CytomX Therapeutics, Inc.

Previous wording

Our most advanced clinical-stage program is Varseta-M, an investigational, conditionally activated antibody-drug conjugate (“ADC”) targeting epithelial cell adhesion molecule (“EpCAM”). Varseta-M is initially focused on the lead indication of colorectal cancer (“CRC”). Varseta-M is designed to bring the promise of ADCs, which have made a meaningful clinical difference in other solid tumors such as lung and breast cancer, to CRC by leveraging EpCAM as a potentially ideal CRC antigen to target this disease. Varseta-M is a high affinity EpCAM antibody that is designed to preferentially bind EpCAM in the tumor microenvironment and minimize toxicities in healthy tissues, which have limited prior attempts in the field to target EpCAM systemically. Varseta-M is armed with a topoisomerase-1 inhibitor payload. Topoisomerase-1 inhibitors are known to have clinical activity in CRC, including irinotecan chemotherapy which is a standard component of the approved standard of care in CRC.

Current wording

Our most advanced clinical-stage program is Varseta-M, an investigational, conditionally activated ADC targeting EpCAM. Varseta-M is initially focused on the lead indication of colorectal cancer (“CRC”). Varseta-M is designed to bring the promise of ADCs, which have made a meaningful clinical difference in other solid tumors such as lung and breast cancer, to CRC by leveraging EpCAM as a potentially ideal CRC antigen to target this disease. Varseta-M is a high affinity EpCAM antibody that is designed to preferentially bind EpCAM in the tumor microenvironment and minimize toxicities in healthy tissues, which have limited prior attempts in the field to target EpCAM systemically. Varseta-M is armed with a topoisomerase-1 inhibitor payload. Topoisomerase-1 inhibitors are known to have clinical activity in CRC, including irinotecan chemotherapy which is a standard component of the approved standard of care in CRC.

Previous wording

Varseta-M is designed to potentially address a broad range of EpCAM-expressing tumors, but our current development had been initially focused in CRC, which is one of the largest unmet needs in oncology with over 1.9 million cases diagnosed annually around the world. It is also a disease that is expected to grow and estimated that there will be over 3 million cases globally by 2040. CRC is the second leading cause of cancer death worldwide and has a 5-year survival rate in the metastatic setting of only 13%. CRC is also the leading cause of cancer death in the U.S. for patients under the age of 50 and has been growing in incidence in younger patients over the last 3 decades.

Current wording

Varseta-M is designed to potentially address a broad range of EpCAM-expressing tumors, but our current development to date has initially focused on CRC, which is one of the largest unmet needs in oncology with over 1.9 million cases diagnosed annually around the world. It is also a disease that is expected to grow and estimated that there will be over 3 million cases globally by 2040. CRC is the second leading cause of cancer death worldwide and has a 5-year survival rate in the metastatic setting of only 13%. CRC is also the leading cause of cancer death in the U.S. for patients under the age of 50 and has been growing in incidence in younger patients over the last 3 decades.

Previous wording

Varseta-M clinical development has primarily been focused on late-line metastatic CRC where there is significant unmet need and treatment options are highly inadequate. In third line or later metastatic CRC, patients have typically progressed through multiple chemotherapy-based regimens. Later stage treatment is limited to therapies that provide single digit percentage response rates, median progression free survival of 2 to 5.6 months and overall survival outcomes ranging from approximately 6 to 11 months. It is estimated that there are more than 35,000 patients in the U.S. with 3 rdline or later metastatic CRC, with the number expected to grow over the next decade.

Current wording

Varseta-M clinical development has primarily been focused on late-line metastatic CRC (“mCRC”) where there is significant unmet need and treatment options are highly inadequate. In third line or later mCRC, patients have typically progressed through multiple chemotherapy-based regimens. Later stage treatment is limited to therapies that provide single digit percentage response rates, median progression free survival of 2 to 5.6 months and overall survival outcomes ranging from approximately 6 to 11 months. It is estimated that there are more than 35,000 patients in the U.S. with 3 rdline or later mCRC, with the number expected to grow over the next decade.

