 2026.

Current wording

In addition, we have an early-stage program, a macrocyclic DYRK1A/B inhibitor, that we potentially could enter IND enabling studies in the fourth quarter of 2026, subject to available resources.

Previous wording

conditions of the grants are met. Associated expenses are recognized when incurred as research and development expense. We concluded that payments received under these grants represent conditional, nonreciprocal contributions, as described in ASC 958,* Not-*for-Profit Entities, and that the grants are not within the scope of ASC 606, Revenue from Contracts with Customers, as the organizations providing the grants do not meet the definition of a customer.

Current wording

Our revenue is primarily generated through grants from government and non-government organizations. Grant revenue is recognized during the period that the research and development services occur, as qualifying expenses are incurred or conditions of the grants are met. Associated expenses are recognized when incurred as research and development expense. We concluded that payments received under these grants represent conditional, nonreciprocal contributions, as described in ASC 958,* Not-*for-Profit Entities, and that the grants are not within the scope of ASC 606, Revenue from Contracts with Customers, as the organizations providing the grants do not meet the definition of a customer.

Previous wording

Research and development activities are central to our business model. 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 continue to increase for the foreseeable future as we progress clinical trials for APR-1051. With the current pause on further patient enrollment in both once daily and twice daily monotherapy dosing arms of ABOYA-119 and the orderly wind-down of certain clinical trial site activities associated with the monotherapy arms as we explore ATRN-119 in potential combination approaches.

Current wording

Research and development activities are central to our business model. 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 continue to increase for the foreseeable future as we progress clinical trials for APR-1051. With the closure of ABOYA-119, we are exploring ATRN-119 in potential combination approaches with potential partners.

Previous wording

We cannot determine with certainty the duration and costs of planned clinical trials of our product candidates or if, when, or to what extent we will generate revenue from the commercialization and sale of any our product candidates for which we obtain marketing approval. We may never succeed in obtaining marketing approval for any of our product

Current wording

We cannot determine with certainty the duration and costs of planned clinical trials of our product candidates or if, when, or to what extent we will generate revenue from the commercialization and sale of any our product candidates for which we obtain marketing approval. We may never succeed in obtaining marketing approval for any of our product candidates. The duration, costs and timing of clinical trials and development of our product candidates will depend on a variety of factors, including:

Previous wording

Our consolidated financial statements are presented in U.S. dollars, which is our reporting currency. The financial position and results of operations of our subsidiary Aprea AB is measured using the foreign subsidiary’s local currency as the functional currency. Aprea AB cash accounts holding U.S. dollars are remeasured based upon the exchange rate at the date of remeasurement with the resulting gain or loss included in the consolidated statement of operations and comprehensive loss. Expenses of such subsidiaries have been translated into U.S. dollars at average exchange rates prevailing during the period. Assets and liabilities have been translated at the rates of exchange on the consolidated balance sheet date. The resulting translation gain and loss adjustments are recorded directly as a separate component of

Current wording

Our consolidated financial statements are presented in U.S. dollars, which is our reporting currency. The financial position and results of operations of our subsidiary Aprea AB is measured using the foreign subsidiary’s local currency as the functional currency. Aprea AB cash accounts holding U.S. dollars are remeasured based upon the exchange rate at the date of remeasurement with the resulting gain or loss included in the consolidated statement of operations and comprehensive loss. Expenses of such subsidiaries have been translated into U.S. dollars at average exchange rates prevailing during the period. Assets and liabilities have been translated at the rates of exchange on the consolidated balance sheet date. The resulting translation gain and loss adjustments are recorded directly as a separate component of stockholders’ equity and as other comprehensive loss on the consolidated statement of operations and comprehensive loss.

Previous wording

We base our expenses related to preclinical studies and clinical trials on the services received and efforts expended pursuant to quotes and contracts with CROs that conduct and manage preclinical studies and clinical trials on our behalf. The financial terms of these agreements are subject to negotiation, vary from contract to contract and may result in uneven payment flows. There may be instances in which payments made to our vendors will exceed the level of services provided and result in a prepayment of the expense. Payments under some of these contracts are fee for service or depend on factors such as the successful enrollment of patients and the completion of clinical trial milestones. If the actual timing of the performance of services or the level of effort varies from the amount accrued, we adjust the accrual or amount of prepaid expense accordingly. Although we do not expect our accrued research and development expenses

