Whitehawk Therapeutics, Inc.

Previous wording

Throughout this document we refer to FYARRO (nab-sirolimus, sirolimus protein-bound particles for injectable suspension (albumin-bound)) as FYARRO in the context of commercialization for the treatment of advanced malignant perivascular epithelioid cell tumor (PEComa), investigational use, our clinical trials, regulatory matters such as orphan drug designation, and our former agreements with Bristol-Myers Squibb Company and Mirati Therapeutics, Inc., all further discussed throughout this document.

Current wording

Throughout this document we refer to FYARRO (nab-sirolimus, sirolimus protein-bound particles for injectable suspension (albumin-bound)) as FYARRO in the context of commercialization for the treatment of advanced malignant perivascular epithelioid cell tumor (PEComa), investigational use, our historical clinical trials, regulatory matters such as orphan drug designation, and our former agreements with Bristol-Myers Squibb Company and Mirati Therapeutics, Inc., all further discussed throughout this document.

Previous wording

For the periods presented and through the FYARRO Divestiture (as defined below), our lead drug product was FYARRO®. Nab-sirolimus is a potent inhibitor of the mTOR biological pathway with demonstrated anti-cancer activity in advanced malignant perivascular epithelioid cell tumor (“PEComa”), a rare cancer. We exclusively licensed FYARRO, previously called ABI-009, nab-sirolimus, from Abraxis BioScience, LLC, a wholly owned subsidiary of Celgene Corporation, which is a wholly owned subsidiary of Bristol-Myers Squibb Company (“BMS”). We refer to the development, production and commercial sale of FYARRO herein as the “FYARRO Business”. On February 22, 2022, we launched FYARRO in the United States for treatment of advanced malignant PEComa and recognized net product sales of $0 and $7.1 million for the three and six months ended June 30, 2025, respectively. See “Results of Operations” for further discussion of our results.

Current wording

For the periods presented and through the FYARRO Divestiture (as defined below), our lead drug product was FYARRO®. Nab-sirolimus is a potent inhibitor of the mTOR biological pathway with demonstrated anti-cancer activity in advanced malignant perivascular epithelioid cell tumor (“PEComa”), a rare cancer. We exclusively licensed FYARRO, previously called ABI-009, nab-sirolimus, from Abraxis BioScience, LLC, a wholly owned subsidiary of Celgene Corporation, which is a wholly owned subsidiary of Bristol-Myers Squibb Company (“BMS”). We refer to the development, production and commercial sale of FYARRO herein as the “FYARRO Business”. On February 22, 2022, we launched FYARRO in the United States for treatment of advanced malignant PEComa and recognized net product sales of $0 and $7.1 million for the three and nine months ended September 30, 2025, respectively. See “Results of Operations” for further discussion of our results.

Previous wording

Former BMS License Agreement. We had exclusive rights for certain patents and a non-exclusive license for certain technology and know-how pertaining to ABI-009 (which we refer to as FYARRO) pursuant to an amended and restated license agreement, dated November 15, 2019, as amended August 31, 2021 (the “BMS License Agreement”) with Abraxis BioScience, LLC, a wholly owned subsidiary of Celgene Corporation, which is a wholly owned subsidiary of BMS. Under the BMS License Agreement, BMS is entitled to receive certain development milestone payments, royalties on net sales from licensed products under the agreement and any sublicense fees. We recorded royalties on net product sales of $0 and $0.5 million during the three months ended June 30, 2025 and 2024, respectively. During the six months ended June 30, 2025 and 2024, royalties on net product sales were $0.5 million and $0.9 million, respectively, under the terms of this agreement. No development payments related to milestones under this agreement were paid during the three and six months ended June 30, 2025 and 2024. See Note 7 to the condensed financial statements for more information about the BMS License Agreement.

