You should read the following discussion and analysis of our financial condition and results of operations together with our condensed consolidated financial statements and the related notes included elsewhere in this Quarterly Report on Form 10-Q. This discussion and other parts of this Quarterly Report on Form 10-Q contain forward-looking statements that involve risks and uncertainties, such as statements of our plans, objectives, expectations, and intentions. As a result of many factors, including those factors set forth in the "Risk Factors" section of this Quarterly Report on Form 10-Q, our actual results could differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Overview We are a clinical-stage, small molecule precision medicine company developing potentially life-changing therapies for patients living with cancer and genetic disease. Our Dynamo® platform integrates an array of leading-edge computational and experimental approaches designed to drug protein targets that have previously been intractable or inadequately addressed. We have deployed our technology platform to build a pipeline of product candidates to address targets in precision medicine where there is clear evidence linking target proteins to disease and where molecular diagnostics can unambiguously identify relevant patients for treatment. We believe this approach will increase the likelihood of successfully translating a specific pharmacological mechanism into clinical benefit. We are advancing a pipeline of medicine candidates to address targets in precision oncology and genetic disease, including zovegalisib (RLY-2608), our lead product candidate discussed below. Zovegalisib (RLY-2608). Zovegalisib is the first known allosteric, pan-mutant and isoform-selective phosphoinositide 3 kinase alpha, or PI3Kα, inhibitor in clinical development. It is the lead program in our efforts to discover and develop mutant selective inhibitors of PI3Kα. •Breast Cancer and Solid Tumors oReDiscover Trials. In December 2021, we dosed the first patient in a first-in-human clinical trial for zovegalisib, or the ReDiscover Trial. Since then, we have predominantly focused on evaluating zovegalisib in combination with other therapies for patients with HR+, HER2–, PI3Kα-mutated, locally advanced or metastatic breast cancer. In the second quarter of 2025, we initiated a global Phase 3 registrational study, or the ReDiscover-2 Trial, which is designed to evaluate the safety and efficacy of zovegalisib plus fulvestrant in PI3Kα-mutated, HR+/HER2- advanced breast cancer patients previously treated with a cyclin dependent kinase 4/6, or CDK4/6, inhibitor. The comparator arm in the ReDiscover-2 Trial is capivasertib plus fulvestrant. In February 2026, we announced that the FDA granted Breakthrough Therapy designation to zovegalisib in combination with fulvestrant for the treatment of adults with PIK3CA mutant HR+/HER2- locally advanced or metastatic breast cancer following recurrence or progression on or after treatment with a CDK4/6 inhibitor. We are also advancing triplet combination arms with zovegalisib, fulvestrant and CDK 4/6 inhibitors, or atirmociclib, the investigative selective-CDK4 inhibitor from Pfizer Inc., or Pfizer, to support a potential future trial in frontline breast cancer. In April 2026, we announced that we selected atirmociclib as our go-forward triplet combination partner. oClinical Data. In June 2025, we announced updated interim clinical data for the zovegalisib plus fulvestrant arm of the ReDiscover Trial from patients receiving the 600mg twice daily, or BID, fasted dose and in December 2025, we announced an efficacy subset analysis of interim clinical data for zovegalisib at the same dose. In March 2026, we announced interim clinical data from the ReDiscover Trial of zovegalisib in combination with fulvestrant at the 400mg BID fed dose, which is the recommended Phase 3 dose in the ReDiscover-2 Trial. In April 2026, we announced interim clinical data for the zovegalisib plus atirmociclib triplet combination. We believe that while the clinical data from the ReDiscover Trial disclosed to date are preliminary, the data suggest differentiated interim efficacy signals in the specified patient population and support selective target engagement across doses and mutation types with an encouraging interim safety and tolerability profile. •Vascular Anomalies oReInspire Trial. In the first quarter of 2025, we initiated the global Phase 1/2 clinical trial for zovegalisib in patients with PIK3CA-related overgrowth spectrum, or PROS, and vascular anomalies driven by PIK3CA mutations, or the ReInspire Trial. Enrollment is continuing in this clinical trial. oClinical Data. In May 2026, we announced initial clinical data from the ReInspire Trial, which we believe demonstrate that zovegalisib has potential for differentiated safety and efficacy in patients with PIK3CA-driven vascular anomalies. 