Previous wording

While Varseta-M has initially been developed in late-line metastatic CRC, the program was developed with the vision to help a broad population of metastatic CRC patients, including those in the first- and second-line settings. Given Varseta-M’s mechanism of action, our longer-term development vision is to make Varseta-M a core component of the CRC treatment landscape in earlier lines of therapy, consistent with the development strategy that has been employed for other solid tumor ADCs. We plan to pursue combination strategies to progress this vision of moving Varseta-M to earlier lines of therapy, and we therefore initiated a Phase 1 combination study with bevacizumab in the first quarter of 2026. Varseta-M doses to be assessed in combination with bevacizumab include Q2W and Q4W schedules to align with the approved bevacizumab CRC dose and schedule of 5 mg/kg Q2W. The Phase 1 combination study with bevacizumab continues with initial clinical data anticipated by first half of 2027.

Current wording

While Varseta-M has initially been developed in late-line mCRC, the program was developed with the vision to help a broad population of mCRC patients, including those in the first- and second-line settings. Given Varseta-M’s mechanism of action, our longer-term development vision is to make Varseta-M a core component of the CRC treatment landscape in earlier lines of therapy, consistent with the development strategy that has been employed for other solid tumor ADCs. We plan to pursue combination strategies to progress this vision of moving Varseta-M to earlier lines of therapy, and we therefore initiated a Phase 1 combination study with bevacizumab in the first quarter of 2026. Varseta-M doses to be assessed in combination with bevacizumab include an every-two-week schedule (“Q2W”) and an every-four-week schedule (“Q4W”) to align with the approved bevacizumab CRC dose and schedule of 5 mg/kg Q2W. The Phase 1 combination study with bevacizumab continues, with initial clinical data anticipated by the first half of 2027.

Previous wording

Also, toward the longer-term goal for Varseta-M to potentially replace chemotherapy in first and second line mCRC treatment, a Varseta-M Phase 1/2 chemotherapy combination study is expected to start by the fourth quarter of 2026 and to administer Varseta-M with bevacizumab, 5-fluorouracil, and leucovorin in 2nd line mCRC patients.

Current wording

Also, toward the longer-term goal for Varseta-M to potentially replace chemotherapy in first and second line mCRC treatment, a Varseta-M Phase 1/2 chemotherapy combination study is expected to initiate by the end of 2026 and is expected to administer Varseta-M with bevacizumab, 5-fluorouracil, and leucovorin in 2nd line mCRC patients.

Previous wording

Additionally, given the broad solid tumor expression profile of EpCAM, Varseta-M has the potential to be an innovative new treatment option in a wide range of solid tumors. High expression of EpCAM has been documented in other tumors such as gastric, gastroesophageal, pancreatic, ovarian, endometrial, non-small cell lung and triple negative breast cancers. In the third quarter of 2026, we are initiating Varseta-M Phase 1 expansion cohorts in gastric and gastroesophageal junction (“GEJ”), EpCAM selected pancreatic ductal adenocarcinoma (“PDAC”), and EpCAM selected biliary tract cancer (“BTC”). Development of Varseta-M in multiple, EpCAM-expressing gastrointestinal (“GI”) cancers is aligned with the long-term vision of potentially commercializing Varseta-M as a pan-tumor, multi-indication ADC.

Current wording

Additionally, given the broad solid tumor expression profile of EpCAM, Varseta-M has the potential to be an innovative new treatment option in a wide range of solid tumors. High expression of EpCAM has been documented in other tumors such as gastric, gastroesophageal, pancreatic, ovarian, endometrial, non-small cell lung and triple negative breast cancers. We have initiated Varseta-M monotherapy Phase 1 expansion cohorts in gastric and gastroesophageal junction (“GEJ”), EpCAM-selected pancreatic ductal adenocarcinoma (“PDAC”), and EpCAM-selected biliary tract cancer (“BTC”). Development of Varseta-M in multiple, EpCAM-expressing gastrointestinal (“GI”) cancers is aligned with the long-term vision of potentially commercializing Varseta-M as a pan-tumor, multi-indication ADC.

Previous wording

The investigational new drug application (“IND”) for Varseta-M was allowed to proceed by the FDA in January 2024, and a Phase 1 clinical trial in patients with EpCAM-expressing solid tumors, with an initial focus on metastatic CRC, commenced in April 2024. No pre-screening of CRC patients by EpCAM expression has been conducted due to the anticipated high and uniform EpCAM expression in CRC. As of May 2025, the Phase 1 study had reached the seventh dose escalation level and had enrolled only mCRC patients.