Current wording

Former BMS License Agreement. We had exclusive rights for certain patents and a non-exclusive license for certain technology and know-how pertaining to ABI-009 (which we refer to as FYARRO) pursuant to an amended and restated license agreement, dated November 15, 2019, as amended August 31, 2021 (the “BMS License Agreement”) with Abraxis BioScience, LLC, a wholly owned subsidiary of Celgene Corporation, which is a wholly owned subsidiary of BMS. Under the BMS License Agreement, BMS is entitled to receive certain development milestone payments, royalties on net sales from licensed products under the agreement and any sublicense fees. We recorded royalties on net product sales of $0 and $0.5 million during the three months ended September 30, 2025 and 2024, respectively. During the nine months ended September 30, 2025 and 2024, royalties on net product sales were $0.5 million and $1.4 million, respectively, under the terms of this agreement. No development payments related to milestones were paid during the three and nine months ended September 30, 2025 and 2024 under the agreement. See Note 7 to the condensed financial statements for more information about the BMS License Agreement.

Previous wording

On August 30, 2021, we and BMS entered into Amendment No. 1 (the “Amendment”) to the BMS License Agreement. Under the terms of the Amendment, we paid BMS $5.8 million, representing 50% of the previously outstanding payment obligation under the agreement, following the effective time of our 2021 private investment in public equity (PIPE) financing ("2021 PIPE Financing") that occurred in connection with the closing of the reverse merger of Aerpio Pharmaceuticals, Inc. whereby Aspen Merger Subsidiary, Inc., our wholly-owned subsidiary (“Merger Sub”), merged with and into Aadi Subsidiary (formerly known as Aadi Bioscience, Inc., with Aadi Subsidiary surviving as our wholly-owned subsidiary (the “Reverse Merger”). Pursuant to the terms of the amendment, the remaining portion of the previously outstanding payment obligation ($5.8 million), was paid by the third anniversary of the effective time of the 2021 PIPE Financing (i.e., August 26, 2024). As part of its purchase of the FYARRO Business, KAKEN acquired Aadi Subsidiary and our rights and responsibilities under the BMS License Agreement.

Current wording

On August 30, 2021, we and BMS entered into Amendment No. 1 (the “Amendment”) to the BMS License Agreement. Under the terms of the Amendment, we paid BMS $5.8 million, representing 50% of the previously outstanding payment obligation under the agreement, following the effective time of our 2021 private investment in public equity (PIPE) financing ("2021 PIPE Financing") that occurred in connection with the closing of the reverse merger of Aerpio Pharmaceuticals, Inc. whereby Aspen Merger Subsidiary, Inc., our wholly-owned subsidiary (“Merger Sub”), merged with and into Aadi Subsidiary (then a private company known as Aadi Bioscience, Inc.), with Aadi Subsidiary surviving as our wholly-owned subsidiary (the “Reverse Merger”). Pursuant to the terms of the amendment, the remaining portion of the previously outstanding payment obligation ($5.8 million), was paid by the third anniversary of the effective time of the 2021 PIPE Financing (i.e., August 26, 2024). As part of its purchase of the FYARRO Business, KAKEN acquired Aadi Subsidiary and our rights and responsibilities under the BMS License Agreement.

Previous wording

Former Mirati Collaboration. In October 2022, we entered into a collaboration and supply agreement with Mirati to evaluate the combination of Mirati’s adagrasib and FYARRO in KRAS G12C mutant NSCLC and other solid tumors. In May 2024, we announced the mutually agreed upon termination of the collaboration and supply agreement with Mirati. Enrollment in the Phase 1/2 study has been closed and the study is winding down. Under the terms of the agreement, Mirati was responsible for sponsoring and operating the Phase 1/2 study and we supplied study drug and jointly shared the cost of the study, which continued during the winding down process that has now completed.

Current wording

Former Mirati Collaboration. In October 2022, we entered into a collaboration and supply agreement with Mirati to evaluate the combination of Mirati’s adagrasib and FYARRO in KRAS G12C mutant NSCLC and other solid tumors. In May 2024, we announced the mutually agreed upon termination of the collaboration and supply agreement with Mirati. Under the terms of the agreement, Mirati was responsible for sponsoring and operating the Phase 1/2 study and we supplied study drug and jointly shared the cost of the study, which continued during the winding down process that has now completed.

