Context Therapeutics Inc.

Previous wording

We had also been developing CT-95, a Mesothelin (“MSLN”) x CD3 TCE. However, on August 5, 2026, we announced a portfolio prioritization and capital allocation strategy, pursuant to which we discontinued internal development of CT-95 and will focus our development efforts on CTIM-76 and CT-202.

Current wording

We had also been developing CT-95, a Mesothelin (“MSLN”) x CD3 TCE that is intended to redirect T-cell-mediated lysis toward malignant cells expressing MSLN. However, on August 5, 2026, we announced a portfolio prioritization and capital allocation strategy, pursuant to which we discontinued internal development of CT-95 and will focus our development efforts on CTIM-76 and CT-202. We are winding down the CT-95 Phase 1 trial and expect to complete the wind down promptly. We do not expect to incur future material expenses related to this program.

Previous wording

CTIM-76 is advancing into every-three-week (“Q3W”) dosing in patients with platinum-resistant ovarian cancer (“PROC”). In the second half of 2026, we plan to evaluate CTIM-76 using a Q3W dosing regimen in less heavily pretreated PROC patients to further characterize its clinical profile in a larger and more commercially relevant patient population. We expect to share initial Phase 1a data for our CTIM-76 Q3W trial in the second quarter of 2027. Initiation of a Phase 1b dose expansion trial for CTIM-76 is anticipated in the first quarter of 2027.

Current wording

CTIM-76 has advanced into every-three-week (“Q3W”) dosing in patients with platinum-resistant ovarian cancer (“PROC”). We plan to evaluate CTIM-76 using a Q3W dosing regimen in less heavily pretreated PROC patients to further characterize its clinical profile in a larger and more commercially relevant patient population. We expect to share initial Phase 1a data for our CTIM-76 Q3W trial in the second quarter of 2027. Initiation of a Phase 1b dose expansion trial for CTIM-76 is anticipated in the first quarter of 2027.

Previous wording

CT-202 is a Nectin-4 x CD3 TCE that targets Nectin-4, a cell surface protein that is highly and frequently overexpressed in a variety of solid tumors, including bladder, colorectal, lung and breast. Nectin-4 is a clinically validated target for cancer therapy using a traditional antibody-drug conjugate, but it is also associated with certain adverse events, including neuropathy and rash. CT-202 is a pH-dependent TCE that is designed to be preferentially active within the tumor microenvironment. In April 2026, we received Human Research Ethics Committee approval and Clinical Trial Notification acknowledgement by the Australian Therapeutic Goods Administration to initiate a first-in-human Phase 1 clinical trial of CT-202. The first patient in our Phase 1 clinical trial evaluating CT-202 in patients with Nectin-4-positive urothelial, colorectal, and triple-negative breast cancers is expected to be dosed in the third quarter of 2026. We also expect to share initial Phase 1a data from the CT-202 trial in the second half of 2027.

Current wording

CT-202 is a Nectin-4 x CD3 TCE that targets Nectin-4, a cell surface protein that is highly and frequently overexpressed in a variety of solid tumors, including bladder, colorectal, lung and breast. Nectin-4 is a clinically validated target for cancer therapy using a traditional antibody-drug conjugate, but it is also associated with certain adverse events, including neuropathy and rash. CT-202 is a pH-dependent TCE that is designed to be preferentially active within the tumor microenvironment. In April 2026, we received Human Research Ethics Committee approval and Clinical Trial Notification acknowledgement by the Australian Therapeutic Goods Administration to initiate a first-in-human Phase 1 clinical trial of CT-202. We dosed the first patient in our Phase 1 clinical trial evaluating CT-202 in patients with Nectin-4-positive urothelial, colorectal, and triple-negative breast cancers in September 2026. We expect to share initial Phase 1a data from the CT-202 trial in the second half of 2027.