Current wording

The IND for Varseta-M was allowed to proceed by the FDA in January 2024, and a Phase 1 clinical trial in patients with EpCAM-expressing solid tumors, with an initial focus on mCRC, commenced in April 2024. No pre-screening for EpCAM expression has been conducted due to the anticipated high and uniform EpCAM expression in CRC. As of May 2025, the Phase 1 study had reached the seventh dose escalation level and had enrolled only mCRC patients.

Previous wording

In May 2025, we announced positive interim Phase 1 data as of an April 7, 2025 data cutoff in advanced metastatic CRC. The data encompassed results from 25 CRC patients treated with Varseta-M at 5 dose levels ranging from 2.4 mg/kg to 10 mg/kg, administered every three weeks (“Q3W”). The 2.4 mg/kg and 4.8 mg/kg doses were single patient dose escalation cohorts not anticipated to be therapeutically active. At the 7.2 mg/kg, 8.6 mg/kg, and 10 mg/kg doses, 23 patients were treated, 18 of whom were efficacy evaluable, having had at least one post-baseline tumor assessment as of the data cutoff. Patients enrolled in the study at the time of data cutoff had previously received a median of 4 prior lines of therapy and all patients had previously been treated with irinotecan. 64% of patients had liver metastases, 64% had disease with KRAS mutations, and 96% had disease that was microsatellite stable. Patients were not preselected based on EpCAM expression levels.

Current wording

In May 2025, we announced positive interim Phase 1 data as of an April 7, 2025 data cutoff in advanced mCRC. The data encompassed results from 25 patients treated with Varseta-M at 5 dose levels ranging from 2.4 mg/kg to 10 mg/kg, administered every three weeks (“Q3W”). The 2.4 mg/kg and 4.8 mg/kg doses were single patient dose escalation cohorts not anticipated to be therapeutically active. At the 7.2 mg/kg, 8.6 mg/kg, and 10 mg/kg doses, 23 patients were treated, 18 of whom were efficacy evaluable, having had at least one post-baseline tumor assessment as of the data cutoff. Patients enrolled in the study at the time of data cutoff had previously received a median of 4 prior lines of therapy and all patients had previously been treated with irinotecan. 64% of patients had liver metastases, 64% had disease with KRAS mutations, and 96% had disease that was microsatellite stable. Patients were not preselected based on EpCAM expression levels.

Previous wording

In March 2026, we announced positive interim results from the ongoing Phase 1 dose expansions as of a January 16, 2026 data cutoff date. As of the data cutoff, a total of 93 patients with late-line metastatic CRC had been enrolled in the study. 60 patients were enrolled across the Phase 1 expansion dose range of 7.2 mg/kg, 8.6 mg/kg, and 10 mg/kg of which 56 were efficacy evaluable as of the data cutoff.

Current wording

In March 2026, we announced positive interim results from the ongoing Phase 1 dose expansions as of a January 16, 2026 data cutoff date. As of the data cutoff, a total of 93 patients with late-line mCRC had been enrolled in the study. 60 patients were enrolled across the Phase 1 expansion dose range of 7.2 mg/kg, 8.6 mg/kg, and 10 mg/kg of which 56 were efficacy evaluable as of the data cutoff.

Previous wording

As of April 2026, enrollment into Varseta-M Dose Optimization cohorts is complete, having reached the goal of 40 total patients across the 8.6 mg/kg Q3W and 10 mg/kg Q3W doses. Additional Phase 1 Varseta-M data, including data from ongoing dose optimization, is anticipated to be presented by the end of 2026. This update is expected to support monotherapy dose selection and a potential registrational trial design in late line CRC. FDA interactions are also planned in 2026 with the goal of aligning on potential first registrational study for Varseta-M monotherapy in advanced CRC to start in the first half of 2027.

Current wording

As of April 2026, enrollment in the monotherapy Varseta-M Dose Optimization cohorts is complete, having reached the goal of 40 total patients across the 8.6 mg/kg Q3W and 10 mg/kg Q3W doses. Also, on August 27, 2026, we announced that the FDA granted Varseta-M fast track designation for the treatment of patients with relapsed/refractory metastatic colorectal cancer. Additional Phase 1 Varseta-M monotherapy data, including dose selection and potential registrational strategy is expected in January of 2027, with the potential to initiate the first Varseta-M registrational study in first half of 2027.