11 In addition to the programs mentioned above, we have initiated a clinical trial studying RLY-8161, our NRAS-selective inhibitor, in patients with NRAS-mutant melanoma and other NRAS-mutant solid tumors. In our research pipeline, we are advancing our non-inhibitory chaperone for Fabry disease, as well as early-stage discovery programs across both precision oncology and genetic diseases. We were incorporated in May 2015. We have devoted substantially all of our resources to developing our product candidates, developing our innovative computational and experimental approaches on protein motion, building our intellectual property portfolio, business planning, raising capital, and providing general and administrative support for these operations. To date, we have principally financed our operations through private placements of preferred stock and common stock, convertible debt, and proceeds from public offerings of our common stock. In May 2026, we completed a public offering, or the May 2026 Offering, of 26,354,167 shares of common stock, which share amount includes the exercise in full of the underwriters' option to purchase an additional 3,437,500 shares, at an offering price of $12.00 per share. We received proceeds of $296.8 million, which was net of $19.4 million in underwriting discounts and other offering expenses. In December 2024, we and Elevar Therapeutics, Inc., or Elevar, entered into an exclusive global licensing agreement, or the Elevar Agreement, pursuant to which Elevar was granted global development and commercialization rights for lirafugratinib. Under the terms of the Elevar Agreement, we received $5.0 million upon execution, $3.7 million upon transfer of active pharmaceutical ingredient and other materials, and $10.0 million in milestone payments as of June 30, 2026. We are eligible to receive up to $485.0 million in regulatory and commercial milestone payments, as well as tiered royalties. In September 2024, we completed a public offering, or the September 2024 Offering, of 32,857,143 shares of common stock, including the exercise in full of the underwriters’ option to purchase an additional 4,285,714 shares, at an offering price of $7.00 per share. We received proceeds of $218.2 million, which was net of $11.8 million in underwriting discounts and other offering expenses. In August 2024, we entered into a sales agreement, or the 2024 Sales Agreement, with TD Securities (USA) LLC, or TD Securities, pursuant to which we may offer and sell shares of our common stock having aggregate gross proceeds of up to $250.0 million from time to time in “at-the-market” offerings through TD Securities, as our sales agent. As of June 30, 2026, we sold 16,006,569 shares of common stock under the 2024 Sales Agreement, from which we received $163.0 million in gross proceeds. In connection therewith, we paid $3.8 million in commissions to TD Securities, yielding $159.2 million in net proceeds. Inflation generally affects us by increasing our employee-related costs and clinical trial expenses, as well as other operating expenses. Our financial condition and results of operations may also be impacted by other factors we may not be able to control, such as public health crises, global supply chain disruptions, uncertain global economic conditions, global trade disputes or political instability as further discussed in the section "Risk Factors" in this Quarterly Report on Form 10-Q. We do not believe that such factors had a material adverse impact on our results of operations during the three and six months ended June 30, 2026. Since our inception, we have incurred significant operating losses on an aggregate basis. Our ability to generate product revenue sufficient to achieve profitability will depend on the successful development and eventual commercialization of one or more of our current or future product candidates. Our net losses were $157.0 million and $147.4 million for the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026 we had an accumulated deficit of $2.2 billion. These losses have resulted primarily from costs incurred in connection with research and development activities, licensing and patent investment, and general and administrative costs associated with our operations. We expect to continue to incur significant expenses, including the costs of operating as a public company, and generate significant operating losses for at least the next several years. We anticipate that our expenses will increase substantially if and as we: •conduct our current and future clinical trials of our lead product candidate; •conduct additional preclinical research and development of our early-stage programs; •initiate and continue research and preclinical and clinical development of our other product candidates; •seek to identify additional product candidates; •pursue marketing approvals for any of our product candidates that successfully complete clinical trials, if any; •establish a sales, marketing, and distribution infrastructure to commercialize any products for which we may obtain marketing approval; •require the manufacture of larger quantities of our product candidates for clinical development and potentially commercialization; •obtain, maintain, expand, and protect our intellectual property portfolio; 12 •acquire or in-license other drugs and technologies; •hire and retain additional clinical, regulatory, quality, and scientific personnel; •build out new facilities or expand existing facilities to support our ongoing development activity; and •add operational, financial, and management information systems and personnel, including personnel to support our drug development, any future commercialization efforts, and our operations as a public company. In addition, if we obtain marketing approval for any of our product candidates, we expect to incur significant commercialization expenses related to product manufacturing, marketing, sales and distribution. As a result, we will need