Previous wording

We were incorporated in April 2015 under the laws of the State of Delaware. Since inception, we have devoted substantially all of our resources to developing product and technology rights, conducting research and development, organizing and staffing our company, business planning and raising capital. We operate as one business segment and have incurred recurring losses, the majority of which are attributable to research and development activities, and negative cash flows from operations. We have funded our operations primarily through the sale of common stock, warrants, convertible debt, and convertible preferred stock. Our net loss was $23.2 million for the six months ended June 30, 2026. As of June 30, 2026, we had an accumulated deficit of $154.1 million.

Current wording

We were incorporated in April 2015 under the laws of the State of Delaware. Since inception, we have devoted substantially all of our resources to developing product and technology rights, conducting research and development, organizing and staffing our company, business planning and raising capital. We operate as one business segment and have incurred recurring losses, the majority of which are attributable to research and development activities, and negative cash flows from operations. We have funded our operations primarily through the sale of common stock, warrants, convertible debt, and convertible preferred stock. Our net loss was $30.9 million for the nine months ended September 30, 2026. As of September 30, 2026, we had an accumulated deficit of $161.8 million.

Previous wording

We will need to raise substantial additional capital to support our continuing operations and pursue our growth strategy. Until such time as we can generate significant revenue from product sales, if ever, we plan to finance our operations through a combination of equity offerings, debt financings, collaborations, strategic transactions and/or marketing, distribution or licensing arrangements. There are no assurances that we will be successful in obtaining an adequate level of financing as and when needed to finance our operations on terms acceptable to us, or at all. Any failure to raise capital as and when needed could have a negative impact on our financial condition and on our ability to pursue our business plans and strategies. If we are unable to secure adequate additional funding, we may have to significantly delay, scale back or discontinue the development and commercialization of one or more product candidates or delay our pursuit of potential in-licenses or acquisitions.

Current wording

We will need to raise substantial additional capital to support our continuing operations and pursue our growth strategy. Until such time as we can generate significant revenue from product sales, if ever, we plan to finance our operations through a combination of equity offerings, debt financings, collaborations, strategic transactions and/or marketing, distribution or licensing arrangements. There are no assurances that we will be successful in obtaining an adequate level of financing as and when needed to finance our operations on terms acceptable to us, or at all. Any failure to raise capital as and when needed could have a negative impact on our financial condition and on our ability to pursue our business plans and strategies. If we are unable to secure adequate additional funding, we may be required to significantly delay, scale back or discontinue the development of one or more of our product candidates and, ultimately, liquidate some or all of our assets.

Previous wording

In April 2021, we entered into a collaboration and licensing agreement with Integral Molecular, Inc. (“Integral”) for the development of a CLDN6 bispecific antibodies for cancer therapy. On February 29, 2024, we further amended (the "Integral Second Amendment") the collaboration and licensing agreement with Integral (as amended, the “Integral License Agreement”) to reflect updated financial terms. In the course of our further due diligence review of CTIM-76, we determined that certain of the licensed rights under the Integral License Agreement may incorporate intellectual property rights currently held by a third party. Specifically, at the time of the Integral Second Amendment, we were aware of issued patents in the United States and certain foreign jurisdictions expiring in January 2034, and then in 2025 became aware of a patent that issued in the United States expiring in March 2042, in each instance that potentially covers certain parts of the intellectual property included in CTIM-76.While we believe we will have reasonable defenses against any potential claim of infringement, we may not be successful in such efforts, and we also may not be able to obtain a license to such patents on commercially reasonable terms, or at all.

Current wording

In April 2021, we entered into a collaboration and licensing agreement with Integral Molecular, Inc. (“Integral”) for the development of CLDN6 bispecific antibodies for cancer therapy. On February 29, 2024, we further amended (the "Integral Second Amendment") the collaboration and licensing agreement with Integral (as amended, the “Integral License Agreement”) to reflect updated financial terms. In the course of our further due diligence review of CTIM-76, we determined that certain of the licensed rights under the Integral License Agreement may incorporate intellectual property rights currently held by a third party. Specifically, at the time of the Integral Second Amendment, we were aware of issued patents in the United States and certain foreign jurisdictions expiring in January 2034, and then in 2025 became aware of a patent that issued in the United States expiring in March 2042, in each instance that potentially covers certain parts of the intellectual property included in CTIM-76. While we believe we will have reasonable defenses against any potential claim of infringement, we may not be successful in such efforts, and we also may not be able to obtain a license to such patents on commercially reasonable terms, or at all.