Previous wording

A Phase 1 Varseta-M combination study with bevacizumab in CRC has commenced with an initial focus on determining combination dose(s) for later phase development, including in earlier lines of therapy. Varseta-M doses to be assessed in combination with bevacizumab include Q2W and Q4W schedules to align with the approved bevacizumab CRC dose of 5 mg/kg Q2W. The study continues with initial clinical data from the Varseta-M combination with bevacizumab anticipated by the first half of 2027.

Current wording

A Phase 1 Varseta-M combination study with bevacizumab in mCRC has commenced with an initial focus on determining combination dose(s) for later phase development, including in earlier lines of therapy. Varseta-M doses to be assessed in combination with bevacizumab include Q2W and Q4W schedules to align with the approved bevacizumab CRC dose of 5 mg/kg Q2W. The study continues to enroll, with initial clinical data from this Varseta-M combination with bevacizumab anticipated in the first half of 2027.

Previous wording

Phase 1/2 combination study including Varseta-M administered with bevacizumab, 5-fluorouracil, and leucovorin is planned to start in the fourth quarter of 2026.

Current wording

Phase 1/2 combination study evaluating Varseta-M administered with bevacizumab, 5-fluorouracil, and leucovorin is expected to initiate by the end of 2026.

Previous wording

Phase 1 expansion cohort(s) in non-CRC indications including GEJ, EpCAM selected PDAC and EpCAM selected BTC are initiating in the third quarter of 2026.

Current wording

Phase 1 expansion cohort(s) evaluating Varseta-M monotherapy in non-CRC indications including GEJ patients, EpCAM-selected PDAC patients and EpCAM-selected BTC patients have been initiated.

Previous wording

The IND for CX-801 was allowed to proceed by the FDA in January 2024, and in the third quarter of 2024 the first patient was dosed in the CX-801 Phase 1 dose escalation study in solid tumors. The Phase 1 dose escalation study is focused on patients with advanced melanoma. In Phase 1 dose escalation, the study will evaluate safety, translational biomarkers and signs of clinical activity for CX-801 monotherapy and in combination with KEYTRUDA®. In the second quarter of 2024, we announced a clinical collaboration with Merck to supply KEYTRUDA for evaluation of its combination with CX-801 in the Phase 1 study. The Phase 1 study is currently in the fourth monotherapy dose escalation cohort. In May 2025, Phase 1 dose escalation enrollment of CX-801 in combination with KEYTRUDA (pembrolizumab) in advanced melanoma was initiated and is currently enrolling and has cleared the third dose level.

Current wording

The IND for CX-801 was allowed to proceed by the FDA in January 2024, and in the third quarter of 2024 the first patient was dosed in the CX-801 Phase 1 dose escalation study in solid tumors. The Phase 1 dose escalation study is focused on patients with advanced melanoma. In Phase 1 dose escalation, the study will evaluate safety, translational biomarkers and signs of clinical activity for CX-801 monotherapy and in combination with KEYTRUDA®(pembrolizumab). In the second quarter of 2024, we announced a clinical collaboration with Merck to supply KEYTRUDA for evaluation of its combination with CX-801 in the Phase 1 study. The Phase 1 study is currently in the fourth monotherapy dose escalation cohort. In May 2025, Phase 1 dose escalation enrollment of CX-801 in combination with KEYTRUDA in advanced melanoma was initiated and is currently enrolling and has cleared the third dose level.

Previous wording

For example, in May 2026, we and Regeneron amended the Regeneron Agreement to expand our collaboration, building upon the research momentum in developing next-generation bispecific immunotherapies using CytomX’s PROBODY and Regeneron's Veloci-Bi platforms. In July 2026, we received $37.0 million target selection payment for two additional programs selected in June 2026 and Regeneron secured the option to select up to six additional future targets for additional target nomination fees, bringing the total potential target nomination, research, development, regulatory and sales-based milestones covered under the collaboration to up to approximately $4.0 billion.