Current wording

We base our expenses related to preclinical studies and clinical trials on the services received and efforts expended pursuant to quotes and contracts with CROs that conduct and manage preclinical studies and clinical trials on our behalf. The financial terms of these agreements are subject to negotiation, vary from contract to contract and may result in uneven payment flows. There may be instances in which payments made to our vendors will exceed the level of services provided and result in a prepayment of the expense. Payments under some of these contracts are fee for service or depend on factors such as the successful enrollment of patients and the completion of clinical trial milestones. If the actual timing of the performance of services or the level of effort varies from the amount accrued, we adjust the accrual or amount of prepaid expense accordingly. Although we do not expect our accrued research and development expenses to be materially different from amounts actually incurred, our understanding of the status and timing of services performed relative to the actual status and timing of services performed may vary and may result in us reporting amounts that are too high or too low in any particular period. To date, we have not made any material adjustments to our prior accruals of research and development expenses.

Previous wording

We are a “smaller reporting company,” as such term is defined in Rule 12b-2 of the Exchange Act, meaning that the market value of our common stock held by non-affiliates is less than $700 million and our annual revenue is less than $100 million during the most recently completed fiscal year. We may continue to be a smaller reporting company if either (i) the market value of our common stock held by non-affiliates is less than $250 million or (ii) our annual revenue is less than $100 million during the most recently completed fiscal year and the market value of our common stock held by non-affiliates is less than $700 million. As a smaller reporting company, we may continue to rely on exemptions from certain disclosure requirements that are available to smaller reporting companies. Specifically, as a smaller reporting company we may choose to present only the two most recent fiscal years of audited financial statements in our Annual Report on Form 10-K and smaller reporting companies have reduced disclosure obligations regarding executive compensation.

Current wording

We are a “smaller reporting company,” as such term is defined in Rule 12b-2 of the Exchange Act. We will continue to be a smaller reporting company so long as either (i) the market value of our common stock held by non-affiliates is less than $250 million or (ii) our annual revenue is less than $100 million during the most recently completed fiscal year and the market value of our common stock held by non-affiliates is less than $700 million. As a smaller reporting company,

Previous wording

Research and development expenses for the three months ended March 31, 2026 were approximately $1.6 million, compared to approximately $2.5 million for the three months ended March 31, 2025. The overall decrease of $0.9 million was primarily due to the following:

Current wording

Research and development expenses for the three months ended June 30, 2026 were approximately $2.5 million, compared to approximately $1.9 million for the three months ended June 30, 2025. The overall increase of $0.6 million was primarily due to the following:

Previous wording

Foreign currency gain for the three months ended March 31, 2026 was $7,711 compared to a foreign currency loss of $51,803 for the three months ended March 31, 2025. The change in the foreign currency gain (loss) of $59,514 was primarily due to a strengthening of the U.S. dollar against the Swedish Krona during the three months ended March 31, 2026 as compared to the three months ended March 31, 2025. Interest income, net for the three months ended March 31, 2026 and 2025 primarily consisted of interest income on our cash and cash equivalents.

Current wording

Foreign currency gain for the three months ended June 30, 2026 was $2,953 compared to a foreign currency loss of $29,124 for the three months ended June 30, 2025. The change in the foreign currency gain (loss) of $32,077 was primarily due to a strengthening of the U.S. dollar against the Swedish Krona during the three months ended June 30, 2026 as compared to the three months ended June 30, 2025. Other income was $79,000 for the three months ended June 30, 2026 and was related to the monetization of a portion of the Company’s state net operating loss carryforwards. Interest income for the three months ended June 30, 2026 and 2025 primarily consisted of interest income on our cash and cash equivalents.

Previous wording

Grant revenue primarily from the National Cancer Institute of the National Institutes of Health (“NIH”) for the three months ended March 31, 2025 was $0.2 million. No grant revenue was recognized for the three months ended March 31, 2026. The decrease in grant revenue of $0.2 million is due to recognizing less grant revenue from the NIH as these grants have been exhausted.

Current wording

Grant revenue primarily from the NIH the six months ended June 30, 2025 was $0.3 million. No grant revenue was recognized for the six months ended June 30, 2026. The decrease in grant revenue of $0.3 million is due to recognizing less grant revenue from the NIH as these grants have been exhausted.

Previous wording

Since our inception, we have incurred significant losses on an aggregate basis. We have not yet commercialized any of our product candidates, which are in various phases of preclinical and clinical development, and we do not expect to generate revenue from sales of any products for several years, if at all. Our ability to generate product revenue sufficient to achieve profitability will depend on the successful development and eventual commercialization of one or more of our product candidates. Since 2019, our primary source of funds has been from the public sales of our common stock. As of March 31, 2026, we had cash and cash equivalents of $46.5 million. Based on our current operating plan, we believe that our existing cash and cash equivalents will enable us to fund our operating expenses and capital expenditure requirements into the first quarter of 2028.