additional financing to support our continuing operations. Until such time as we can generate significant revenue from product sales, if ever, we expect to finance our operations through a combination of public or private equity or debt financings or other sources, which may include collaborations with third parties. We may be unable to raise additional funds or enter into such other agreements or arrangements when needed, on favorable terms, or at all. If we fail to raise capital or enter into such agreements as and when needed, we may have to significantly delay, scale back, or discontinue the development or commercialization of one or more of our product candidates. Because of the numerous risks and uncertainties associated with product development, we are unable to predict the timing or amount of increased expenses or when or if we will be able to achieve or maintain profitability. Even if we are able to generate revenue from product sales, we may not become profitable. If we fail to become profitable or are unable to sustain profitability on a continuing basis, then we may be unable to continue our operations at planned levels and may be forced to reduce or terminate our operations. We believe our cash, cash equivalents, and investments of $910.9 million as of June 30, 2026 will enable us to fund our operating expenses and capital expenditure requirements into 2029. We have based this estimate on assumptions that may prove to be wrong, and we could exhaust our available capital resources sooner than we expect. We will need to raise additional capital in the future to continue developing the drugs in our pipeline and to commercialize any approved drug. We may seek to obtain additional financing in the future through the issuance of our common stock, through other equity or debt financings, or through collaborations or partnerships with other companies. We may not be able to raise additional capital on terms acceptable to us, or at all, and any failure to raise capital as and when needed could compromise our ability to execute on our business plan. Components of our Results of Operations Revenue To date, our revenue primarily consists of amounts recognized under license agreements with third parties. Operating Expenses Research and Development Expenses Research and Development Expenses include: •salaries, benefits, and other employee costs, including stock compensation expense, for personnel engaged in research and development functions; •costs of outside consultants, including their fees, stock compensation, and related travel expenses; •expenses incurred under agreements with contract research organizations, or CROs, contract manufacturing organizations, or CMOs, and other vendors that conduct our clinical trials and preclinical activities; •costs of acquiring, developing, and manufacturing clinical trial materials, and lab supplies; •costs related to compliance with regulatory requirements; •impairment of any intangible assets capitalized upon the acquisition of in-process research and development assets; and •facility costs, depreciation, and other expenses, which include direct and allocated expenses for rent and maintenance of facilities, insurance, and other supplies. 13 We do not allocate certain internal costs, facilities, or overhead costs to specific development programs. We expense research and development costs as the services are performed or the goods are received. We recognize costs for certain development activities, such as clinical trials, based on an evaluation of the progress to completion of specific tasks using data, such as patient enrollment, clinical site activations, or other information provided to us by our vendors and our clinical investigative sites. Payments for these activities are based on the terms of the individual agreements, which may differ from the pattern of costs incurred, and are reflected in our financial statements as prepaid expenses or accrued research and development expenses. Two of our product candidates are in clinical development. We also have earlier stage programs across both precision oncology and genetic diseases. Costs incurred for these programs include costs incurred to support our discovery research and translational science efforts up to the initiation of first-in-human clinical development. Platform research and other research and development activities include costs that are not specifically allocated to active product candidates, including facilities costs, depreciation expense, and other costs. Employee expenses include salary, wages, stock compensation, and other costs related to our personnel, which are not allocated to specific programs or activities. We cannot determine with certainty the duration and costs of future clinical trials and future development costs, if, when, or to what extent we will generate revenue from the commercialization and sale of any of our product candidates for which we obtain marketing approval or our other research and development costs. We may never succeed in obtaining marketing approval for any of our product candidates. The duration, costs, and timing of clinical trials and development of our product candidates will depend on a variety of factors, including: •the scope, rate of progress, expense, and results of our preclinical development activities, any future clinical trials of our lead product candidate, or other product candidates and other research and development