Current wording

For example, in May 2026, we and Regeneron amended the Regeneron Agreement to expand our collaboration, building upon the research momentum in developing next-generation bispecific immunotherapies using CytomX’s PROBODY and Regeneron's Veloci-Bi platforms. In July 2026, we received a $37.0 million target selection payment for two additional programs selected in June 2026 and Regeneron secured the option to select up to six additional future targets for additional target nomination fees, bringing the total potential target nomination, research, development, regulatory and sales-based milestones covered under the collaboration to up to approximately $4.0 billion.

Previous wording

We do not have any products approved for sale, and we continue to incur significant research and development as well as general and administrative expenses related to our operations. As of June 30, 2026 and December 31, 2025, we had an accumulated deficit of $750.9 million and $711.9 million, respectively.

Current wording

We do not have any products approved for sale, and we continue to incur significant research and development as well as general and administrative expenses related to our operations. As of September 30, 2026 and December 31, 2025, we had an accumulated deficit of $770.9 million and $711.9 million, respectively.

Previous wording

Our revenue to date has been primarily derived from non-refundable license payments, milestone payments and reimbursements for research and development expenses under our research, collaboration, and license agreements. We recognize revenue from upfront payments over the term of our estimated period of performance under the agreement using an input method for the entire performance obligation. In applying the input method of revenue recognition, we use actual full-time equivalent (“FTE”) hours incurred relative to estimated total FTE hours expected to be incurred for each combined performance obligation over the estimated research service period of each collaboration target. In addition to receiving upfront payments, we are entitled to variable payments related to research and development services provided and may be entitled to milestone and other contingent payments upon achieving predefined objectives. Revenue from variable payments related to research and development or milestones and other contingent payments, when it is probable that there will not be a significant revenue reversal, is also recognized over the performance period based on a similar method.

Current wording

Our revenue to date has been primarily derived from non-refundable license payments, milestone payments and reimbursements for research and development expenses under our research, collaboration, and license agreements. We recognize revenue from upfront payments over the term of our estimated period of performance under the agreement using an input method for the entire performance obligation. In applying the input method of revenue recognition, we use actual FTE hours incurred relative to estimated total FTE hours expected to be incurred for each combined performance obligation over the estimated research service period of each collaboration target. In addition to receiving upfront payments, we are entitled to variable payments related to research and development services provided and may be entitled to milestone and other contingent payments upon achieving predefined objectives. Revenue from variable payments related to research and development or milestones and other contingent payments, when it is probable that there will not be a significant revenue reversal, is also recognized over the performance period based on a similar method.

Previous wording

In connection with the May 2026 Regeneron Amendment, the Company applied significant judgment to estimate the standalone selling price of the newly added Collaboration Programs. The Company considered observable collaboration transactions, adjusted for differences in stage of development, modality, scope of rights transferred, expected research effort, market conditions, and Company-specific circumstances when allocating $56.4 million of the unrecognized transaction price. Changes in these assumptions could materially affect the timing of revenue recognized over the estimated research service period of four years.

Current wording

In connection with the May 2026 Regeneron Amendment, we applied significant judgment to estimate the standalone selling price of the newly added Collaboration Programs. We considered observable collaboration transactions, adjusted for differences in stage of development, modality, scope of rights transferred, expected research effort, market conditions, and Company-specific circumstances when allocating $56.4 million of the unrecognized transaction price. Changes in these assumptions could materially affect the timing of revenue recognized over the estimated research service period of four years.

Previous wording

Other income (expense), net consists primarily of gains and losses resulting from changes to currency exchange rates.

Current wording

Other income (expense), net consists primarily of gains and losses resulting from changes to currency exchange rates and disposal of property and equipment.

Previous wording

Income taxes are recorded in accordance with ASC 740, Accounting for Income Taxes, or ASC 740, which provides for deferred taxes using an asset and liability approach. We recognize deferred tax assets and liabilities for the expected future tax consequences of events that have been included in our financial statements or tax returns. We determine our deferred tax assets and liabilities based on differences between the financial reporting and tax bases of assets and liabilities, which are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Valuation allowances are provided, if based upon the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.

Current wording

Income taxes are recorded in accordance with ASC 740, Income Taxes, or ASC 740, which provides for deferred taxes using an asset and liability approach. We recognize deferred tax assets and liabilities for the expected future tax consequences of events that have been included in our financial statements or tax returns. We determine our deferred tax assets and liabilities based on differences between the financial reporting and tax bases of assets and liabilities, which are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Valuation allowances are provided, if based upon the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.