Current wording

Since our inception, we have incurred significant losses on an aggregate basis. We have not yet commercialized any of our product candidates, which are in various phases of preclinical and clinical development, and we do not expect to generate revenue from sales of any products for several years, if at all. Our ability to generate product revenue sufficient to achieve profitability will depend on the successful development and eventual commercialization of one or more of our product candidates. Since 2019, our primary source of funds has been from the public sales of our common stock. As of June 30, 2026, we had cash and cash equivalents of $41.2 million. Based on our current operating plan, we believe that our existing cash and cash equivalents will enable us to fund our operating expenses and capital expenditure requirements into the first quarter of 2028.

Previous wording

Our net losses were $3.3 million and $3.9 million for the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, we had an accumulated deficit of $336.9 million. These losses have resulted primarily from costs incurred in connection with research and development activities, patent investment, and general and administrative costs associated with our operations. We expect to continue to incur significant expenses and increasing operating losses for at least the next several years.

Current wording

Our net losses were $6.9 million and $7.2 million for the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026, we had an accumulated deficit of $340.5 million. These losses have resulted primarily from costs incurred in connection with research and development activities, patent investment, and general and administrative costs associated with our operations. We expect to continue to incur significant expenses and increasing operating losses for at least the next several years.

Previous wording

On November 8, 2024, we entered into an At the Market Offering Agreement, or the 2024 ATM Agreement, with H.C. Wainright & Co., LLC, or HCW. Pursuant to the 2024 ATM Agreement and the prospectus supplement filed in connection therewith, we may, from time to time, in our sole discretion, issue and sell through HCW, acting as sales agent and/or principal, up to $3.0 million of shares of our common stock. During the three months ended March 31, 2026, we did not issue and sell any shares of common stock under the 2024 ATM Agreement. During the year ended December 31, 2025, we issued and sold 1,337,948 shares of common stock under the 2024 ATM Agreement resulting in net proceeds of approximately $1.9 million.

Current wording

On November 8, 2024, we entered into an At the Market Offering Agreement, or the 2024 ATM Agreement, with H.C. Wainright & Co., LLC, or HCW. Pursuant to the 2024 ATM Agreement and the prospectus supplement filed in connection therewith, we may, from time to time, in our sole discretion, issue and sell through HCW, acting as sales agent and/or principal, up to $3.0 million of shares of our common stock. During the six months ended June 30, 2026, we did not issue and sell any shares of common stock under the 2024 ATM Agreement. During the year ended December 31, 2025, we issued and sold 1,337,948 shares of common stock under the 2024 ATM Agreement resulting in net proceeds of approximately $1.9 million.

Previous wording

On December 8, 2025, we entered into a securities purchase agreement with certain purchasers, or the December Purchasers, pursuant to which we agreed to issue and sell to the December Purchasers in a private placement offering exempt from registration under the Securities Act of 1933, as amended, or the Securities Act, and the December Purchasers agreed to purchase from us (i) 26,459 shares of our common stock at a purchase price of $1.165 per share, or the December 2025 Shares, (ii) pre-funded common stock purchase warrants, or the December 2025 Pre-Funded Warrants, at a purchase price of $1.164 to purchase an aggregate of up to 2,596,564 shares of our common stock at an

Current wording

On December 8, 2025, we entered into a securities purchase agreement with certain purchasers, or the December Purchasers, pursuant to which we agreed to issue and sell to the December Purchasers in a private placement offering exempt from registration under the Securities Act of 1933, as amended, or the Securities Act, and the December Purchasers agreed to purchase from us (i) 26,459 shares of our common stock at a purchase price of $1.165 per share, or the December 2025 Shares, (ii) pre-funded common stock purchase warrants, or the December 2025 Pre-Funded Warrants, at a purchase price of $1.164 to purchase an aggregate of up to 2,596,564 shares of our common stock at an exercise price of $0.001 per share, (iii) common stock purchase warrants to purchase up to 2,880,533 shares of our common stock at an exercise price of $1.04 per share, or the December 2025 Warrants, including this issuance of a warrant to purchase up to 257,510 shares of our common stock to the placement agent, or the Placement Agent Warrant. The December 2025 Warrants and the Placement Agent Warrant will be exercisable until the five-year anniversary of issuance. To the extent that the exercise of a December 2025 Warrant would result in the holder beneficially owning