activities that we may conduct; •uncertainties in clinical trial design and patient enrollment or drop out or discontinuation rates; •establishing an appropriate safety and efficacy profile with IND-enabling studies; •the initiation and completion of future clinical trial results; •the timing, receipt, and terms of any approvals from applicable regulatory authorities including the FDA and non-U.S. regulators; •significant and changing government regulation and regulatory guidance; •potential additional studies requested by regulatory agencies; •establishing clinical and commercial manufacturing capabilities or making arrangements with third-party manufacturers in order to ensure that we or our third-party manufacturers are able to make product successfully; •the impact of any business interruptions to our operations, including the timing and enrollment of patients in our planned clinical trials, or to those of our manufacturers, suppliers, or other vendors resulting from any public health crisis or ongoing geopolitical conflicts and related global economic sanctions; •the expense of filing, prosecuting, defending, and enforcing any patent claims and other intellectual property rights; and •maintaining a continued acceptable safety profile of our product candidates following approval, if any, of our product candidates. 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 to continue to incur significant research and development expenses for the foreseeable future as we continue to conduct clinical trials of our lead product candidate, initiate clinical trials for our other product candidates, as well as identify and develop additional product candidates. A change in the outcome of any of these variables with respect to the development of a product candidate could mean a significant change in the costs and timing associated with the development of that product candidate. For example, if the FDA or another regulatory authority were to require us to conduct clinical trials beyond those that we anticipate will be required for the completion of clinical development of a product candidate, or if we experience significant trial delays due to patient enrollment or other reasons, we would be required to expend significant additional financial resources and time on the completion of clinical development. 14 General and Administrative Expenses General and Administrative Expenses primarily consist of salaries and other employee costs, including stock compensation, for personnel in our executive, finance, corporate, and business development and administrative functions. General and Administrative Expenses also include legal fees relating to patent and corporate matters; professional fees for accounting, auditing, tax, and consulting services; other expenses associated with operating as a public company, including compliance with exchange listing and Securities and Exchange Commission, or SEC, requirements, director and officer insurance costs, and investor and public relations costs; travel expenses; and facility-related expenses, which include depreciation costs and allocated expenses for rent and maintenance of facilities. We expect to continue to incur significant general and administrative expenses in the future and as we continue our research and development activities, as well as other activities related to the potential commercialization of our product candidates. Other Income, Net Other Income, Net primarily consists of interest income related to interest earned on our cash, cash equivalents, and investments. Income Taxes Since our inception in 2015, we have not recorded any U.S. federal or state income tax benefits for the net losses we have incurred in any year or for our earned research and development tax credits, due to our uncertainty of realizing a benefit from such items. Results of Operations Comparison of the three months ended June 30, 2026 and 2025 The following table summarizes our results of operations for the three months ended June 30, 2026 and 2025: Three Months Ended June 30, Change 2026 2025 (in thousands) License and other revenue $ 350 $ 677 $ (327 ) Operating expenses: Research and development expenses $ 76,483 $ 63,897 $ 12,586 General and administrative expenses 14,691 13,627 1,064 Total operating expenses 91,174 77,524 13,650 Loss from operations (90,824 ) (76,847 ) (13,977 ) Other income, net 7,117 6,472 645 Net loss $ (83,707 ) $ (70,375 ) $ (13,332 ) Revenue During the three months ended June 30, 2026 the Company recognized $0.4 million of revenue from the Elevar Agreement, specifically upon transfer of active pharmaceutical ingredient and other materials. During the three months ended June 30, 2025, the Company recognized $0.7 million of revenue from the Elevar Agreement, specifically upon transfer of active pharmaceutical ingredient and other materials. Research and Development Expenses The following summarizes our research and development expenses for the three months ended June 30, 2026 and 2025: Three Months Ended June 30, Change 2026 2025 (in thousands) External costs for programs in clinical trials $ 48,329 $ 20,488 $ 27,841 External costs for platform technologies and preclinical programs 4,100 12,769 (8,669 ) Employee related expenses 20,324 24,210 (3,886 ) Other expenses 3,730 6,430 (2,700 ) Total research and development expenses $ 76,483 $ 63,897 $ 12,586 15 Research and development expenses were $76.5 million for the three months