Previous wording

Pursuant to the Asset Purchase Agreement, we purchased all of the assets of Link associated with CT-95, including patent rights, know-how, regulatory filings, and inventory of drug substance and drug product (the “Transferred Assets”), on an “as is” and “where is” basis. CT-95 patents are currently being prosecuted and/or maintained in the United States, Europe, Canada, Australia, Japan and Taiwan. We also assumed certain liabilities relating to the Transferred Assets. In consideration of the Transferred Assets, we made a one-time payment to Link of $3.75 million.

Current wording

Pursuant to the Asset Purchase Agreement, we purchased all of the assets of Link associated with CT-95, including patent rights, know-how, regulatory filings, and inventory of drug substance and drug product (the “Transferred Assets”), on an “as is” and “where is” basis. CT-95 patents are currently being prosecuted and/or maintained in the United States, Europe, Canada, Australia, Japan and Taiwan. We also assumed certain liabilities relating to the Transferred Assets. In consideration of the Transferred Assets, we made a one-time payment to Link of $3.75 million. In August 2026, we announced our decision to discontinue internal development of CT-95.

Previous wording

As of June 30, 2026, we had cash and cash equivalents of $43.0 million. Based on our current operating plan and anticipated milestones, we believe that our cash and cash equivalents as of June 30, 2026 will be sufficient to fund our operations into the fourth quarter of 2027. If the Company is unable to obtain additional financing, the lack of liquidity could have a material adverse effect on the Company’s future prospects.

Current wording

As of September 30, 2026, we had cash and cash equivalents of $34.4 million. Based on our current operating plan and anticipated milestones, we believe that our cash and cash equivalents as of September 30, 2026 will be sufficient to fund our operations to early fourth quarter of 2027. If we are unable to obtain additional financing, the lack of liquidity could have a material adverse effect on our future prospects.

Previous wording

On May 1, 2024, we entered into a securities purchase agreement (the “Purchase Agreement”) for the private placement (the “Private Placement”) of (i) 59,032,259 shares (the “PIPE Shares”) of our common stock at a purchase price of $1.55 per PIPE Share, and (ii) pre-funded warrants (the “Pre-Funded Warrants”) to purchase 5,482,741 shares of common stock (the “Warrant Shares”) at a purchase price of $1.549 per Pre-Funded Warrant. The Pre-Funded Warrants have an exercise price of $0.001 per share of common stock, are immediately exercisable and remain exercisable until exercised in full. During the year ended December 31, 2025, 2,178,200 Pre-Funded Warrants were exercised on a cashless basis, resulting in the issuance of 2,174,983 shares of common stock. As of June 30, 2026, 3,304,541 Pre-Funded Warrants remained outstanding.

Current wording

On May 1, 2024, we entered into a securities purchase agreement for the private placement (the “Private Placement”) of (i) 59,032,259 shares (the “PIPE Shares”) of our common stock at a purchase price of $1.55 per PIPE Share, and (ii) pre-funded warrants (the “Pre-Funded Warrants”) to purchase 5,482,741 shares of common stock at a purchase price of $1.549 per Pre-Funded Warrant. The Pre-Funded Warrants have an exercise price of $0.001 per share of common stock, are immediately exercisable and remain exercisable until exercised in full. During the year ended December 31, 2025, 2,178,200 Pre-Funded Warrants were exercised on a cashless basis, resulting in the issuance of 2,174,983 shares of common stock. As of September 30, 2026, 3,304,541 Pre-Funded Warrants remained outstanding.

Previous wording

Research and development activities are central to our business model. Product candidates in later stages of clinical development generally have higher development costs than those in earlier stages of clinical development, primarily due to the increased size and duration of later-stage clinical trials. We expect our research and development expenses to increase significantly over the next several years as we increase personnel costs, including share-based compensation, conduct our clinical trials, including later-stage clinical trials, for current and any future product candidates and prepare regulatory filings for our current and any future product candidates.

