Tango Therapeutics, Inc.

Previous wording

Tango was founded with a clear mission: to discover the next wave of targeted therapies in oncology by addressing the specific genetic alterations that drive cancer. We leverage our state-of-the-art target and drug discovery platforms to identify novel disease-relevant targets and develop medicines tailored to defined patient populations with high unmet medical need. Our novel small molecules are designed to be selectively active in cancer cells with specific genetic alterations, killing those cancer cells while sparing normal cells. We believe our approach will provide the ability to deliver deep, durable target inhibition with favorable tolerability and safety profiles, thus potentially maximizing clinical benefit.

Current wording

Tango was founded with a clear mission: to discover the next wave of targeted therapies in oncology by addressing the specific genetic alterations that drive cancer. We are committed to delivering breakthrough targeted therapies that extend and improve the lives of patients with cancer. Using an approach that focuses on genetic vulnerabilities in cancer, we are pursuing PRMT5-targeted therapies designed to address pancreatic and other forms of cancer while sparing healthy normal tissues. We believe our approach will provide the ability to deliver deep, durable target inhibition with favorable tolerability and safety profiles, thus potentially maximizing clinical benefit.

Previous wording

We are currently focused on clinical development of two MTAP-deleted selective PRMT5 inhibitors: vopimetostat (TNG462) for non-CNS cancers, both as a monotherapy and in combination with RAS inhibitors, and TNG456, our next-generation, brain-penetrant PRMT5 inhibitor, for CNS cancers, including GBM. We are evaluating vopimetostat alone and in combination with RAS inhibitors based on overlapping patient populations, preclinical data supporting potential strong combination effect in clinical trials, and favorable clinical efficacy, durability, and safety profiles observed to date with each applicable drug individually. In June 2025, we treated the first patient in our combination clinical trial evaluating vopimetostat with the RAS(ON) multi-selective inhibitor, daraxonrasib, and RAS(ON) G12D-selective inhibitor, zoldonrasib (Revolution Medicines).

Current wording

We are currently focused on clinical development of two MTAP-deleted selective PRMT5 inhibitors: vopimetostat (TNG462) for non-CNS cancers, both as a monotherapy and in combination with RAS inhibitors, and TNG456, our next-generation, brain-penetrant PRMT5 inhibitor, for CNS cancers, including GBM. We are evaluating vopimetostat alone and in combination with RAS inhibitors based on overlapping patient populations, preclinical data supporting potential strong combination effect in clinical trials, and favorable clinical efficacy, durability, and safety profiles observed to date with each applicable drug individually.

Previous wording

In June 2026, we reported initial safety and efficacy data from our ongoing Phase 1/2 clinical trial of vopimetostat in combination with Revolution Medicines' RAS(ON) inhibitors in patients with MTAP-deleted and RAS-mutant metastatic PDAC.

Current wording

In October 2026, we announced promising results from our ongoing Phase 1/2 clinical trial of vopimetostat in combination with Revolution Medicines’ RAS(ON) inhibitors in patients with MTAP-deleted and RAS-mutant metastatic PDAC and NSCLC, which was presented at the European Society for Medical Oncology (ESMO) 2026 Congress.

Previous wording

On June 8, 2026, we also reported initial data from the vopimetostat plus zoldonrasib dose escalation arm in PDAC patients. Patients received vopimetostat 200 mg or 250 mg QD plus zoldonrasib 600 mg or 1200 mg QD. As of the data cutoff date of May 28, 2026, 27 patients were response evaluable with at least 14 weeks of follow-up. We observed an ORR of 52%, a

Current wording

In the vopimetostat plus zoldonrasib dose escalation arm, PDAC patients with MTAP deletion and KRAS G12D mutation received vopimetostat 200 mg or 250 mg QD plus zoldonrasib 600 mg or 1200 mg QD across four dose levels (dose level 1: 200 mg/600 mg QD; dose level 2: 250 mg/600 mg QD; dose level 3: 250 mg/1200 mg QD; and dose level 4: 200 mg/1200 mg QD). As of the data cutoff date of August 20, 2026, 35 patients were efficacy-evaluable, meaning that they received their first dose of treatment at least 14 weeks prior to the data cutoff date. 39 patients were safety-evaluable, meaning they received at least one dose of this combination prior to the data cutoff date.