Previous wording

The decrease in revenue of $17.2 million and $57.9 million for the three and six months ended June 30, 2026, respectively, compared to the corresponding periods of 2025 was primarily due to:

Current wording

The decrease in revenue of $4.3 million and $62.2 million for the three and nine months ended September 30, 2026, respectively, compared to the corresponding periods of 2025 was primarily due to:

Previous wording

The recognition of all remaining deferred revenue under the Amgen Agreement resulting from Amgen terminating its license to the EGFR Products effective May 2025;

Current wording

The recognition of all remaining deferred revenue under the Amgen Agreement resulting from Amgen terminating its license to both the EGFR program and an additional Amgen-selected target effective the second quarter of 2025;

Previous wording

A decrease in revenue under the Astellas Agreement primarily driven by a $5.0 million preclinical milestone payment and higher research activities in 2025 compared to 2026, partially offset by $7.1 million of accelerated revenue recognition in the first quarter of 2026 due to Astellas' notice of termination of the collaboration. The performance obligations under the Astellas Agreement have been completed as of the second quarter of 2026;

Current wording

A decrease in revenue under the Astellas Agreement primarily driven by a $5.0 million preclinical milestone payment and higher research activities in 2025 compared to 2026. In the first quarter of 2026, Astellas provided notice of termination of the collaboration which resulted in $7.1 million of accelerated revenue recognition. The performance obligations under the Astellas Agreement have been completed as of the second quarter of 2026;

Previous wording

Research activities related to the additional collaboration programs selected under the expanded Regeneron collaboration agreement entered in May 2026 have not yet commenced during the current period. The decrease in revenue under the Regeneron Agreement was due to a primary focus on the lead preclinical program under the scope of the original collaboration agreement announced in November 2022.

Current wording

The decrease in revenue for the nine months ended September 30, 2026 under the Regeneron Agreement due to a primary focus on the lead preclinical program under the scope of the original collaboration agreement announced in November 2022, partially offset by an increase in revenue from research activities that commenced in current quarter of 2026 related to additional collaboration programs selected under the expanded Regeneron collaboration agreement entered into in May 2026. The remaining deferred revenue of $7.2 million associated with Regeneron’s paused program is expected to be recognized in the fourth quarter of 2026, at the end of the respective research term.

Previous wording

Research and development expenses increased by $4.3 million for the three months ended June 30, 2026, compared to the corresponding period of 2025 primarily due to an increase in manufacturing activities for Varseta-M and clinical activities for other clinical programs, and an increase in internal costs due to increased personnel related expenses.

Current wording

Research and development expenses increased by $1.2 million for the three months ended September 30, 2026, compared to the corresponding period of 2025 primarily driven by an increase in internal cost due to increased personnel related expenses, and increased clinical spending for Varseta-M and other clinical programs, partially offset by a decrease in manufacturing activities for Varseta-M.

Previous wording

Research and development expenses increased by $4.6 million for the six months ended June 30, 2026, compared to the corresponding period of 2025 primarily due to an increase in manufacturing activities for Varseta-M, partially offset by a decrease in internal costs reflecting the absence of $1.7 million of restructuring expenses incurred in the first quarter of 2025. We expect program development expenses in future quarters to be primarily focused on Varseta-M with expected continued growth in Varseta-M development spend.

Current wording

Research and development expenses increased by $5.8 million for the nine months ended September 30, 2026, compared to the corresponding period of 2025 primarily due to an increase in manufacturing and clinical activities for Varseta-M, partially offset by the absence of $1.7 million of restructuring expenses included in internal cost in the first quarter of 2025. We expect program development expenses in future quarters to be primarily focused on Varseta-M with expected continued growth in Varseta-M development spend.

Previous wording

General and administrative expenses increased by $1.0 million for the three months ended June 30, 2026, compared to the corresponding period of 2025, primarily driven by increased consulting expenses and higher rent expense due to termination of the partial sublease of the Company's headquarters in the first quarter of 2026.

Current wording

General and administrative expenses increased by $2.3 million for the three months ended September 30, 2026, compared to the corresponding period of 2025, primarily driven by increased personnel related expenses, consulting expenses and increased rent expense following the commencement of the Emeryville lease in April 2026 and the termination of the partial sublease of our headquarters in the first quarter of 2026.