Previous wording

At this point, the extent to which these global or national events and circumstances may affect our future business, operations and development timelines and plans, including the resulting impact on our expenditures and capital needs, remains uncertain. We will continue to evaluate the impact that these events could have on our operations, financial position, results of operations and cash flows in fiscal year 2025.

Current wording

At this point, the extent to which these global or national events and circumstances may affect our future business, operations and development timelines and plans, including the resulting impact on our expenditures and capital needs, remains uncertain. We will continue to evaluate the impact that these events could have on our operations, financial position, results of operations and cash flows for the remainder of fiscal year 2025.

Previous wording

We had built a cross-functional commercial team consisting of marketing, market access and commercial operations. Expenses related to our commercialization of FYARRO, including personnel expenses, sales support, and marketing are included in selling, general and administrative expenses for the six months ended June 30, 2025. We expect these expenses to decrease, as compared to prior periods, due to the divestiture of FYARRO which closed on March 25, 2025.

Current wording

We had built a cross-functional commercial team consisting of marketing, market access and commercial operations. Expenses related to our commercialization of FYARRO, including personnel expenses, sales support, and marketing are included in selling, general and administrative expenses for the nine months ended September 30, 2025. We expect these expenses to decrease, as compared to prior periods, due to the FYARRO Divestiture which closed on March 25, 2025.

Previous wording

Commercial sale of FYARRO was launched on February 22, 2022, for the treatment of patients with advanced malignant PEComa. We recorded net product sales of $0 and $6.2 million for the three months ended June 30, 2025 and 2024, respectively. As a result of the FYARRO Divestiture, we no longer commercialize FYARRO as of March 25, 2025. As the commercial sale of FYARRO constituted our sole source of revenue, we do not expect to generate further revenue for the foreseeable future.

Current wording

Commercial sale of FYARRO was launched on February 22, 2022, for the treatment of patients with advanced malignant PEComa. We recorded net product sales of $0 and $7.2 million for the three months ended September 30, 2025 and 2024, respectively. As a result of the FYARRO Divestiture, we no longer commercialize FYARRO as of March 25, 2025. As the commercial sale of FYARRO constituted our sole source of revenue, we do not expect to generate further revenue for the foreseeable future.

Previous wording

As of June 30, 2025, we had $177.2 million of cash, cash equivalents and short-term investments. Based on our current plans, we believe our existing cash, cash equivalents and short-term investments will enable us to conduct our planned operations into 2028. We recorded net income for the six months ended June 30, 2025 primarily due to the gain on sale related to the divestiture of FYARRO. Prior to the sale, we have incurred net losses in each year since inception and as of June 30, 2025, we had an accumulated deficit of $312.3 million. These losses have resulted principally from costs incurred in connection with research and development activities, selling, general and administrative costs associated with our operations, costs associated with the Reverse Merger, the FYARRO Divestiture, 2024 PIPE Financing, and the in-licensing of the ADC Therapies. We expect to continue to incur significant expenses and operating losses for the foreseeable future due to the cost of research and development, including conducting preclinical and clinical trials of the ADC Therapies and identifying and designing product candidates and the regulatory approval process for any product candidates we may develop.

Current wording

As of September 30, 2025, we had $162.6 million of cash, cash equivalents and short-term investments. Based on our current plans, we believe our existing cash, cash equivalents and short-term investments will enable us to conduct our planned operations into 2028. We recorded net income for the nine months ended September 30, 2025 primarily due to the gain on sale related to the divestiture of FYARRO. Prior to the sale, we have incurred net losses in each year since inception and as of September 30, 2025, we had an accumulated deficit of $330.0 million. These losses have resulted principally from costs incurred in connection with research and development activities, selling, general and administrative costs associated with our operations, costs associated with the Reverse Merger, the FYARRO Divestiture, 2024 PIPE Financing, and the in-licensing of the ADC Therapies. We expect to continue to incur significant expenses and operating losses for the foreseeable future due to the cost of research and development, including conducting preclinical and clinical trials of the ADC Therapies and identifying and designing product candidates and the regulatory approval process for any product candidates we may develop.