Previous wording

Given the differentiated profile of vopimetostat enabling the potential for efficacious and tolerable RAS inhibitor combinations, in March 2026, we entered into a CTCSA with Erasca to evaluate vopimetostat in combination with Erasca’s pan-RAS molecular glue, ERAS-0015. Under the terms of the CTCSA with Erasca, we are the sponsor of the trial and Erasca is supplying ERAS-0015 at no cost. We plan to initiate this Phase 1/2 clinical trial in the second half of 2026.

Current wording

Given the differentiated profile of vopimetostat enabling the potential for efficacious and tolerable RAS inhibitor combinations, in March 2026, we entered into a CTCSA with Erasca to evaluate vopimetostat in combination with Erasca’s pan-RAS molecular glue, ERAS-0015. Under the terms of the CTCSA with Erasca, we are the sponsor of the trial and Erasca is supplying ERAS-0015 at no cost. We initiated this Phase 1/2 clinical trial in November 2026.

Previous wording

TNG456 is a brain-penetrant PRMT5 inhibitor. In May 2025, the first patient was treated with TNG456 in the dose escalation portion of the Phase 1/2 clinical trial to evaluate the safety, pharmacokinetics, pharmacodynamics and antitumor activity of TNG456 as a monotherapy. The trial is currently enrolling patients with MTAP-deleted solid tumors, with a focus on GBM. We anticipate providing initial clinical data from this trial in the second half of 2026.

Current wording

TNG456 is a brain-penetrant PRMT5 inhibitor. In May 2025, the first patient was treated with TNG456 in the dose escalation portion of the Phase 1/2 clinical trial to evaluate the safety, pharmacokinetics, pharmacodynamics and antitumor activity of TNG456 as a monotherapy. The trial is currently enrolling patients with MTAP-deleted solid tumors, with a focus on GBM and NSCLC. We anticipate providing initial clinical data from this trial in January 2027.

Previous wording

Due to an increased focus on our PRMT5 pipeline, we are deprioritizing future development and resources allocated to TNG260 and are in the process of shutting down the clinical trial. Additionally, TNG961 is currently in the IND-enabling phase of development and we do not have current plans to further advance development of this molecule.

Current wording

Due to an increased focus on our PRMT5 pipeline, we are deprioritizing future development and resources allocated to TNG260 and are in the process of shutting down the clinical trial. Additionally, TNG961 is currently IND-ready and we do not have current plans to further advance development of this molecule. In October 2026, our Board of Directors also approved a strategic reprioritization of our research and development activities to focus our efforts on the advancement of PRMT5-targeted therapies and our clinical product candidates, vopimetostat and TNG456, and to deprioritize novel target discovery. In connection with this reprioritization, we intend to stop certain preclinical and research activities to focus on translational work and our PRMT5 programs. As part of this reprioritization, we have reduced our overall workforce by approximately 14%, with the majority of the headcount reductions from our research group.

Previous wording

Since our inception, we have focused primarily on organizing and staffing our company, business planning, raising capital, discovering product candidates, securing related intellectual property, and conducting research and development activities for our programs. To date, we have funded our operations primarily through equity financings and from the proceeds received from our collaboration agreement with Gilead. Through June 30, 2026, we have raised an aggregate of $1.8 billion from such transactions, including $1.6 billion in aggregate gross proceeds from the sale of preferred shares, the closing of our Business Combination, follow-on public and private offerings, and through our "at-the-market" stock offering programs, and $237.1 million pursuant to our collaboration with Gilead, the research portion of which concluded in August 2025.