Previous wording

General and administrative expenses increased by $2.2 million for the six months ended June 30, 2026, compared to the corresponding period of 2025, primarily driven by increased consulting expenses and stock-based compensation expenses in the current period along with higher rent expense due to termination of the partial sublease of the Company's headquarters in the first quarter of 2026, partially offset by $1.1 million of restructuring expenses incurred in the first quarter of 2025.

Current wording

General and administrative expenses increased by $4.5 million for the nine months ended September 30, 2026, compared to the corresponding period of 2025, primarily driven by increased consulting expenses and stock-based compensation expenses in the current period along with increased rent expense following the commencement of the Emeryville lease in April 2026 and the termination of the partial sublease of our headquarters in the first quarter of 2026, partially offset by $1.1 million of restructuring expenses incurred in the first quarter of 2025.

Previous wording

Interest income increased by $2.0 million and $2.5 million during the three and six months ended June 30, 2026, respectively, compared to the corresponding periods of 2025. The increase was primarily driven by the increase in cash and cash equivalents and short-term investments position as a result of the underwritten public offering in March 2026.

Current wording

Interest income increased by $1.7 million and $4.2 million during the three and nine months ended September 30, 2026, respectively, compared to the corresponding periods of 2025. The increase was primarily driven by the increase in cash and cash equivalents and short-term investments position as a result of the underwritten public offering in March 2026.

Previous wording

As of June 30, 2026, we had cash, cash equivalents, short-term investments of $330.3 million and an accumulated deficit of $750.9 million, compared to cash, cash equivalents and short-term investments of $137.1 million and an accumulated deficit of $711.9 million as of December 31, 2025.

Current wording

As of September 30, 2026, we had cash, cash equivalents, and short-term investments of $348.0 million and an accumulated deficit of $770.9 million, compared to cash, cash equivalents and short-term investments of $137.1 million and an accumulated deficit of $711.9 million as of December 31, 2025.

Previous wording

To date, we have financed our operations primarily through sales of our common stock in conjunction with the IPO, subsequent stock offerings and through our at-the-market offering, sales of our convertible preferred securities prior to our IPO, payments received under our collaboration agreements and proceeds from private placements of our common stock, warrants and pre-funded warrants.

Current wording

To date, we have financed our operations primarily through sales of our common stock in conjunction with the our initial public offering (“IPO”), subsequent stock offerings and through our at-the-market offering program (“ATM Program”), sales of our convertible preferred securities prior to our IPO, payments received under our collaboration agreements and proceeds from private placements of our common stock, warrants and pre-funded warrants.

Previous wording

We also have an at-the-market offering program (“ATM Program”) pursuant to a sales agreement with Jefferies LLC (as amended on March 4, 2022 and August 9, 2024, the “Sales Agreement”). In 2025, we sold 4,872,861 shares at a weighted average price of $3.44 per share under our ATM offering for net proceeds of approximately $16.3 million after deducting sales commissions and related issuance costs. As of June 30, 2026, we had an aggregate of $39.4 million remaining for issuance under our ATM Program.

Current wording

We also have an ATM Program pursuant to a sales agreement with Jefferies LLC (as amended on March 4, 2022 and August 9, 2024, the “Sales Agreement”). In 2025, we sold 4,872,861 shares at a weighted average price of $3.44 per share under our ATM offering for net proceeds of approximately $16.3 million after deducting sales commissions and related issuance costs. As of September 30, 2026, we had an aggregate of $39.4 million remaining for issuance under our ATM Program.

Previous wording

Based upon our current operating plan and liquidity requirements, we expect our existing capital resources will be sufficient to fund operations into at least the second half of 2028. However, if the anticipated operating results are not achieved in future periods, our planned expenditures may need to be reduced in order to extend the time period over which the then-available resources would be able to fund the operations. The amounts and timing of our actual expenditures depend on numerous factors, including the progress of our preclinical and clinical development efforts, the results of any clinical trials and other studies, our operating costs and expenditures and other factors described under the caption “Risk Factors” in this Quarterly Report on Form 10-Q. The cost and timing of developing our product candidates is highly uncertain and subject to substantial risks and changes. As such, we may alter our expenditures as a result of contingencies such as the failure of one or all of our product candidates currently in clinical development, the acceleration of one or all of our product candidates in clinical development, the initiation of clinical trials for additional product candidates, the identification of more promising product candidates in our research efforts or unexpected operating costs and expenditures. We will need to raise additional capital to fund our operations in the future. There can be no assurance, however, that such efforts will be successful; or if they are successful, that the terms and conditions of such financing will be favorable to us.