ended June 30, 2026 compared to $63.9 million for the three months ended June 30, 2025. The increase of $12.6 million was primarily due to increases in costs across ongoing clinical trials for zovegalisib, partially offset by the impact from strategic choices made to streamline the research organization prior to 2026. General and Administrative Expenses General and administrative expenses were $14.7 million for the three months ended June 30, 2026 compared to $13.6 million for the three months ended June 30, 2025. The increase of $1.1 million was primarily due to increased legal expenses, offset by decreases in employee compensation costs, including stock compensation expense. Other Income, Net Other income, net, was $7.1 million for the three months ended June 30, 2026 compared to $6.5 million for the three months ended June 30, 2025. The increase of $0.6 million was primarily a result of changes in the amounts invested between periods, as well as fluctuations in interest rates. Comparison of the six months ended June 30, 2026 and 2025 The following table summarizes our results of operations for the six months ended June 30, 2026 and 2025: Six Months Ended June 30, Change 2026 2025 (in thousands) License and other revenue $ 3,350 $ 8,355 $ (5,005 ) Operating expenses: Research and development expenses 147,046 $ 137,706 $ 9,340 General and administrative expenses 25,718 32,366 (6,648 ) Total operating expenses 172,764 170,072 2,692 Loss from operations (169,414 ) (161,717 ) (7,697 ) Other income, net 12,416 14,277 (1,861 ) Net loss $ (156,998 ) $ (147,440 ) $ (9,558 ) Revenue During the six months ended June 30, 2026 the Company recognized $3.4 million of revenue from the Elevar Agreement, specifically upon receipt of certain milestone payments, as well as upon transfer of active pharmaceutical ingredient and other materials. During the six months ended June 30, 2025, the Company recognized $8.4 million of revenue from the Elevar Agreement, specifically in connection with the completion of each of our performance obligations thereunder in the period. Research and Development Expenses The following summarizes our research and development expenses for the six months ended June 30, 2026 and 2025: Six Months Ended June 30, Change 2026 2025 (in thousands) External costs for programs in clinical trials $ 89,712 $ 44,161 $ 45,551 External costs for platform technologies and preclinical programs 7,791 27,407 (19,616 ) Employee related expenses 41,353 52,910 (11,557 ) Other expenses 8,190 13,228 (5,038 ) Total research and development expenses $ 147,046 $ 137,706 $ 9,340 Research and development expenses were $147.0 million for the six months ended June 30, 2026 compared to $137.7 million for the six months ended June 30, 2025. The increase of $9.3 million was primarily due to increases in costs across ongoing clinical trials for zovegalisib, partially offset by the impact from strategic choices made to streamline the research organization prior to 2026. General and Administrative Expenses General and administrative expenses were $25.7 million for the six months ended June 30, 2026 compared to $32.4 million for the six months ended June 30, 2025. The decrease of $6.6 million was primarily due to decreases in employee compensation costs, including stock compensation expense, and costs to obtain the Elevar Agreement, which were expensed during the six months ended June 30, 2025. 16 Other Income, Net Other income, net, was $12.4 million for the six months ended June 30, 2026 compared to $14.3 million for the six months ended June 30, 2025. The decrease of $1.9 million was primarily a result of changes in the amounts invested between periods, as well as fluctuations in interest rates. Liquidity and Capital Resources As of June 30, 2026, we had cash, cash equivalents, and investments of $910.9 million. Since our inception, we have not generated any revenue from product sales and have incurred significant operating losses. We have not yet commercialized any products and we do not expect to generate revenue from sales of any product candidates for several years, if ever. To date, we have principally financed our operations through private placements of preferred stock and common stock, convertible debt, and proceeds from public offerings of our common stock. In May 2026, we completed the May 2026 Offering of 26,354,167 shares of common stock, which share amount includes the exercise in full of the underwriters' option to purchase an additional 3,437,500 shares, at an offering price of $12.00 per share. We received proceeds of $296.8 million, which was net of $19.4 million in underwriting discounts and other offering expenses. In December 2024, we entered into the Elevar Agreement, pursuant to which Elevar was granted global development and commercialization rights for lirafugratinib. As of June 30, 2026, we had received $5.0 million in upfront consideration, $3.7 million in conjunction with transfer of active pharmaceutical ingredient and other materials, and $10.0 million in milestone payments pursuant to the Elevar Agreement. In September 2024, we completed the September 2024 Offering of 32,857,143 shares of common stock, including the exercise in full of the underwriters’ option to purchase an additional 4,285,714 shares, at an offering price of $7.00 per share. We received proceeds of $218.2 million, which was net of $11.8 million in underwriting discounts and other offering