Current wording

Since our inception, we have focused primarily on organizing and staffing our company, business planning, raising capital, discovering product candidates, securing related intellectual property, and conducting research and development activities for our programs. To date, we have funded our operations primarily through equity financings and from the proceeds received from our collaboration agreement with Gilead. Through September 30, 2026, we have raised an aggregate of $1.8 billion from such transactions, including $1.6 billion in aggregate gross proceeds from the sale of preferred shares, the closing of our Business Combination, follow-on public and private offerings, and through our "at-the-market" offering programs, and $237.1 million pursuant to our collaboration with Gilead, the research portion of which concluded in August 2025.

Previous wording

We expect that our existing cash, cash equivalents and marketable securities on hand as of June 30, 2026 of $1.0 billion, will enable us to meet our current operating plan and fund our operating expenses and capital expenditure requirements for at least twelve months from the issuance of the financial statements in this Quarterly Report. Since inception, we have incurred significant operating losses. For the six months ended June 30, 2026 and 2025, our net losses were $100.9 million and $78.7 million, respectively. We had an accumulated deficit of $704.0 million as of June 30, 2026. We expect to continue to incur significant and increasing expenses and operating losses for the foreseeable future as we advance our product candidates through preclinical and clinical development and seek regulatory approvals, manufacture drug product and drug supply, and maintain and expand our intellectual property portfolio. We also expect to hire additional personnel, pay for accounting, audit, legal, regulatory and consulting services, and pay costs associated with maintaining compliance with The Nasdaq Stock Market LLC listing rules and the requirements of the SEC, director and officer liability insurance, investor and public relations activities and other expenses associated with operating as a public company. Our net losses may fluctuate significantly from quarter-to-quarter and year-to-year, depending on the timing of our preclinical studies, our clinical trials, and our expenditures on other research and development activities.

Current wording

We expect that our existing cash, cash equivalents and marketable securities on hand as of September 30, 2026 of $977.5 million will enable us to meet our current operating plan and fund our operating expenses and capital expenditure requirements for at least twelve months from the issuance of the financial statements in this Quarterly Report. Since inception, we have incurred significant operating losses. For the nine months ended September 30, 2026 and 2025, our net losses were $169.2 million and $62.8 million, respectively. We had an accumulated deficit of $772.4 million as of September 30, 2026. We expect to continue to incur significant and increasing expenses and operating losses for the foreseeable future as we advance our product candidates through preclinical and clinical development and seek regulatory approvals, manufacture drug product and drug supply, and maintain and expand our intellectual property portfolio. We also expect to hire additional personnel, pay for accounting, audit, legal, regulatory and consulting services, and pay costs associated with maintaining compliance with The Nasdaq Stock Market LLC listing rules and the requirements of the SEC, director and officer liability insurance, investor and public relations activities and other expenses associated with operating as a public company. Our net losses may fluctuate significantly from quarter-to-quarter and year-to-year, depending on the timing of our preclinical studies, our clinical trials, and our expenditures on other research and development activities.

Previous wording

We do not have any product candidates approved for sale and have not generated any revenue from product sales. We will not generate revenue from product sales unless and until we successfully complete clinical development and obtain regulatory approval for our product candidates, if ever. In addition, if we obtain regulatory approval for our product candidates and do not enter into a third-party commercialization partnership, we expect to incur significant expenses related to developing our commercialization capability to support product sales, marketing, manufacturing and distribution activities. As a result, we will need substantial additional funding to support our continuing operations and pursue our growth strategy. Until we can generate significant revenue from product sales, if ever, we expect to finance our operations through a combination of public or private equity offerings and debt financings or other sources, such as potential collaboration agreements, strategic alliances and licensing arrangements. We may be unable to raise additional funds or enter into such other agreements or arrangements when needed on acceptable terms, or at all. Our failure to raise capital or enter into such agreements, as and when needed, could have a negative effect on our business, results of operations and financial condition.