Previous wording

Other income, net consists primarily of interest income earned on cash, cash equivalents and short-term investments. During the three and six months ended June 30, 2025, other income, net consists of gain on sale of a business, interest income earned on cash, cash equivalents and short-term investments, and income received for billable services not part of our ordinary activities provided by our employees to KAKEN under a Transition Services Agreement ("TSA"). The TSA was entered into in connection with the FYARRO Divestiture, which closed on March 25, 2025, and expires September 30, 2025.

Current wording

Other income (expense), net consists primarily of interest income earned on cash, cash equivalents and short-term investments. During the three and nine months ended September 30, 2025, other income, net consists of gain on sale of a business, interest income earned on cash, cash equivalents and short-term investments, and income received for billable services not part of our ordinary activities provided by our employees to KAKEN under a Transition Services Agreement, as amended ("TSA"). The TSA was entered into in connection with the FYARRO Divestiture on March 25, 2025 and expired on October 24, 2025.

Previous wording

During the three and six months ended June 30, 2025 and 2024, we recognized no income tax expense on the condensed statements of operations and comprehensive loss. Since our formation in 2011, we have not recorded any U.S. federal or state income tax benefits for the net losses we have incurred in each year or our earned tax credits, due to our uncertainty of realizing a benefit from those items.

Current wording

During the three and nine months ended September 30, 2025 and 2024, we recognized no income tax expense on the condensed statements of operations and comprehensive loss. Since our formation in 2011, we have not recorded any U.S. federal or state income tax benefits for the net losses we have incurred in each year or our earned tax credits, due to our uncertainty of realizing a benefit from those items.

Previous wording

Comparison of the Three and Six Months Ended June 30, 2025 and 2024

Current wording

Comparison of the Three and Nine Months Ended September 30, 2025 and 2024

Previous wording

Our product sales, net consist of sales of FYARRO since its launch in the United States on February 22, 2022. Product sales, net for the three months ended June 30, 2025 and 2024 were $0 and $6.2 million, respectively. For the six months ended June 30, 2025 and 2024, product sales, net were $7.1 million and $11.5 million, respectively.

Current wording

Our product sales, net consist of sales of FYARRO since its launch in the United States on February 22, 2022. Product sales, net for the three months ended September 30, 2025 and 2024 were $0 and $7.2 million, respectively. For the nine months ended September 30, 2025 and 2024, product sales, net were $7.1 million and $18.7 million, respectively. As a result of the FYARRO Divestiture, we no longer sell FYARRO as of March 25, 2025.

Previous wording

Selling, general and administrative expenses for the three months ended June 30, 2025 and 2024, were $5.9 million and $7.9 million, respectively. The decrease of $2.0 million was primarily driven by a decrease of $0.8 million in personnel expenses, $0.7 million in commercial and marketing expenses, and $0.4 million in legal and other expenses.

Current wording

Selling, general and administrative expenses for the three months ended September 30, 2025 and 2024, were $5.2 million and $7.2 million, respectively. The decrease of $2.0 million was primarily driven by a decrease of $0.7 million in legal and other expenses, $0.6 million in commercial and marketing expenses, $0.6 million in consulting and insurance expenses, and $0.1 million in personnel expenses.

Previous wording

Selling, general and administrative expenses for the six months ended June 30, 2025 and 2024, were $18.8 million and $18.5 million, respectively. The increase of $0.3 million was primarily driven by an increase of $3.8 million in consulting and insurance expenses and $1.8 million in legal and other expenses, offset by a decrease of $4.3 million in personnel expenses and $1.0 million in commercial and marketing expenses.

Current wording

Selling, general and administrative expenses for the nine months ended September 30, 2025 and 2024, were $24.0 million and $25.7 million, respectively. The decrease of $1.7 million was primarily driven by a decrease of $4.4 million in personnel expenses and $1.7 million in commercial and marketing expenses, offset by an increase of $3.2 million in consulting and insurance expenses and $1.2 million in legal and other expenses.

