We are exposed to market risk related to changes in interest rates. As of June 30, 2026 and December 31, 2025, we had cash, cash equivalents and investments of $283.7 million and $188.9 million, respectively. The Company’s investments are primarily in U.S. Treasury Securities. Our primary exposure to market risk is interest rate sensitivity, which is affected by changes in U.S. interest rates and our investments that can decline in value if market interest rates increase. We do not utilize interest rate hedging agreements or other interest rate derivative instruments. If market interest rates were to increase immediately and uniformly by 100 basis points, or one percentage point, from levels at June 30, 2026, the net effect on the net fair value of our investments would have resulted in a hypothetical decline of $0.1 million. While we believe our cash, cash equivalents, and marketable securities do not contain excessive risk, we cannot provide absolute assurance that, in the future, our investments will not be subject to adverse changes in market value. 46 Table of Contents