Previous wording

exercise price of $0.001 per share, (iii) common stock purchase warrants to purchase up to 2,880,533 shares of our common stock at an exercise price of $1.04 per share, or the December 2025 Warrants, including this issuance of a warrant to purchase up to 257,510 shares of our common stock to the placement agent, or the Placement Agent Warrant. The December 2025 Warrants and the Placement Agent Warrant will be exercisable until the five-year anniversary of issuance. To the extent that the exercise of a December 2025 Warrant would result in the holder beneficially owning greater than 4.99% (or, at the election of the holder, greater than 9.99%) of our outstanding common stock immediately following such exercise, the holder will instead receive pre-funded warrants in substantially the same form as the December 2025 Pre-Funded Warrants issued at closing. The aggregate upfront gross proceeds from the issuance of the December 2025 Shares and December 2025 Pre-Funded Warrants totaled approximately $3.1 million, before deducting placement agent fees and offering costs of approximately $0.4 million. In December 2025, we registered on Form S-3 the resale of the December 2025 Shares, the December 2025 Pre-Funded Shares and the shares underlying the December 2025 Warrants.

Current wording

greater than 4.99% (or, at the election of the holder, greater than 9.99%) of our outstanding common stock immediately following such exercise, the holder will instead receive pre-funded warrants in substantially the same form as the December 2025 Pre-Funded Warrants issued at closing. The aggregate upfront gross proceeds from the issuance of the December 2025 Shares and December 2025 Pre-Funded Warrants totaled approximately $3.1 million, before deducting placement agent fees and offering costs of approximately $0.4 million. In December 2025, we registered on Form S-3 the resale of the December 2025 Shares, the December 2025 Pre-Funded Shares and the shares underlying the December 2025 Warrants.

Previous wording

On March 30, 2026, we entered into a securities purchase agreement with certain purchasers, or the March Purchasers, pursuant to which we agreed to issue and sell to the March Purchasers in a private placement offering exempt from registration under the Securities Act of 1933, as amended, or the Securities Act, and the March Purchasers agreed to purchase from us (i) pre-funded common stock purchase warrants, or the March 2026 Pre-Funded Warrants, at a purchase price of $0.807 to purchase an aggregate of up to 37,174,713 shares of our common stock at an exercise price of $0.001 per share, or the March 2026 Pre-Funded Shares and (ii) common stock purchase warrants to purchase up to 37,174,713 shares of our common stock at an exercise price of $0.683 per share, or the March 2026 Warrants. The March 2026 Warrants will be exercisable until December 31, 2029. However, if the holder exercises all or a portion of the March 2026 Pre-Funded Warrants then the termination date shall be the 30 th calendar day after the holder exercises such March 2026 Pre-Funded Warrants. To the extent that the exercise of a March 2026 Warrant would result in the holder beneficially owning greater than 4.99% (or, at the election of the holder, greater than 9.99%) of our outstanding common stock immediately following such exercise, the holder will instead receive pre-funded warrants in substantially the same form as the March 2026 Pre-Funded Warrants issued at closing. The aggregate upfront gross proceeds from the issuance of the March 2026 Pre-Funded Warrants totaled approximately $30.0 million, before deducting placement agent fees and offering costs of approximately $2.3 million. In April 2026, we registered on Form S-3 the resale of the March 2026 Pre-Funded Shares and the shares underlying the March 2026 Warrants.

Current wording

On March 30, 2026, we entered into a securities purchase agreement with certain purchasers, or the March Purchasers, pursuant to which we agreed to issue and sell to the March Purchasers in a private placement offering exempt from registration under the Securities Act of 1933, as amended, or the Securities Act, and the March Purchasers agreed to purchase from us (i) pre-funded common stock purchase warrants, or the March 2026 Pre-Funded Warrants, at a purchase price of $0.807 to purchase an aggregate of up to 37,174,713 shares of our common stock at an exercise price of $0.001 per share, or the March 2026 Pre-Funded Shares and (ii) common stock purchase warrants to purchase up to 37,174,713 shares of our common stock at an exercise price of $0.683 per share, or the March 2026 Warrants. The March 2026 Warrants will be exercisable until December 31, 2029. However, if the holder exercises all or a portion of the March 2026 Pre-Funded Warrants then the termination date shall be the 30 th calendar day after the holder exercises such March 2026 Pre-Funded Warrants. To the extent that the exercise of a March 2026 Warrant would result in the holder beneficially owning greater than 4.99% (or, at the election of the holder, greater than 9.99%) of our outstanding common stock immediately following such exercise, the holder will instead receive pre-funded warrants in substantially the same form as the March 2026 Pre-Funded Warrants issued at closing. The aggregate upfront gross proceeds from the issuance of the March 2026 Pre-Funded Warrants totaled approximately $30.0 million, before deducting placement agent fees and offering costs of approximately $2.4 million. In April 2026, we registered on Form S-3 the resale of the March 2026 Pre-Funded Shares and the shares underlying the March 2026 Warrants.