Previous wording

Research and development expenses for the three months ended June 30, 2025 and 2024 were $48.8 million and $13.1 million, respectively. The increase of $35.7 million was primarily driven by an increase of $36.9 million in external clinical development expense which includes the remaining $38.0 million up-front license fee and $2.3 million VAT tax paid to WuXi Biologics, and $2.0 million in clinical drug product manufacturing, offset by a decrease of $3.2 million in personnel expenses.

Current wording

Research and development expenses for the three months ended September 30, 2025 and 2024 were $14.3 million and $10.0 million, respectively. The increase of $4.3 million was primarily driven by an increase of $6.5 million in clinical drug product manufacturing and $0.6 million in consulting expenses, offset by a decrease of $1.8 million in personnel and other expenses, and $1.0 million in external clinical development.

Previous wording

Research and development expenses for the six months ended June 30, 2025 and 2024 were $57.6 million and $26.7 million, respectively. The increase of $30.9 million was primarily driven by an increase of $34.8 million in external clinical development expense which includes the remaining $38.0 million up-front license fee and $2.3 million VAT tax paid to WuXi Biologics, $2.0 million in clinical drug product manufacturing, and $0.1 million in consulting, offset by a decrease of $6.0 million in personnel and other expenses.

Current wording

Research and development expenses for the nine months ended September 30, 2025 and 2024 were $71.9 million and $36.7 million, respectively. The increase of $35.2 million was primarily driven by an increase of $33.8 million in external clinical development expense which includes a $38.0 million up-front license fee and $2.3 million VAT tax paid to WuXi Biologics, $8.5 million in clinical drug product manufacturing, and $0.7 million in consulting expenses, offset by a decrease of $7.8 million in personnel and other expenses.

Previous wording

Cost of goods sold was $0.8 million and $1.4 million for the six months ended June 30, 2025 and 2024, respectively, primarily reflecting royalties incurred on product sold.

Current wording

Cost of goods sold was $0.8 million and $2.2 million for the nine months ended September 30, 2025 and 2024, respectively, primarily reflecting royalties incurred on product sold.

Previous wording

Other income, net for the three months ended June 30, 2025 and 2024 was $2.1 million and $1.0 million, respectively. The increase of $1.1 million was primarily driven by an increase in short-term investments held during the period.

Current wording

Other income, net for the three months ended September 30, 2025 and 2024 was $1.8 million and $0.9 million, respectively. The increase of $0.9 million was primarily driven by an increase in short-term investments held during the period.

Previous wording

Other income, net for the six months ended June 30, 2025 and 2024 was $90.4 million, compared to other income, net of $2.2 million, respectively. The increase of $88.2 million was primarily driven by a gain on sale of a business related to the FYARRO Divestiture and an increase in short-term investments held during the period.

Current wording

Other income, net for the nine months ended September 30, 2025 and 2024 was $92.2 million, compared to other income, net of $3.1 million, respectively. The increase of $89.1 million was primarily driven by a gain on sale of a business related to the FYARRO Divestiture and an increase in short-term investments held during the period.

Previous wording

As of June 30, 2025 we had $177.2 million of cash, cash equivalents and short-term investments. Based on our current plans, we believe our existing cash, cash equivalents and short-term investments will enable us to conduct our planned operations into 2028.

Current wording

As of September 30, 2025 we had $162.6 million of cash, cash equivalents and short-term investments. Based on our current plans, we believe our existing cash, cash equivalents and short-term investments will enable us to conduct our planned operations into 2028.

Previous wording

We have incurred net losses in each year since inception except for the six months ended June 30, 2025 as we incurred net income due to the sale of a business. As of June 30, 2025, we had an accumulated deficit of $312.3 million. Our net loss was $52.6 million and $14.6 million for the three months ended June 30, 2025 and 2024, respectively. Our net income was $20.4 million and our net loss was $32.9 million for the six months ended June 30, 2025 and 2024, respectively. These losses have resulted principally from costs incurred in connection with research and development activities and selling, general and administrative costs associated with our operations. We expect to continue to incur significant expenses and operating losses for the foreseeable future due to the cost of research and development, including conducting preclinical and clinical trials of the ADC Therapies and identifying and designing product candidates and the regulatory approval process for any product candidates we may develop.