Current wording

We do not have any product candidates approved for sale and have not generated any revenue from product sales. We will not generate revenue from product sales unless and until we successfully complete clinical development and obtain regulatory approval for our product candidates, if ever. In addition, if we obtain regulatory approval for any of our product candidates and do not enter into a third-party commercialization partnership, we expect to incur significant expenses related to developing our commercialization capability to support product sales, marketing, manufacturing and distribution activities. As a result, we will need substantial additional funding to support our continuing operations and pursue our growth strategy. Until we can generate significant revenue from product sales, if ever, we expect to finance our operations through a combination of public or private equity offerings and debt financings or other sources, such as potential collaboration agreements, strategic alliances and licensing arrangements. We may be unable to raise additional funds or enter into such other agreements or arrangements when needed on acceptable terms, or at all. Our failure to raise capital or enter into such agreements, as and when needed, could have a material adverse effect on our business, results of operations and financial condition.

Previous wording

During the three months ended June 30, 2026 and 2025, we recognized $0 and $3.2 million, respectively, and during the six months ended June 30, 2026 and 2025, we recognized $0 and $8.6 million, respectively, of collaboration revenue associated with the 2018 Gilead Agreement and the Gilead Agreement based on performance completed during each period.

Current wording

During the three months ended September 30, 2026 and 2025, we recognized $0 and $53.8 million, respectively, and during the nine months ended September 30, 2026 and 2025, we recognized $0 and $62.4 million, respectively, of collaboration revenue associated with the 2018 Gilead Agreement and the Gilead Agreement based on performance completed during each period.

Previous wording

external research and development expenses incurred under agreements with contract research organizations, vendors and consultants that conduct our preclinical and clinical studies, as well as other development activities related to our product candidates;

Current wording

external research and development expenses incurred under agreements with contract research organizations, vendors and consultants that conduct our preclinical and clinical studies, as well as other development activities related to our product candidates and companion diagnostic tests;

Previous wording

The successful development of our product candidates is highly uncertain. We plan to substantially increase our research and development expenses for the foreseeable future as we continue the development of our product candidates and manufacturing processes and conduct discovery and research activities for our preclinical programs. We cannot determine with certainty the timing of initiation, the duration or the completion costs of current or future preclinical studies and clinical trials of our product candidates or the timing of regulatory filings in connection with clinical trials or regulatory approval, due to the inherently unpredictable nature of preclinical and clinical development. Clinical and preclinical development timelines, the probability of success and development costs can differ materially from expectations. We anticipate that we will make determinations as to which product candidates to pursue and how much funding to direct to each product candidate on an ongoing basis in response to the results of ongoing and future preclinical studies and clinical trials, regulatory developments and our ongoing assessments as to each product candidate’s commercial potential. Our clinical development costs have, and are expected to continue to increase significantly with the commencement and continuation of our current and planned clinical trials. We anticipate that our expenses will increase substantially, particularly due to the numerous risks and uncertainties associated with developing product candidates, including the uncertainty of:

Current wording

The successful development of our product candidates is highly uncertain. We plan to substantially increase our research and development expenses for the foreseeable future as we continue the development of our product candidates and manufacturing processes and conduct research activities for our preclinical programs. We cannot determine with certainty the timing of initiation, the duration or the completion costs of current or future preclinical studies and clinical trials of our product candidates or the timing of regulatory filings in connection with clinical trials or regulatory approval, due to the inherently unpredictable nature of preclinical and clinical development. Clinical and preclinical development timelines, the probability of success and development costs can differ materially from expectations. We anticipate that we will make determinations as to which product candidates to pursue and how much funding to direct to each product candidate on an ongoing basis in response to the results of ongoing and future preclinical studies and clinical trials, regulatory developments and our ongoing assessments as to each product candidate’s commercial potential. Our clinical development costs have, and are expected to continue to increase significantly with the commencement and continuation of our current and planned clinical trials. We anticipate that our expenses will increase substantially, particularly due to the numerous risks and uncertainties associated with developing product candidates, including the uncertainty of:

Previous wording

the scope, rate of progress, and expenses of our ongoing research activities as well as any preclinical studies, clinical trials and other research and development activities;

Current wording

the scope, rate of progress, and expenses of our ongoing development activities, including any preclinical studies and clinical trials;

Previous wording

Interest income consists of income earned and losses incurred in connection with our investments in money market funds, U.S. Treasury bills and U.S. government agency bonds.