expenses. In August 2024, we filed a universal shelf registration statement on Form S-3ASR with the SEC, or the 2024 Shelf, to register for sale an amount of our common stock, preferred stock, debt securities, warrants and/or units in one or more offerings, which became effective upon filing with the SEC (File No. 333-281308). In August 2024, we entered into the 2024 Sales Agreement with TD Securities, pursuant to which we may offer and sell shares of our common stock having aggregate gross proceeds of up to $250.0 million from time to time in “at-the-market” offerings through TD Securities, as our sales agent. As of June 30, 2026, we sold 16,006,569 shares of common stock under the 2024 Sales Agreement, from which we received $163.0 million in gross proceeds. In connection therewith, we paid $3.8 million in commissions to TD Securities, yielding $159.2 million in net proceeds. Cash Flows The following table summarizes our sources and uses of cash for each of the periods presented: Six Months Ended June 30, 2026 2025 (in thousands) Cash used in operating activities $ (105,221 ) $ (128,471 ) Cash (used in) provided by investing activities (320,125 ) 117,611 Cash provided by financing activities 462,517 653 Net increase (decrease) in cash, cash equivalents, and restricted cash $ 37,171 $ (10,207 ) Operating Activities During the six months ended June 30, 2026, we used $105.2 million of cash on operating activities, primarily resulting from our net loss of $157.0 million, offset by non-cash charges of $19.2 million and cash provided by changes in our operating assets and liabilities of $32.6 million. During the six months ended June 30, 2025, we used $128.5 million of cash on operating activities, primarily resulting from our net loss of $147.4 million and cash used to fund changes in our operating assets and liabilities of $17.0 million, offset by non-cash charges of $36.0 million. 17 Investing Activities During the six months ended June 30, 2026, net cash used in investing activities was $320.1 million, consisting of $320.1 million in net purchases of investments. During the six months ended June 30, 2025, net cash used in investing activities was $117.6 million, consisting of $118.0 million in proceeds from net maturities and sales of investments, offset by $0.4 million for the acquisition of property and equipment. Financing Activities During the six months ended June 30, 2026, net cash provided by financing activities was $462.5 million, consisting of $456.0 million in net proceeds from at-the-market and follow-on offerings, as well as $6.5 million from the exercise of stock options and purchases under our 2020 Employee Stock Purchase Plan, or ESPP. During the six months ended June 30, 2025, net cash provided by financing activities was $0.7 million, consisting of $0.7 million in purchases under our ESPP. Funding Requirements We expect to continue to incur significant expenses in connection with our ongoing clinical development activities related to our product candidates and the ongoing preclinical development activities of our other programs. In addition, we continue to incur additional costs associated with operating as a public company. As of June 30, 2026, we had cash, cash equivalents, and investments of $910.9 million. We believe that our existing cash, cash equivalents, and investments will enable us to fund our operating expenses and capital expenditure requirements into 2029. We have based this estimate on assumptions that may prove to be wrong, and we could exhaust our available capital resources sooner than we expect. Because of the numerous risks and uncertainties associated with the development of our product candidates, as well as our preclinical programs, and because the extent to which we may enter into collaborations with third parties for the development of our product candidates is unknown, we are unable to estimate the timing and amounts of increased capital outlays and operating expenses associated with completing the research and development of our product candidates. Our future capital requirements will depend on many factors, including: •the impact of any business interruptions to our operations, including the timing and enrollment of patients in our planned clinical trials, or to those of our manufacturers, suppliers, or other vendors, resulting from public health epidemics or outbreaks of infectious disease or ongoing geopolitical conflicts and related global economic sanctions; •the scope, progress, results, and costs of our current and future clinical trials of our lead product candidate and additional preclinical research of our other programs; •the scope, progress, results, and costs of drug discovery, preclinical research, and clinical trials for our other product candidates; •the number of future product candidates that we pursue and their development requirements; •the costs, timing, and outcome of regulatory review of our product candidates; •our ability to establish and maintain licenses or collaborations on favorable terms, if at all; •the success of any existing or future licenses or collaborations that we may enter into with third parties; •the extent to which we acquire or invest in businesses, products and technologies, including entering into licensing or collaboration arrangements for product candidates; •the achievement of milestones or occurrence of other developments that trigger payments under any existing or future