Interest Rate Risk Our cash and cash equivalents as of June 30, 2026 and December 31, 2025 consisted of readily available checking and money market funds. As of June 30, 2026 and December 31, 2025, we also invested in U.S. Treasury securities, U.S. government agency securities, corporate debt, commercial paper, certificates of deposit, and asset-backed securities. Our primary exposure to market risk is interest rate sensitivity, which is affected by changes in the general level of U.S. interest rates. We do not believe that our cash and cash equivalents have significant risk of default or illiquidity. As of June 30, 2026 and December 31, 2025, we had approximately $2.5 billion and $2.4 billion in cash, cash equivalents and investments, respectively. For the three and six months ended June 30, 2026, we had interest income of $25.8 million and 39 Table of Contents $52.4 million, respectively. The following table shows the impact of a hypothetical 10% increase or decrease in interest rates on our net assets as of June 30, 2026 and our net loss for the six months ended June 30, 2026: Impact on Net Assets as of June 30, 2026 Impact on Net Loss for the Six Months Ended June 30, 2026 Hypothetical Change in Interest Rates (in thousands) 10% increase $ 10,382 $ 4,957 10% decrease $ (10,382) $ (4,957) Concentrations of Credit Risk Financial instruments that potentially subject us to a concentration of credit risk consist primarily of cash, cash equivalents and investments. We invest in U.S. Treasury securities, U.S. government agency securities, corporate debt, commercial paper, certificates of deposit, and asset-backed securities. We maintain bank deposits in federally insured financial institutions and these deposits may exceed federally insured limits. We are exposed to credit risk in the event of a default by the financial institutions holding our cash and issuers of investments to the extent recorded on the condensed consolidated balance sheets. Our investment policy limits investments to money market funds, certain types of debt securities issued by the U.S. Government and its agencies, corporate debt, commercial paper and asset-backed securities, and places restrictions on the credit ratings, maturities and concentration by type and issuer. We believe that our exposure to credit risks is not significant and that a hypothetical 10% change in credit rates would not have a significant impact on our portfolio. Foreign Currency Risk We are exposed to market risk related to changes in foreign currency exchange rates, mainly relating to our contracts with Lonza, our CMO in Switzerland. We have also entered into a limited number of contracts with other parties with payments denominated in foreign currencies. Payments under these contracts are made in foreign currencies and are subject to fluctuations in foreign currency rates. We do not currently have a formal program in place to hedge foreign currency risks. However, from time to time, we buy Swiss Francs (“CHF”), which is the majority of our foreign currency exposure, at market and hold CHF in our bank accounts. As of June 30, 2026 and December 31, 2025, we had approximately $55.3 million and $38.9 million of CHF cash and cash equivalents, respectively, held at three financial institutions. As of June 30, 2026 and December 31, 2025, we had foreign currency denominated accounts payable and accrued expenses of $190.2 million and $129.0 million, respectively. As of June 30, 2026 and December 31, 2025, we had foreign currency denominated property, plant and equipment of $220.2 million and $223.7 million, respectively. As of June 30, 2026 and December 31, 2025, we had foreign currency denominated other assets of $203.0 million and $148.1 million, respectively. To date, foreign currency transaction gains and losses have not been material to our consolidated financial statements. The following table shows the impact of a hypothetical 10% increase or decrease in current exchange rates on our net assets as of June 30, 2026 and our net loss for the six months ended June 30, 2026: Impact on Net Assets as of June 30, 2026 Impact on Net Loss for the Six Months Ended June 30, 2026 Hypothetical Change in Currency Exchange Rates (in thousands) 10% increase $ 30,186 $ 27,549 10% decrease $ (30,186) $ (27,549) As our foreign currency risk increases in the future, we will evaluate alternative strategies, including hedging, to mitigate our foreign currency exposure. Effects of Inflation The rate of inflation in the United States has risen to levels not experienced in decades. Inflation generally affects us by increasing our cost of labor and research and development contract costs. The extent of any future impacts from inflation on our business and our results of operations will be dependent upon how long the elevated inflation levels persist and if the rate of inflation were to accelerate, neither of which we are able to predict. If elevated levels of inflation were to persist or if the rate of inflation were to further increase, the purchasing power of our cash and cash equivalents may be eroded, 40 Table of Contents our expenses could increase faster than anticipated and we may utilize our capital resources sooner than expected. We do not believe inflation had a material effect on our consolidated results of operations during the periods presented.