Financial Analysis

Commitments and Contingencies Purchase Commitments Open purchase commitments are for the purchase of goods and services related to, but not limited to, research and development, facilities, and professional services under non-cancellable contracts. They were not recorded as liabilities on the condensed consolidated balance sheet as of June 30, 2026 as the Company had not yet received the related goods or services. As of June 30, 2026, the Company had open purchase commitments for goods and services of $3.2 million, of which $3.0 million are expected to be received through the next 12 months. Legal Proceedings From time to time, the Company may become involved in litigation relating to claims arising from the ordinary course of business. Management believes that there are currently no claims or actions pending against the Company where the ultimate disposition could have a material adverse effect on the Companys results of operations, financial condition or cash flows. Leases The Company is obligated under certain non-cancellable operating leases for office space and laboratory space. This space includes operating leases in Seattle, Washington, San Carlos, California, and San Diego, California. The Company's operating lease in San Diego expired during the six months ended June 30, 2026, and was replaced by a new lease that qualifies for the short-term lease exemption under ASC 842, and therefore is not recorded on the condensed consolidated balance sheet as of June 30, 2026. T …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Equity Incentive Plans and Stock-based Compensation On June 8, 2021, the stockholders of the Company approved the 2021 Equity Incentive Plan (2021 Plan) and the 2021 Employee Stock Purchase Plan ( 2021 ESPP). As of June 30, 2026, 32,974,336 and 6,697,982 shares were available for grant under the 2021 Plan and 2021 ESPP, respectively. 2021 Employee Stock Purchase Plan Under the 2021 ESPP, participants are permitted to purchase shares of Common Stock, up to the IRS allowable limit, through contributions (in the form of payroll deductions or otherwise to the extent permitted by the administrator of the 2021 ESPP) of up to 15% of their eligible compensation. Participants are permitted to purchase shares of the Companys Common Stock at 85% of the lower of the fair market value of the Companys Common Stock on the first trading day of an offering period or on the last trading date in each purchase period. The Company offers a six month purchase period. Participants may end their participation at any time during an offering and will be paid their accrued contributions that have not yet been used to purchase shares. Participation ends automatically upon termination of employment with the Company. The number of shares of common stock available for issuance under the 2021 ESPP will be increased on the first day of each fiscal year in an amount equal to the least of (i) 3,734,500 shares of common stock, (ii) a number of s hares of common stock equal to one percent (1%) of the total numbe …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Fair Value Measurements The following table details the assets carried at fair value and measured on a recurring basis within the three levels of fair value as of June 30, 2026 and December 31, 2025: (in thousands) Gross Unrealized Reported as: June 30, 2026 Amortized Cost Gains Losses Fair Value Cash equivalents Short-term investments Long-term investments Level 1 Mutual funds $ 697 $ $ $ 697 $ 697 $ $ U.S. treasury securities 87,530 10 (253) 87,287 52,031 35,256 Total Level 1 88,227 10 (253) 87,984 697 52,031 35,256 Level 2 Commercial paper 13,960 (2) 13,958 11,978 1,980 Corporate debt securities 1,679 (1) 1,678 1,678 Agency securities 25,160 (85) 25,075 15,176 9,899 Total Level 2 40,799 (88) 40,711 11,978 18,834 9,899 Total Level 1 and Level 2 $ 129,026 $ 10 $ (341) $ 128,695 $ 12,675 $ 70,865 $ 45,155 (in thousands) Gross Unrealized Reported as: December 31, 2025 Amortized Cost Gains Losses Fair Value Cash equivalents Short-term investments Long-term investments Level 1 Mutual funds $ 1,528 $ $ $ 1,528 $ 1,528 $ $ U.S. treasury securities 90,066 208 90,274 49,489 40,785 Total Level 1 91,594 208 91,802 1,528 49,489 40,785 Level 2 Commercial paper 15,321 1 (1) 15,321 10,379 4,942 Corporate debt securities 1,668 1 1,669 1,669 Agency securities 46,838 46 (12) 46,872 34,918 11,954 Total Level 2 63,827 48 (13) 63,862 10,379 41,529 11,954 Total Level 1 and Level 2 $ 155,421 $ 256 $ (13) $ 155,664 $ 11,907 $ 91,018 $ 52,739 Short-term investments have a contractual maturity date …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Income Taxes The Company accounts for income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts expected to be realized. For the three and six months ended June 30, 2026 and 2025, no income tax expense or benefit was recognized, due to a full valuation allowance recorded against its deferred tax assets. For three and six months ended June 30, 2026 and 2025, the effective tax rate was 0%, primarily due to a valuation allowance recorded against the net deferred tax asset balance.

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Recently Issued Accounting Pronouncements In November 2024, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2024-03, Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures (Subtopic 220-40). The amendments in this update require disclosure, in the notes to financial statements, of specified information about certain costs and expenses. The ASU is effective for the Company for the fiscal year ending December 31, 2027 and for interim periods beginning after December 31, 2027. The Company does not anticipate adoption to have a material impact on its consolidated financial statements and related disclosures. …

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Segment Information The Companys Chief Executive Officer is its CODM. The Companys CODM uses consolidated net loss in assessing operating decisions, allocating resources and evaluating financial performance. Consolidated net loss is used to monitor budget versus actual results. The Company included a summary of the segment net loss, including significant segment expenses for its single reportable segment: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2026 2025 2026 2025 Total revenue $ 190 $ $ 190 $ Cost of service revenue 15 15 Operating expenses: Salaries and related benefits 7,573 7,946 15,256 16,969 Professional services and laboratory expenses 3,338 3,240 6,516 6,429 Facilities expenses 2,550 2,827 5,167 5,839 Stock-based compensation expense 1,158 1,709 2,520 3,877 Other segment items (1) 1,319 1,375 2,603 2,827 Total operating expenses 15,938 17,097 32,062 35,941 Reconciliation to net loss: Interest income 1,307 2,080 2,749 4,311 Other expense (13) (16) (28) (16) Net loss $ (14,469) $ (15,033) $ (29,166) $ (31,646) Footnotes: (1) Other segment items for the Companys single reportable segment include travel and entertainment, insurance, tax, expensed computer hardware and software, depreciation, and other miscellaneous expenses. …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Significant Accounting Policies Use of Estimates The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the condensed consolidated financial statements, and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include determining the estimated lives of property and equipment, stock-based compensation, research and development accruals, and the valuation allowance for deferred tax assets. These estimates and assumptions are based on managements best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. The Company adjusts such estimates and assumptions when facts and circumstances dictate. Changes in those estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods. As future events and their effects cannot be determined with precision, actual results could materially differ from those estimates and assumptions. Concentrations of Credit Risk and Other Risks and Uncertainties Credit risk represents the acco …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

Common Stock There were 127,224,640 shares issued and outstanding as of June 30, 2026. Common Stock Reserved for Future Issuance Shares of common stock reserved for future issuance on an as-if converted basis, were as follows: June 30, 2026 December 31, 2025 Shares available for grant under 2021 Equity Incentive Plan 32,974,336 29,341,567 Stock options issued and outstanding 19,291,337 17,270,870 Shares available for grant under 2021 Employee Stock Purchase Plan 6,697,982 5,518,072 Total shares of common stock reserved 58,963,655 52,130,509

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