license or collaboration agreements, if any; •the extent to which we are obligated to reimburse, or entitled to reimbursement of, clinical trial costs under any existing or future license or collaboration agreements, if any; 18 •the costs and timing of future commercialization activities, including drug sales, marketing, manufacturing, and distribution, for any of our product candidates for which we receive marketing approval, to the extent that such sales, marketing, manufacturing, and distribution are not the responsibility of any licensee or collaborator that we may have at such time; •the amount of revenue, if any, received from commercial sales of our product candidates, should any of our product candidates receive marketing approval; •the costs of preparing, filing, and prosecuting patent applications, maintaining, and enforcing our intellectual property rights and defending intellectual property-related claims; •our headcount growth and associated costs if and as we expand our business operations and our research and development activities; and •the costs of operating as a public company. Developing pharmaceutical products, including conducting preclinical studies and clinical trials, is a time-consuming, expensive, and uncertain process that takes years to complete, and we may never generate the necessary data or results required to obtain marketing approval for any product candidates or generate revenue from the sale of any product candidate for which we may obtain marketing approval. In addition, our product candidates, if approved, may not achieve commercial success. Our commercial revenues, if any, will be derived from sales of drugs that we do not expect to be commercially available for many years, if ever. Accordingly, we will need to obtain substantial additional funds to achieve our business objectives. Adequate additional funds may not be available to us on acceptable terms, or at all. We do not currently have any committed external source of funds. To the extent that we raise additional capital through the sale of equity or convertible debt securities, your ownership interest may be diluted, and the terms of these securities may include liquidation or other preferences and anti-dilution protections that could adversely affect your rights as a common stockholder. Additional debt or preferred equity financing, if available, may involve agreements that include restrictive covenants that may limit our ability to take specific actions, such as incurring debt, making capital expenditures, or declaring dividends, which could adversely impact our ability to conduct our business, and may require the issuance of warrants, which could potentially dilute your ownership interest. If we raise additional funds through collaborations, strategic alliances, or licensing arrangements with third parties, we may have to relinquish valuable rights to our technology, 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 collaborations, strategic alliances or licensing arrangements with third parties when needed, we may be required to delay, limit, reduce, and/or terminate our product development programs or any future commercialization efforts or grant rights to develop and market product candidates that we would otherwise prefer to develop and market ourselves. Contractual Obligations and Commitments There were no material changes to our contractual obligations and commitments during the three months ended June 30, 2026. For more information on our contractual obligations and commitments, please refer to "Management’s Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended December 31, 2025, as well as Note 9, Commitments and Contingencies, of the notes to our condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q. Critical Accounting Policies and Use of Estimates Our management’s discussion and analysis of financial condition and results of operations is based on our financial statements, which have been prepared in accordance with generally accepted accounting principles in the United States, or GAAP. The preparation of our condensed consolidated financial statements and related disclosures requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, costs and expenses and the disclosure of contingent assets and liabilities in our financial statements. We base our estimates on historical experience, known trends and events and various other factors that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. We evaluate our estimates and assumptions on an ongoing basis. Our actual results may differ from these estimates under different assumptions or conditions. For a discussion of our critical accounting estimates, see "Management’s Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on February 26, 2026, the notes to our audited financial statements appearing in our Annual Report on Form 10-K, and the notes to the financial statements appearing elsewhere in this Quarterly Report on Form 10-Q. There have been no material changes to these critical accounting policies and estimates through June 30, 2026 from those discussed in our Annual Report on Form 10-K for the year ended December 31, 2025. 19 Recently Issued and Adopted Accounting Pronouncements A description of recently issued accounting pronouncements that may potentially impact our financial position and results of operations is disclosed in Note 2 to our condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q.