We are exposed to market risks that may result from changes in interest rates and foreign currency exchange rates. Interest Rate Risk Investments in marketable securities As of June 30, 2026 and December 31, 2025, we had cash, cash equivalents and marketable securities of $494.9 million and $360.0 million, respectively. This consisted of interest-bearing money market accounts and investments in U.S. government securities, commercial paper, and corporate debt securities, which create an exposure to interest rate risk. Our future interest income may fall short of expectations due to changes in market conditions and in interest rates and such changes in interest rates may affect the fair value of the marketable securities held in our portfolio and cause unrealized gains or losses. Such gains or losses would not be realized unless the investments are sold. A hypothetical one percent increase in interest rates as of June 30, 2026 and December 31, 2025 would not have resulted in a material effect on the fair market value of our cash, cash equivalents and marketable securities. Long-term debt As of June 30, 2026 we had an outstanding term loan with a carrying value of $39.0 million bearing interest at a rate equal to the greater of (i) 7.95% or (ii) the prime rate plus 0.95%. A hypothetical one percent increase in the prime rate as of June 30, 2026 would not have resulted in a material effect on the fair market value of our debt. In addition, a hypothetical one percent increase in the prime rate as of June 30, 2026 would not result in a material impact to our income for the year ending December 31, 2026. We did not have any outstanding debt as of December 31, 2025. Foreign Currency Exchange Risk The majority of our transactions occur in U.S. dollars. However, we do have certain transactions that are denominated in currencies other than the U.S. dollar, primarily the euro and British pound, and we therefore are subject to foreign exchange risk. The fluctuation in the value of the U.S. dollar against other currencies affects the reported amounts of expenses, assets and liabilities primarily associated with a limited number of preclinical, clinical and manufacturing activities. We do not hedge our foreign currency exchange rate risk, however, we may do so in the future. As of June 30, 2026 and December 31, 2025, we had no material accounts payable or receivable denominated in foreign currencies, and a hypothetical 10% change in foreign currency exchange rates applicable to our business would not have a material impact on our condensed financial statements.