Previous wording

Cash used in operating activities resulted primarily from our net losses adjusted for non-cash charges and changes in components of working capital. Net cash used in operating activities was $2.8 million for the three months ended March 31, 2026 compared to $3.6 million for the three months ended March 31, 2025. The decrease in cash used in operating activities of $0.8 million was primarily attributable to a change in operating assets and liabilities of $0.3 million and a decrease in our net loss of $0.6 million, partially offset by non-cash items of $0.1 million.

Current wording

Cash used in operating activities resulted primarily from our net losses adjusted for non-cash charges and changes in components of working capital. Net cash used in operating activities was $6.0 million for the six months ended June 30, 2026 compared to $6.8 million for the six months ended June 30, 2025. The decrease in cash used in operating activities of $0.8 million was primarily attributable to a change in operating assets and liabilities of $0.6 million and a decrease in our net loss of $0.3 million, partially offset by non-cash items of $0.1 million.

Previous wording

No cash was used in or provided by investing activities the three months ended March 31, 2026 and 2025.

Current wording

Cash used in investing activities for the six months ended June 30, 2026 of $15,400 was for the purchase of property and equipment. No cash was used in or provided by investing activities for the six months ended June 30, 2025.

Previous wording

Net cash provided by financing activities was $34.6 million for the three months ended March 31, 2026. Cash provided by financing activities for the three months ended March 31, 2026 was attributable to the net proceeds of approximately $34.6 million, after deducting approximately $0.5 million in issuance costs, received from sales of common stock and pre-funded warrants in the January 2026 and March 2026 Private Placements. The Company incurred an additional $2.3 million of issuance costs that were paid in April 2026.

Current wording

Net cash provided by financing activities was $32.7 million for the six months ended June 30, 2026. Cash provided by financing activities for the six months ended June 30, 2026 was attributable to the net proceeds of approximately $32.7 million, after deducting approximately $2.9 million in issuance costs, received from sales of common stock and pre-funded warrants in the January 2026 and March 2026 Private Placements.

Previous wording

Net cash provided by financing activities of $0.1 million for the three months ended March 31, 2025 was attributable tothe net proceeds of $0.1 million, after deducting approximately $3,000 in issuance costs, received from sales of common stock under the 2024 ATM Agreement.

Current wording

Net cash provided by financing activities of $0.4 million for the six months ended June 30, 2025 was attributable tothe net proceeds of $0.4 million, after deducting approximately $18,000 in issuance costs, received from sales of common stock under the 2024 ATM Agreement.

Previous wording

As a result, we will need additional financing to support our continuing operations. Until such time as we can generate significant revenue from product sales, if ever, we expect to finance our operations through a combination of public or private equity or debt financings or other sources, which may include collaborations with third parties and grants from government and other (non-government) organizations. We may be unable to raise additional funds or enter into other agreements or arrangements when needed on favorable terms, or at all. If we fail to raise capital or enter into such agreements as and when needed, we may have to significantly delay, scale back or discontinue the development or commercialization of one or more of our product candidates. In addition, our ability to engage in certain types of capital raising transactions may be limited by the Listing Rules of the Nasdaq Stock Market and/or General Instruction I.B.6 of

Current wording

As a result, we will need additional financing to support our continuing operations. Until such time as we can generate significant revenue from product sales, if ever, we expect to finance our operations through a combination of public or private equity or debt financings or other sources, which may include collaborations with third parties and grants from government and other (non-government) organizations. We may be unable to raise additional funds or enter into other agreements or arrangements when needed on favorable terms, or at all. If we fail to raise capital or enter into such agreements as and when needed, we may have to significantly delay, scale back or discontinue the development or commercialization of one or more of our product candidates. In addition, our ability to engage in certain types of capital raising transactions will be limited by the Listing Rules of the Nasdaq Stock Market and/or General Instruction I.B.6 of Form S-3 if the market value of our common stock held by non-affiliates is below $75 million at a time we seek to utilize our effective registration statement on Form S-3.