Current wording

Research and development activities are central to our business model. Product candidates in later stages of clinical development generally have higher development costs than those in earlier stages of clinical development, primarily due to the increased size and duration of later-stage clinical trials. Although we expect expenses associated with CT-95 to decline, we expect our aggregate research and development expenses to increase over time as we advance CTIM-76 and CT-202 through clinical development, increase personnel costs, conduct clinical trials, including later-stage clinical trials, and prepare regulatory filings for our current and any future product candidates.

Previous wording

Research and development expenses increased by approximately $4.7 million for the three months ended June 30, 2026 as compared to the same period in 2025. The following table summarizes our research and development expenses for the three months ended June 30, 2026 as compared to the same period in 2025:

Current wording

Research and development expenses decreased by approximately $3.0 million for the three months ended September 30, 2026 as compared to the same period in 2025. The following table summarizes our research and development expenses for the three months ended September 30, 2026 as compared to the same period in 2025:

Previous wording

CTIM-76 expenditures increased by $0.8 million primarily due to an increase of $0.7 million in clinical costs related to the CTIM-76 Phase 1 trial. CT-95 costs increased by $44,000 primarily due to an increase of $0.5 million in clinical costs, which were offset by a $0.4 million decrease in preclinical, contract manufacturing, and diagnostic development expenses. CT-202 expenses increased by $4.4 million primarily due to $6.5 million in consideration paid under the BioAtla License Agreement Amendment entered into in May 2026 and a $0.6 million increase in clinical costs mainly related to the CT-202 Phase 1 trial start up. These increases were partially offset by a decrease of $2.0 million in contract manufacturing and a $0.8 million decrease in preclinical expenses. Personnel-related costs, which include salaries, benefits and share-based compensation expense, decreased by $0.5 million, primarily due to $0.4 million of termination benefits expensed in the second quarter of 2025.

Current wording

CTIM-76 expenditures increased by $0.4 million primarily due to an increase of $0.5 million in clinical costs related to the CTIM-76 Phase 1 trial. CT-95 costs increased by $0.3 million primarily due to an increase of $0.5 million in clinical costs, partially offset by a $0.2 million decrease in preclinical and diagnostic development expenses. CT-95 expenses for the three months ended September 30, 2026 include all estimated close-out costs associated with winding down the program. CT-202 expenses decreased by $3.9 million primarily due to a decrease of $2.9 million in contract manufacturing expenses and a $1.6 million decrease in preclinical expenses, partially offset by a $0.6 million increase in clinical costs related to the CT-202 Phase 1 trial. Personnel-related costs, which include salaries, benefits, and share-based compensation expense, increased by $0.2 million primarily due to higher headcount compared to the same period in 2025.

Previous wording

General and administrative expenses increased by approximately $0.5 million for the three months ended June 30, 2026 as compared to the same period in 2025. The increase was primarily driven by a $0.3 million increase in professional fees. Salaries and personnel related costs also increased by $0.2 million, mainly as a result of higher share-based compensation expense as compared to the same period in 2025.

Current wording

General and administrative expenses increased by approximately $0.4 million for the three months ended September 30, 2026 as compared to the same period in 2025. The increase was primarily driven by a $0.3 million increase in personnel-related costs, mainly as a result of higher salaries, termination benefits, and share-based compensation expense as compared to the same period in 2025.

Previous wording

Other expense was approximately $10,000 for the three months ended June 30, 2026, as compared to other income of approximately $27,000 for the same period in 2025. This change is primarily due to foreign currency losses during the three months ended June 30, 2026, as compared to foreign currency gains during the prior year period, in each case as a result of exchange rate fluctuations on transactions denominated in a currency other than our functional currency.

Current wording

Other income was approximately $6,000 for the three months ended September 30, 2026, as compared to approximately $83,000 for the same period in 2025. This change is primarily due to lower foreign currency gains during the three months ended September 30, 2026, as compared to the same period in 2025, in each case as a result of exchange rate fluctuations on transactions denominated in a currency other than our functional currency.

