Financial Analysis

Commitments and Contingencies Fixed Asset Purchase Commitments There were no material changes to the Companys capital commitments that were disclosed in the Companys Annual Report. Lease Commitments On July 23, 2025, the Company entered into an operating lease for 8,857 square feet of office space in Princeton, New Jersey (the Princeton Lease Agreement). The term of the Princeton Lease Agreement commenced on August 18, 2025 and was set to expire on August 31, 2028. The average annual lease payments under the Princeton Lease Agreement are approximately $292. Subsequently, on April 15, 2026, the Company entered into an amendment to the Princeton Lease Agreement (the Princeton Amendment). The Princeton Amendment expands the office space by 6,350 square feet for a total 15,207 square feet, and extends the lease term through August 31, 2029. The average annual lease payments under the Princeton Lease Agreement, upon effect of the Princeton Amendment, will be approximately $507. Except as noted above, there were no material changes to the Companys lease commitments that were disclosed in the Companys Annual Report. Other Commitments The Company enters into contracts in the normal course of business with various third parties for clinical trials, preclinical research studies and testing, manufacturing and other services and products for operating purposes. Most contracts provide for termination upon notice, and therefore are cancellable contracts. The majority of these commitments a …

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Stock-Based Compensation 2020 Stock Award Plan The Company currently grants stock options and restricted stock units to employees and directors under the 2020 Stock Incentive Plan (the 2020 Plan) and formerly, the Company granted stock options under the 2016 Long Term Incentive Plan. The 2020 Plan is administered by the Compensation Committee of the Companys Board of Directors. The 2020 Plan is intended to attract and retain employees and directors and provide an incentive for these individuals to assist the Company to achieve long-range performance goals and to enable these individuals to participate in the long-term growth of the Company. Based on the provisions of the 2020 Plan, the number of shares of common stock available for issuance under the 2020 Plan increased by 6,400,000 shares on January 1, 2026. On September 18, 2025, the Board approved an increase of 8,000,000 shares of common stock available for issuance under the 2020 Plan (the Incremental Pool), which was approved by the majority of the shares voting at the Companys Annual Meeting of Stockholders on June 10, 2026. As of June 30, 2026, there were 11,470,313 shares available for grant under the 2020 Plan. On May 3, 2024, the Board adopted the 2024 Inducement Pool (the Inducement Pool), which mirrors the terms of the 2020 Plan, with a total of 2,000,000 shares of common stock reserved for issuance under the Inducement Pool. Effective January 22, 2025, the number of shares of common stock available under the Ind …

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Recently Issued Accounting Pronouncements In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (ASU 2024-03) which requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures. The guidance is to be applied prospectively, with the option for retrospective application and is effective for public business entities for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of this standard on the Companys consolidated financial statements and related disclosures. In December 2025, the FASB issued ASU 2025-11, Narrow-Scope Improvements, which is intended to improve the navigability of the guidance in ASC 270 and clarify when the guidance is applicable. ASU 2025-11 is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of this standard on the Companys consolidated financial statements and related disclosures. Other recent authoritative guidance issued by the FASB (including technical corrections to the FASB ASC), the American Institute of Certified Public Accountants, and the SEC did not or are not expected to have a material impact on the Companys consolidated financi …

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Related Party Transactions Leases July 25, 2022 First Amendment to Sublease Agreement with Maky Zanganeh and Associates, Inc. On July 25, 2022 the Company entered into a first amendment, dated July 19, 2022, to its existing sublease agreement with Maky Zanganeh and Associates, Inc. (MZA), an entity owned by Maky Zanganeh, consisting of 4,500 square feet of office space at 2882 Sand Hill Road, Menlo Park, California. The existing sublease term, which was set to expire on September 30, 2022, was extended for a period of thirty-nine months from October 1, 2022 through December 31, 2025. The rent payable under the terms of the sublease was equivalent to the proportionate share of the net payable by MZA to the third-party landlord, based on the square footage of office space sublet by the Company, and no mark-up had been applied. The agreement was further amended to include additional space, as noted below under the August 2, 2024 Third Amendment to Sublease Agreement with Maky Zanganeh and Associates, Inc. The first amendment was not extended following its expiration on December 31, 2025. During the three and six months ended June 30, 2025, payments of $207 and $414, respectively, were made pursuant to the first and third amendments to the Sublease Agreement. July 29, 2022 Second Amendment to Sublease Agreement with Maky Zanganeh and Associates, Inc. On July 29, 2022, the Company entered into a second amendment to its existing sublease agreement with MZA, described above. The sec …