Current wording

Based upon our current operating plan and liquidity requirements, we expect our existing capital resources will be sufficient to fund operations into the second half of 2028. However, if the anticipated operating results are not achieved in future periods, our planned expenditures may need to be reduced in order to extend the time period over which the then-available resources would be able to fund the operations. The amounts and timing of our actual expenditures depend on numerous factors, including the progress of our preclinical and clinical development efforts, the results of any clinical trials and other studies, our operating costs and expenditures and other factors described under the caption “Risk Factors” in this Quarterly Report on Form 10-Q. The cost and timing of developing our product candidates is highly uncertain and subject to substantial risks and changes. As such, we may alter our expenditures as a result of contingencies such as the failure of one or all of our product candidates currently in clinical development, the acceleration of one or all of our product candidates in clinical development, the initiation of clinical trials for additional product candidates, the identification of more promising product candidates in our research efforts or unexpected operating costs and expenditures. We will need to raise additional capital to fund our operations in the future. There can be no assurance, however, that such efforts will be successful, or if they are successful, that the terms and conditions of such financing will be favorable to us.

Previous wording

Net cash used in operating activities of $43.6 million and $36.8 million for the six months ended June 30, 2026 and 2025, respectively, was largely due to ongoing research and development activities and general and administrative expenses to support those activities. Net loss for the six months ended June 30, 2026 and net income for the six months ended June 30, 2025 included, among other items, non-cash charges of stock-based compensation, non-cash lease expense, depreciation and amortization, partially offset by net accretion of discounts on short-term investments.

Current wording

Net cash used in operating activities of $27.0 million and $52.3 million for the nine months ended September 30, 2026 and 2025, respectively, was largely due to ongoing research and development activities and general and administrative expenses to support those activities, as well as the receipt of the $37.0 million upfront fee payment from Regeneron in July 2026. Net loss for the nine months ended September 30, 2026 and net income for the nine months ended September 30, 2025 included, among other items, non-cash charges of stock-based compensation, non-cash lease expense, depreciation and amortization, partially offset by net accretion of discounts on short-term investments.

Previous wording

During the six months ended June 30, 2026, net cash used in investing activities was $186.8 million, primarily due to increased purchases of short-term investments following the funds received from our equity issuance via the underwritten public offering in March 2026. These purchases were partially offset by proceeds from the maturities of marketable securities.

Current wording

During the nine months ended September 30, 2026, net cash used in investing activities was $186.8 million, primarily due to increased purchases of short-term investments following the funds received from our equity issuance via the underwritten public offering in March 2026. These purchases were partially offset by proceeds from the maturities of marketable securities.

Previous wording

During the six months ended June 30, 2025, net cash used in investing activities was $45.8 million, primarily due to increased purchases of short-term investments following the funds received from our equity issuance via the underwritten public offering in May 2025. These purchases were partially offset by proceeds from the maturities of marketable securities.

Current wording

During the nine months ended September 30, 2025, net cash used in investing activities was $45.3 million, primarily due to increased purchases of short-term investments following the funds received from our equity issuance via the underwritten public offering in May 2025. These purchases were partially offset by proceeds from the maturities of marketable securities.

Previous wording

During the six months ended June 30, 2026, net cash provided by financing activities of $235.0 million was primarily due to net proceeds from equity issuance via the underwritten public offering in March 2026.

Current wording

During the nine months ended September 30, 2026, net cash provided by financing activities of $235.1 million was primarily due to net proceeds from equity issuance via the underwritten public offering in March 2026.

Previous wording

During the six months ended June 30, 2025, net cash provided by financing activities of $93.6 million was primarily due to net proceeds from equity issuance via the underwritten public offering in May 2025.

Current wording

During the nine months ended September 30, 2025, net cash provided by financing activities of $93.8 million was primarily due to net proceeds from equity issuance via the underwritten public offering in May 2025.