Previous wording

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

Current wording

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

Previous wording

Research and development expenses increased by approximately $8.3 million for the six months ended June 30, 2026 as compared to the same period in 2025. The following table summarizes our research and development expenses for the six months ended June 30, 2026 as compared to the same period in 2025:

Current wording

Research and development expenses increased by approximately $5.2 million for the nine months ended September 30, 2026 as compared to the same period in 2025. The following table summarizes our research and development expenses for the nine months ended September 30, 2026 as compared to the same period in 2025:

Previous wording

CTIM-76 expenditures increased by $2.0 million primarily due to an increase of $1.9 million in clinical costs related to the CTIM-76 Phase 1 trial. CT-95 expenses increased by $0.7 million primarily due to an increase of $1.4 million in clinical costs related to the CT-95 Phase 1 trial, partially offset by a $0.7 million decrease in preclinical, contract manufacturing, and diagnostic development expenses. CT-202 expenses increased by $5.3 million primarily due to $6.5 million in consideration paid under the BioAtla License Agreement Amendment entered into in May 2026 and a $0.9 million increase in clinical costs mainly related to the CT-202 Phase 1 trial start up. These increases were partially offset by a decrease of $1.5 million in contract manufacturing costs and a decrease of $0.6 million in preclinical costs. Personnel-related costs, which include salaries, benefits and share-based compensation expense, increased by approximately $0.3 million, primarily due to higher headcount offset by lower termination benefits incurred compared to the same period 2025.

Current wording

CTIM-76 expenditures increased by $2.4 million primarily due to an increase of $2.4 million in clinical costs related to the CTIM-76 Phase 1 trial. CT-95 expenses increased by $1.0 million primarily due to an increase of $1.9 million in clinical costs, partially offset by a $0.9 million decrease in preclinical, contract manufacturing, diagnostic development, and regulatory expenses. CT-95 expenses for the nine months ended September 30, 2026 include all estimated close-out costs associated with winding down the program. CT-202 expenses increased by $1.4 million primarily due to $6.5 million in consideration paid under the BioAtla License Agreement Amendment entered into in May 2026 and a $1.4 million increase in clinical costs mainly related to the CT-202 Phase 1 trial start up, partially offset by a decrease of $4.3 million in contract manufacturing costs and a decrease of $2.3 million in preclinical costs. Personnel-related costs, which include salaries, benefits, and share-based compensation expense, increased by approximately $0.5 million primarily due to higher headcount offset by lower termination benefits and recruiting fees incurred compared to the same period in 2025.

Previous wording

General and administrative expenses increased by approximately $0.8 million for the six months ended June 30, 2026 as compared to the same period in 2025. The increase was primarily driven by a $0.5 million increase in professional fees. Salaries and personnel related costs, including share-based compensation, also increased $0.3 million mainly due to higher headcount and compensation adjustments.

Current wording

General and administrative expenses increased by approximately $1.1 million for the nine months ended September 30, 2026 as compared to the same period in 2025. The increase was driven by a $0.7 million increase in salaries and personnel-related costs, including share-based compensation, as well as higher termination benefits. There was also a $0.4 million increase in professional fees and other administrative expenses.

Previous wording

Interest income decreased by approximately $0.9 million for the six months ended June 30, 2026 as compared to the same period in 2025, primarily as a result of lower average cash and cash equivalent balances during the six months ended June 30, 2026 due to cash used to fund ongoing operations.

Current wording

Interest income decreased by approximately $1.4 million for the nine months ended September 30, 2026 as compared to the same period in 2025, primarily as a result of lower average cash and cash equivalent balances during the nine months ended September 30, 2026 due to cash used to fund ongoing operations.

Previous wording

Other income was approximately $0.1 million for the six months ended June 30, 2026, as compared to approximately $20,000 for the same period in 2025. This change is primarily due to higher foreign currency gains during the six months ended June 30, 2026, as compared to foreign currency gains during the prior year period, in each case as a result of exchange rate fluctuations on transactions denominated in a currency other than our functional currency.