Current wording

Interest income consists of income earned and losses incurred in connection with our investments in money market funds, U.S. Treasury bills, U.S. government agency bonds, and corporate debt securities.

Previous wording

Our provision for income tax consists of an estimate for U.S. federal and state income taxes based on enacted rates, as adjusted for allowable credits, deductions, uncertain tax positions, changes in deferred tax assets and liabilities and changes in tax law. We recorded an insignificant provision for income taxes for each of the three and six months ended June 30, 2026 and 2025.

Current wording

Our provision for income tax consists of an estimate for U.S. federal and state income taxes based on enacted rates, as adjusted for allowable credits, deductions, uncertain tax positions, changes in deferred tax assets and liabilities and changes in tax law. We recorded an insignificant provision for income taxes for each of the three and nine months ended September 30, 2026 and 2025.

Previous wording

Collaboration revenue of $0 and $3.2 million for the three months ended June 30, 2026 and 2025, respectively, was derived from the Gilead Agreement. All remaining deferred revenue from the upfront and research option-extension payments under the Gilead Agreement was recognized as collaboration revenue during the year ended December 31, 2025 as a result of the truncation of the Gilead Agreement which concluded all research activities in August 2025.

Current wording

Collaboration revenue of $0 and $53.8 million for the three months ended September 30, 2026 and 2025, respectively, was derived from the Gilead Agreement. All remaining deferred revenue from the upfront and research option-extension payments under the Gilead Agreement was recognized as collaboration revenue during the year ended December 31, 2025 as a result of the truncation of the Gilead Agreement which concluded all research activities in August 2025.

Previous wording

Research and development expense was $37.2 million for the three months ended June 30, 2026 compared to $32.8 million for the three months ended June 30, 2025. The increase of $4.4 million was primarily driven by a $7.6 million increase in spend related to the advancement of the vopimetostat and TNG456 clinical programs. The increase was also due to higher personnel-related costs. These increases were partially offset by a $1.7 million decrease due to the discontinuation of the TNG908 and TNG260 clinical programs, a $1.5 million decrease in development costs for TNG961, and lower discovery program expenses.

Current wording

Research and development expense was $48.9 million for the three months ended September 30, 2026 compared to $30.8 million for the three months ended September 30, 2025. The increase of $18.1 million was primarily driven by a $14.0 million increase in spend related to the advancement of the vopimetostat and TNG456 clinical programs, a $4.7 million increase in personnel-related costs, including share-based compensation expense, and a $1.3 million increase in discovery program expenses. These increases were partially offset by a $1.0 million decrease due to the discontinuation of the TNG908 and TNG260 clinical programs and a $1.0 million decrease in development costs for TNG961.

Previous wording

General and administrative expense was $37.8 million for the six months ended June 30, 2026 compared to $22.8 million for the six months ended June 30, 2025. The increase of $15.0 million was primarily due to an increase in personnel-related costs, including share-based compensation expense. The change also included increased spend on consulting services and information technology related spend.

Current wording

General and administrative expense was $29.2 million for the three months ended September 30, 2026 compared to $8.9 million for the three months ended September 30, 2025. The increase of $20.3 million was primarily due to an increase in personnel-related costs, including share-based compensation expense which included increases derived from the modification of previously issued equity awards for our former Executive Chair during the three months ended September 30, 2026. The change also included increased spend on professional fees, including consulting and legal services, and information technology related spend.

Previous wording

Interest income was $3.7 million for the three months ended June 30, 2026 compared to $1.2 million for the three months ended June 30, 2025, with the increase primarily attributable to a higher marketable securities balance during the second quarter of 2026 as compared to the same period in the prior year.