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Segment Reporting The Companys chief operating decision makers (the CODM function), which are the Companys Co-Chief Executive Officers, Mr. Duggan and Dr. Zanganeh, and Chief Operating Officer and Chief Financial Officer, Mr. Soni, utilize consolidated net loss that is reported on the unaudited condensed consolidated statement of operations and comprehensive loss to make decisions about allocating resources and assessing performance for the entire Company. The CODM function approves key operating and strategic decisions, including key decisions in clinical development and clinical operating activities, entering into significant contracts, such as revenue contracts and collaboration agreements and approves the Companys consolidated operating budget. The CODM function views the Companys operations and manages its business on a consolidated basis and as a single reportable operating segment. The CODM function is regularly provided with the following significant segment expenses: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Oncology clinical trial related costs $ 114,339 $ 67,824 $ 204,534 $ 104,187 Compensation related costs, excluding stock-based compensation 27,996 16,800 54,428 32,654 Stock-based compensation 68,706 478,784 141,497 489,880 Other expenses (1) 9,455 5,029 15,249 8,567 Total segment expenses 220,496 568,437 415,708 635,288 Other income, net 4,796 2,729 10,584 6,667 Net loss $ (215,700) $ (565,708) $ (405,124) $ (628,621) (1) Other ex …

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Summary of Significant Accounting Policies and Recent Accounting Pronouncements Significant Accounting Policies There have been no significant changes to the Companys significant accounting policies used in the preparation of these unaudited condensed consolidated financial statements for the six months ended June 30, 2026 as compared with those discussed in Note 2 to the consolidated financial statements in the Companys Annual Report. Recently Issued Accounting Pronouncements In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (ASU 2024-03) which requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures. The guidance is to be applied prospectively, with the option for retrospective application and is effective for public business entities for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of this standard on the Companys consolidated financial statements and related disclosures. In December 2025, the FASB issued ASU 2025-11, Narrow-Scope Improvements, which is intended to improve the navigability of the guidance in ASC 270 and clarify when the guidance is applicable. ASU 2025-11 is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early ad …

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Stockholders' Equity Preferred Stock As of June 30, 2026 and December 31, 2025, the Company had 20,000,000 shares of preferred stock, par value $0.01, authorized and no shares issued and outstanding. Common Stock As of June 30, 2026 and December 31, 2025, the Company had authorized 1,000,000,000 shares of common stock. October 2025 Private Investment in Public Equity (PIPE) On October 21, 2025, the Company entered into securities purchase agreements (the October 2025 Purchase Agreements) with multiple biotech institutional investors and individual accredited investors, for the sale by the Company in a private placement for an aggregate of 26,682,846 shares of the Companys common stock, par value $0.01 per share of common stock, at purchase price of $18.74 per share, which was the closing price of the common stock on October 21, 2025, for aggregate gross proceeds to the Company of approximately $500,037, with immaterial offering costs. The private placement transaction was completed in October 2025. All of the Company's Section 16 officers participated in the capital raise. The Companys Co-CEO, Executive Chairman and majority stockholder, its Co-CEO and the President and member of the Board, its COO, CFO, and member of the Board, its CAO, and certain non-executive employees and other related persons purchased an aggregate of 14,514,402 shares of common stock for gross proceeds of approximately $272,000. Additionally, Akeso purchased 533,617 shares of common stock for gross pro …

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