Current wording

Other income was approximately $140,000 for the nine months ended September 30, 2026, as compared to approximately $104,000 for the same period in 2025. This change is primarily due to higher foreign currency gains during the nine months ended September 30, 2026, as compared to the same period in 2025, in each case as a result of exchange rate fluctuations on transactions denominated in a currency other than our functional currency.

Previous wording

Since our inception, we have not recognized any revenue and have incurred operating losses and negative cash flows from our operations. We have not yet commercialized any product and we do not expect to generate revenue from sales of any products for several years, if at all. Since our inception through June 30, 2026, we have funded our operations through the sale of common stock, warrants, convertible debt, and convertible preferred stock. As of June 30, 2026, we had $43.0 million in cash and cash equivalents and an accumulated deficit of $154.1 million.

Current wording

Since our inception, we have not recognized any revenue and have incurred operating losses and negative cash flows from our operations. We have not yet commercialized any product and we do not expect to generate revenue from sales of any products for several years, if at all. Since our inception through September 30, 2026, we have funded our operations through the sale of common stock, warrants, convertible debt, and convertible preferred stock. As of September 30, 2026, we had $34.4 million in cash and cash equivalents and an accumulated deficit of $161.8 million.

Previous wording

Based on our current operating plan and anticipated milestones, we expect our cash and cash equivalents at June 30, 2026 will be sufficient to fund our operations into the fourth quarter of 2027. We have based these estimates on assumptions that may prove to be imprecise, and we could utilize our available capital resources sooner than we expect.

Current wording

While we expect our cash and cash equivalents at September 30, 2026 will be sufficient to fund our operations to early fourth quarter of 2027, we have concluded that there is substantial doubt about our ability to continue as a going concern for a period of at least 12 months from the issuance date of the accompanying unaudited condensed consolidated financial statements. We have based these estimates on assumptions that may prove to be imprecise, and we could utilize our available capital resources sooner than we expect.

Previous wording

Until such time, if ever, as we can generate substantial product revenue, we expect to finance our operations through a combination of equity offerings, debt financings, collaborations, strategic transactions and/or marketing, distribution or licensing arrangements. To the extent that we raise additional capital through the sale of equity or convertible debt securities, the ownership interests of our stockholders will be diluted, and the terms of these securities may include liquidation or other preferences that adversely affect the rights of our common stockholders. Debt financing and preferred equity financing, if available, may involve agreements that include covenants limiting or restricting our ability to take specific actions, such as incurring additional debt, making acquisitions or capital expenditures or declaring dividends. If we raise additional funds through collaborations, strategic transactions or marketing, or distribution or licensing arrangements with third parties, we may have to relinquish valuable rights to our technologies, future revenue streams, research programs or product candidates, or grant licenses on terms that may not be favorable to us. If we are unable to raise additional funds through equity or debt financings or other arrangements when needed, we may be required to delay, limit, reduce or terminate our research, product development or future commercialization efforts, or grant rights to develop and market product candidates that we would otherwise prefer to develop and market ourselves.

Current wording

Until such time, if ever, as we can generate substantial product revenue, we expect to finance our operations through a combination of equity offerings, debt financings, collaborations, strategic transactions and/or marketing, distribution or licensing arrangements. To the extent that we raise additional capital through the sale of equity or convertible debt securities, the ownership interests of our stockholders will be diluted, and the terms of these securities may include liquidation or other preferences that adversely affect the rights of our common stockholders. Debt financing and preferred equity financing, if available, may involve agreements that include covenants limiting or restricting our ability to take specific actions, such as incurring additional debt, making acquisitions or capital expenditures or declaring dividends. If we raise additional funds through collaborations, strategic transactions or marketing, or distribution or licensing arrangements with third parties, we may have to relinquish valuable rights to our technologies, future revenue streams, research programs or product candidates, or grant licenses on terms that may not be favorable to us. If we are unable to raise additional funds through equity or debt financings or other arrangements when needed, we may be required to delay, limit, reduce or terminate our research, product development or future commercialization efforts, sell or license rights to our product candidates on unfavorable terms, cease operations or liquidate some or all of our assets.