Current wording

Interest income was $7.2 million for the three months ended September 30, 2026 compared to $1.1 million for the three months ended September 30, 2025, with the increase primarily attributable to a higher marketable securities balance during the third quarter of 2026 as compared to the same period in the prior year.

Previous wording

Other income, net was $0.7 million for the three months ended June 30, 2026 compared to $0.9 million for the three months ended June 30, 2025. In both periods, other income, net, was primarily derived from accretion from investments purchased at a discount.

Current wording

Other income, net was $2.6 million for the three months ended September 30, 2026 compared to $0.7 million for the three months ended September 30, 2025. In both periods, other income, net, was primarily derived from accretion from investments purchased at a discount.

Previous wording

The following table summarizes our results of operations for the six months ended June 30, 2026 and 2025:

Current wording

The following table summarizes our results of operations for the nine months ended September 30, 2026 and 2025:

Previous wording

Collaboration revenue of $0 and $8.6 million for the six months ended June 30, 2026 and 2025, respectively, was derived from the Gilead Agreement. All remaining deferred revenue from the upfront and research option-extension payments under the Gilead Agreement was recognized as collaboration revenue during the year ended December 31, 2025 as a result of the truncation of the Gilead Agreement which concluded all research activities in August 2025.

Current wording

Collaboration revenue of $0 and $62.4 million for the nine months ended September 30, 2026 and 2025, respectively, was derived from the Gilead Agreement. All remaining deferred revenue from the upfront and research option-extension payments under the Gilead Agreement was recognized as collaboration revenue during the year ended December 31, 2025 as a result of the truncation of the Gilead Agreement which concluded all research activities in August 2025.

Previous wording

Research and development expense was $70.7 million for the six months ended June 30, 2026 compared to $69.2 million for the six months ended June 30, 2025. The increase of $1.5 million was primarily driven by a $12.1 million increase in spend related to the advancement of the vopimetostat and TNG456 clinical programs. The increase was partially offset by a $2.5 million decrease due to the discontinuation of the TNG908 and TNG260 clinical programs, $3.3 million decrease in development costs for TNG961, and lower discovery program expenses. The increase was further reduced by decreased spend on lab supplies and services, as well as other facilities related costs.

Current wording

Research and development expense was $119.7 million for the nine months ended September 30, 2026 compared to $100.1 million for the nine months ended September 30, 2025. The increase of $19.6 million was primarily driven by a $26.2 million increase in spend related to the advancement of the vopimetostat and TNG456 clinical programs and a $4.9 million increase from personnel-related costs, including share-based compensation expense. The increase was partially offset by a $4.4 million decrease in development costs for TNG961, a $3.5 million decrease due to the discontinuation of the TNG908 and TNG260 clinical programs, and lower discovery program expenses. The increase was further reduced by decreased spend on lab supplies and services and other facilities related costs.

Previous wording

Interest income was $5.9 million for the six months ended June 30, 2026 compared to $2.9 million for the six months ended June 30, 2025, with the increase primarily attributable to a higher marketable securities balance during the second quarter of 2026 as compared to the same period in the prior year.

Current wording

Interest income was $13.1 million for the nine months ended September 30, 2026 compared to $4.0 million for the nine months ended September 30, 2025, with the increase primarily attributable to a higher marketable securities balance during the third quarter of 2026 as compared to the same period in the prior year.

Previous wording

Other income, net was $1.8 million for the six months ended June 30, 2026 compared to $2.0 million for the six months ended June 30, 2025. In both periods, other income, net, was primarily derived from accretion from investments purchased at a discount.

Current wording

Other income, net was $4.4 million for the nine months ended September 30, 2026 compared to $2.7 million for the nine months ended September 30, 2025. In both periods, other income, net, was primarily derived from accretion from investments purchased at a discount.

Previous wording

Provision for income taxes was less than $0.1 million for each of the six months ended June 30, 2026 and 2025. The tax provisions were insignificant in each of the six months ended June 30, 2026 and 2025.