Current wording

We have incurred net losses in each year since inception except for the nine months ended September 30, 2025 as we incurred net income due to the sale of a business. As of September 30, 2025, we had an accumulated deficit of $330.0 million. Our net loss was $17.7 million and $12.5 million for the three months ended September 30, 2025 and 2024, respectively. Our net income was $2.7 million and our net loss was $45.4 million for the nine months ended September 30, 2025 and 2024, respectively. These losses have resulted principally from costs incurred in connection with research and development activities and selling, general and administrative costs associated with our operations. We expect to continue to incur significant expenses and operating losses for the foreseeable future due to the cost of research and development, including conducting preclinical and clinical trials of the ADC Therapies and identifying and designing product candidates and the regulatory approval process for any product candidates we may develop.

Previous wording

On December 19, 2024, we entered into the Subscription Agreement with certain investors (the "2024 PIPE Investors"), pursuant to which we agreed to sell to the 2024 PIPE Investors (i) 21,592,000 shares of the our common stock, par value $0.0001 per share, at a purchase price of $2.40 per share, and (ii) 20,076,500 Pre-Funded Warrants, at a purchase price of $2.3999 per Pre-Funded Warrant, for aggregate net proceeds of $94.4 million, after deducting certain expenses incurred of $5.6 million related to the issuance of shares. The Pre-Funded Warrants have an exercise price of $0.0001 per share of the Company's common stock and are exercisable and will remain exercisable until exercised in full. The holders of Pre-Funded Warrants may not exercise a Pre-Funded Warrant if the holder, together with its affiliates, would beneficially own more than 4.99% or 9.99%, at the election of the holder, of the number of shares of the Company's common stock outstanding immediately after giving effect to such exercise. The holders of Pre-Funded Warrants may increase or decrease such percentages not in excess of 19.99% by providing at least 61 days’ prior notice. The 2024 PIPE Financing closed on March 4, 2025. As of June 30, 2025, all 20,076,500 Pre-Funded Warrants are still outstanding.

Current wording

$2.3999 per Pre-Funded Warrant, for aggregate net proceeds of $94.4 million, after deducting certain expenses incurred of $5.6 million related to the issuance of shares. The Pre-Funded Warrants have an exercise price of $0.0001 per share of the Company's common stock and are exercisable and will remain exercisable until exercised in full. The holders of Pre-Funded Warrants may not exercise a Pre-Funded Warrant if the holder, together with its affiliates, would beneficially own more than 4.99% or 9.99%, at the election of the holder, of the number of shares of the Company's common stock outstanding immediately after giving effect to such exercise. The holders of Pre-Funded Warrants may increase or decrease such percentages not in excess of 19.99% by providing at least 61 days’ prior notice. The 2024 PIPE Financing closed on March 4, 2025. As of September 30, 2025, all 20,076,500 Pre-Funded Warrants are still outstanding.

Previous wording

For the six months ended June 30, 2025, cash used in operating activities was $64.8 million and resulted from (i) our net income of $20.4 million, (ii) a $2.7 million net increase in cash used to fund changes in net operating assets and liabilities, and (iii) $82.5 million non-cash adjustments, which were primarily related gain on sale of business, share based compensation, lease expense, depreciation, and discount amortization on short-term investments.

Current wording

For the nine months ended September 30, 2025, cash used in operating activities was $80.2 million and resulted from (i) our net income of $2.7 million, (ii) a $2.5 million net increase in cash used to fund changes in net operating assets and liabilities, and (iii) $80.3 million non-cash adjustments, which were primarily related gain on sale of business, share based compensation, lease expense, depreciation, and discount amortization on short-term investments.