Previous wording

During the six months ended June 30, 2026, we used $18.4 million of cash in operating activities. Cash used in operating activities reflected our net loss of $23.2 million and a net change in our operating assets and liabilities of $2.7 million, partially offset by an in-process research and development charge of $6.5 million and non-cash share-based compensation expense of $0.9 million. The primary uses of cash were to fund our operations related to the development of our product candidates.

Current wording

During the nine months ended September 30, 2026, we used $25.0 million of cash in operating activities. Cash used in operating activities reflected our net loss of $30.9 million and a net change in our operating assets and liabilities of $2.2 million, partially offset by an in-process research and development charge of $6.5 million and non-cash share-based compensation expense of $1.4 million. The primary uses of cash were to fund our operations related to the development of our product candidates.

Previous wording

During the six months ended June 30, 2025, we used $10.9 million of cash in operating activities. Cash used in operating activities reflected our net loss of $13.4 million, partially offset by a change in our operating assets and liabilities of $1.8 million and non-cash share-based compensation expense of $0.7 million. The primary uses of cash were to fund our operations related to the development of our product candidates.

Current wording

During the nine months ended September 30, 2025, we used $17.4 million of cash in operating activities. Cash used in operating activities reflected our net loss of $23.1 million, partially offset by a change in our operating assets and liabilities of $4.6 million and non-cash share-based compensation expense of $1.0 million. The primary uses of cash were to fund our operations related to the development of our product candidates.

Previous wording

During the six months ended June 30, 2026, cash used in investing activities was attributable to a payment of $4.5 million under the BioAtla License Agreement Amendment, and purchases of property and equipment totaling $56,000.

Current wording

During the nine months ended September 30, 2026, cash used in investing activities was attributable to a payment of $6.5 million under the BioAtla License Agreement Amendment, and purchases of property and equipment totaling $56,000.

Previous wording

During the six months ended June 30, 2025, we used approximately $34,000 of cash to purchase property and equipment.

Current wording

During the nine months ended September 30, 2025, we used approximately $34,000 of cash to purchase property and equipment.

Previous wording

We did not have cash flows from financing activities during the six months ended June 30, 2026.

Current wording

We did not have cash flows from financing activities during the nine months ended September 30, 2026.

Previous wording

During the six months ended June 30, 2025, we used approximately $15,000 of cash in financing activities related to the payment of remaining offering costs from the sale of ATM Shares under our ATM Sales Agreement.

Current wording

During the nine months ended September 30, 2025, we used approximately $15,000 of cash in financing activities related to the payment of remaining offering costs from the sale of ATM Shares under our ATM Sales Agreement.

Previous wording

During the six months ended June 30, 2026, there were no material changes to our critical accounting policies and estimates from those described in our Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on March 23, 2026.

Current wording

During the nine months ended September 30, 2026, there were no material changes to our critical accounting policies and estimates from those described in our Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on March 23, 2026.

Previous wording

Other exemptions and reduced reporting requirements under the JOBS Act include, without limitation, the requirements for providing an auditor’s attestation report on our system of internal control over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act of 2002, an exemption from any requirement that may be adopted by the Public Company Accounting Oversight Board regarding mandatory audit firm rotation, and less extensive disclosure about our executive compensation arrangements. We will remain an emerging growth company until December 31, 2026, unless we earlier cease to qualify as an emerging growth company as a result of our total annual gross revenues, issuance of non-convertible debt securities or status as a large accelerated filer.

Current wording

Other exemptions and reduced reporting requirements under the JOBS Act include, without limitation, the requirements for providing an auditor’s attestation report on our system of internal control over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act of 2002, an exemption from any requirement that may be adopted by the Public Company Accounting Oversight Board regarding mandatory audit firm rotation, and less extensive disclosure about our executive compensation arrangements. We will remain an emerging growth company until December 31, 2026, unless we earlier cease to qualify as such.