Current wording

Provision for income taxes was less than $0.1 million for each of the nine months ended September 30, 2026 and 2025. The tax provisions were insignificant in each of the nine months ended September 30, 2026 and 2025.

Previous wording

Since our inception, we have generated recurring net losses. We have not yet commercialized any products and we do not expect to generate revenue from sales of any products for several years, if at all. To date, we have funded our operations primarily through equity financings and from the proceeds received from the Gilead Agreement. Through June 30, 2026, we have raised an aggregate of $1.8 billion from such transactions, including $1.6 billion in aggregate gross proceeds from the sale of pre-public entity preferred shares, the closing of our Business Combination, follow-on public and private offerings, and through our "at-the-market" stock offering programs, and $237.1 million pursuant to our collaboration with Gilead, the research portion of which concluded in August 2025. As of June 30, 2026, we had cash and cash equivalents and marketable securities of $1.0 billion.

Current wording

Since our inception, we have generated recurring net losses. We have not yet commercialized any products and we do not expect to generate revenue from sales of any products for several years, if at all. To date, we have funded our operations primarily through equity financings and from the proceeds received from the Gilead Agreement. Through September 30, 2026, we have raised an aggregate of $1.8 billion from such transactions, including $1.6 billion in aggregate gross proceeds from the sale of pre-public entity preferred shares, the closing of our Business Combination, follow-on public and private offerings, and through our "at-the-market" offering programs, and $237.1 million pursuant to our collaboration with Gilead, the research portion of which concluded in August 2025. As of September 30, 2026, we had cash and cash equivalents and marketable securities of $977.5 million.

Previous wording

In November 2025, we entered into the Leerink Sales Agreement, which permitted us to sell from time to time, at our option, up to an aggregate of $100.0 million of shares of our common stock through Leerink Partners, as sales agent. Sales of the common stock are made by methods deemed to be "at-the-market" stock offerings. The Leerink Sales Agreement will terminate upon the earliest of: (a) the sale of $100.0 million of shares of our common stock or (b) the termination of the Leerink Sales Agreement by us or Leerink Partners. During the three months ended June 30, 2026, we did not sell any shares of our common stock under the Leerink Sales Agreement and during the six months ended June 30, 2026, we sold 5,148,151 shares of common stock under this stock offering program for gross proceeds of $64.4 million. We may, at our option, sell up to approximately $35.6 million of shares of our common stock remaining under this stock offering program.

Current wording

In November 2025, we entered into the Leerink Sales Agreement, which permits us to sell from time to time, at our option, shares of our common stock through Leerink Partners, as sales agent. Sales of the common stock are made by methods deemed to be "at-the-market" offerings. Leerink Partners is entitled to receive compensation equal to up to 3.0% of the gross sales price of the shares of our common stock sold pursuant to the Leerink Sales Agreement. The Leerink Sales Agreement will terminate upon the earliest of: (a) the sale of all placement shares thereunder or (b) the termination of the Leerink Sales Agreement by us or Leerink Partners. In November 2025, we filed a shelf registration statement on Form S-3ASR with the SEC for which we registered for sale an indeterminate amount of any combination of our common stock, preferred stock, debt securities, warrants, and/or units from time to time during the three-year period that commenced upon the filing of the S-3ASR and at prices and on terms that we may determine. The S-3ASR included a sales agreement prospectus relating to the offer and sale of up to an aggregate of $100.0 million shares of our common stock, pursuant to the Leerink Sales Agreement. In August 2026, we filed a prospectus supplement under the S-3ASR, relating to the offer and sale of up to an aggregate of $400.0 million of shares of our common stock, pursuant to the Leerink Sales Agreement, which includes approximately $35.6 million of unsold shares under the November 2025 sales agreement prospectus. Accordingly, the offering pursuant to the November 2025 sales agreement prospectus has been terminated, and we will not make any further offer or sale of shares pursuant to that prospectus . During the three months ended September 30, 2026, we did not sell any shares of our common stock under the Leerink Sales Agreement and during the nine months ended September 30, 2026, we sold 5,148,151 shares of common stock pursuant to this "at-the-market" offering program for gross proceeds of $64.4 million.