Previous wording

For the six months ended June 30, 2024, cash used in operating activities was $28.8 million and resulted from (i) our net loss of $32.9 million, and (ii) a $1.9 million net increase in cash used to fund changes in net operating assets and liabilities, and (iii) $6.0 million non-cash adjustments, which were primarily related to share based compensation, discount amortization on short-term investments, lease expense, and depreciation.

Current wording

For the nine months ended September 30, 2024, cash used in operating activities was $44.5 million and resulted from (i) our net loss of $45.4 million, (ii) a $7.5 million net increase in cash used to fund changes in net operating assets and liabilities, and (iii) $8.4 million non-cash adjustments, which were primarily related to share based compensation, discount amortization on short-term investments, lease expense, and depreciation.

Previous wording

Cash provided by investing activities for the six months ended June 30, 2025 related to proceeds from the sale of business, maturities of short-term investments of $18.1 million, offset by purchases of short-term investments of $32.2 million and purchases of property and equipment of $0.6 million.

Current wording

Cash used in investing activities for the nine months ended September 30, 2025 related to purchases of short-term investments of $125.8 million and purchases of property and equipment of $0.6 million, offset by proceeds from the sale of a business and maturities of short-term investments of $20.1 million.

Previous wording

Cash provided by investing activities for the six months ended June 30, 2024 related to maturities of short-term investments of $34.8 million, offset by purchases of short-term investments of $26.6 million and fixed assets of $1.3 million.

Current wording

Cash provided by investing activities for the nine months ended September 30, 2024 related to maturities of short-term investments of $50.0 million, offset by purchases of short-term investments of $36.5 million and purchases of property and equipment of $1.5 million.

Previous wording

Cash provided by financing activities for the six months ended June 30, 2025 related to $100.0 million proceeds received from the sale of common stock and pre-funded warrants to the 2024 PIPE Investors, offset by payment of 2024 PIPE Financing related transaction costs.

Current wording

Cash provided by financing activities for the nine months ended September 30, 2025 related to $100.0 million proceeds received from the sale of common stock and pre-funded warrants to the 2024 PIPE Investors, offset by payment of 2024 PIPE Financing related transaction costs.

Previous wording

Cash provided by financing activities for the six months ended June 30, 2024 related to proceeds received from the issuance of common stock under the employee stock purchase plan offset by deferred offering costs paid for financing.

Current wording

Cash provided by financing activities for the nine months ended September 30, 2024 related to proceeds received from the issuance of common stock under the employee stock purchase plan offset by deferred offering costs paid for financing.

Previous wording

In April 2022, we entered into a lease for 10,615 square feet of office space in Morristown, New Jersey. The term of the lease is seventy-three months unless terminated sooner. In connection with the FYARRO Divestiture, KAKEN assumed our sublease for the NJ office space, but we agreed to co-inhabit the office with KAKEN for six months, paying $13,000 per month.

Current wording

In April 2022, we entered into a lease for 10,615 square feet of office space in Morristown, New Jersey. The term of the lease is seventy-three months unless terminated sooner. In connection with the FYARRO Divestiture, KAKEN assumed our sublease for the NJ office space, but we agreed to co-inhabit the office with KAKEN, paying $13,000 per month. We and KAKEN are currently in the process of extending the co-inhabitation arrangement upon the sublandlord's and landlord's consent.

Previous wording

Rent expense is being recorded on a straight-line basis. Rent expense related to the Pacific Palisades and Morristown leases was $0 and $0.1 million for thethree months ended June 30, 2025 and 2024, respectively. Rent expense was $0.1 million and $0.2 million for the six months ended June 30, 2025 and 2024, respectively. See Note 6 to the condensed financial statements for details related to future lease payments.

Current wording

Rent expense is being recorded on a straight-line basis. Rent expense related to the Pacific Palisades and Morristown leases was $34.0 thousand and $0.1 million for thethree months ended September 30, 2025 and 2024, respectively. Rent expense was $0.1 million and $0.3 million for the nine months ended September 30, 2025 and 2024, respectively. See Note 6 to the condensed financial statements for details related to future lease payments.