Previous wording

We expect that our existing cash, cash equivalents and marketable securities on hand as of June 30, 2026 of $1.0 billion will enable us to meet our current operating plan and fund our operating expenses and capital expenditure requirements for at least twelve months from the issuance of the financial statements in this Quarterly Report. We have based this estimate on assumptions that may prove to be wrong, and we could expend our capital resources sooner than we expect.

Current wording

We expect that our existing cash, cash equivalents and marketable securities on hand as of September 30, 2026 of $977.5 million will enable us to meet our current operating plan and fund our operating expenses and capital expenditure requirements for at least twelve months from the issuance of the financial statements in this Quarterly Report. We have based this estimate on assumptions that may prove to be wrong, and we could expend our capital resources sooner than we expect.

Previous wording

The following table summarizes our cash flows for each of the six month periods presented:

Current wording

The following table summarizes our cash flows for each of the nine month periods presented:

Previous wording

Net cash used in operating activities was $83.2 million for the six months ended June 30, 2026 compared to net cash used in operating activities of $78.2 million for the six months ended June 30, 2025. The increase in net cash used in operating activities for the six months ended June 30, 2026 was primarily due to an increase in the net loss as a result of higher operating expenses related to the advancement of our programs and personnel-related costs. The increase was partially offset by higher non-cash expenses and a decrease in operating assets and liabilities.

Current wording

Net cash used in operating activities was $120.4 million for the nine months ended September 30, 2026 compared to net cash used in operating activities of $109.2 million for the nine months ended September 30, 2025. The increase in net cash used in operating activities for the nine months ended September 30, 2026 was primarily due to an increase in the net loss as a result of higher operating expenses related to the advancement of our clinical programs and personnel-related costs. The increase was partially offset by higher non-cash expenses and a decrease in operating assets and liabilities.

Previous wording

Net cash used in investing activities was $436.3 million for the six months ended June 30, 2026 compared to net cash provided by investing activities of $47.4 million for the six months ended June 30, 2025. The change was primarily due to an increase in purchases of marketable securities, which was partially offset by an increase in sales and maturities of marketable securities as compared to the six months ended June 30, 2025.

Current wording

Net cash used in investing activities was $660.3 million for the nine months ended September 30, 2026 compared to net cash provided by investing activities of $94.9 million for the nine months ended September 30, 2025. The change was primarily due to an increase in purchases of marketable securities, which was partially offset by an increase in sales and maturities of marketable securities as compared to the nine months ended September 30, 2025.

Previous wording

Net cash provided by financing activities was $752.4 million for the six months ended June 30, 2026 compared to net cash provided by financing activities of less than $0.6 million for the six months ended June 30, 2025. The cash provided by financing activities for the six months ended June 30, 2026 primarily consisted of $651.4 million in net proceeds received from our June 2026 financing, $62.8 million in net proceeds received from our "at-the-market" stock offering program, as well as the cash provided from the exercises of stock options and ESPP purchases of $38.2 million during the period. The cash provided by financing activities for the six months ended June 30, 2025 consisted of the cash provided from the exercises of stock options and ESPP purchases.

Current wording

Net cash provided by financing activities was $754.8 million for the nine months ended September 30, 2026 compared to net cash provided by financing activities of $3.1 million for the nine months ended September 30, 2025. The cash provided by financing activities for the nine months ended September 30, 2026 primarily consisted of $651.4 million in net proceeds received from our June 2026 financing, $62.8 million in net proceeds received from our "at-the-market" offering program, as well as the cash provided from the exercises of stock options and ESPP purchases of $41.3 million during the period. The cash provided by financing activities for the nine months ended September 30, 2025 consisted of the cash provided from the exercises of stock options and ESPP purchases.