KURA ONCOLOGY, INC. Condensed Balance Sheets (In thousands, except par value data) June 30, 2026 December 31, 2025 (Unaudited) Assets Current assets Cash and cash equivalents $ 70,242 $ 149,099 Short-term investments 448,783 518,141 Accounts receivable, net 9,446 8,804 Inventory 2,485 413 Prepaid expenses and other current assets 28,483 32,206 Total current assets 559,439 708,663 Property and equipment, net 7,586 7,855 Operating lease right-of-use assets 7,038 7,302 Other long-term assets 13,728 14,543 Total assets $ 587,791 $ 738,363 Liabilities and Stockholders’ Equity Current liabilities Accounts payable $ 2,392 $ 5,017 Accrued expenses and other current liabilities 54,812 61,697 Current operating lease liabilities 1,291 1,277 Current portion of long-term debt 4,217 — Current portion of contract liabilities 55,481 48,983 Total current liabilities 118,193 116,974 Long-term debt, net of current portion 5,573 9,711 Long-term operating lease liabilities 13,374 9,469 Other long-term liabilities 3,616 3,165 Long-term contract liabilities 398,604 424,909 Total liabilities 539,360 564,228 Stockholders’ equity Preferred stock, $0.0001 par value; 10,000 shares authorized; no shares issued and outstanding — — Common stock, $0.0001 par value; 200,000 shares authorized; 88,954 and 87,855 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 9 9 Additional paid-in capital 1,365,383 1,347,190 Accumulated other comprehensive income (loss) (1,213 ) 1,024 Accumulated deficit (1,315,748 ) (1,174,088 ) Total stockholders’ equity 48,431 174,135 Total liabilities and stockholders’ equity $ 587,791 $ 738,363 See accompanying notes to unaudited condensed financial statements. 1 KURA ONCOLOGY, INC. Condensed Statements of Operations and Comprehensive Loss (In thousands, except per share data) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenue Product revenue, net $ 9,122 $ — $ 14,888 $ — Collaboration revenue 11,752 15,288 24,251 29,396 Total revenue 20,874 15,288 39,139 29,396 Operating Expenses Cost of product sales 243 — 505 — Research and development 61,891 62,785 127,154 118,758 Selling, general and administrative 31,750 25,169 63,305 48,004 Total operating expenses 93,884 87,954 190,964 166,762 Loss from operations (73,010 ) (72,666 ) (151,825 ) (137,366 ) Other Income (Expense) Interest and other income, net 5,033 6,935 10,859 14,814 Interest expense (345 ) (391 ) (681 ) (773 ) Total other income, net 4,688 6,544 10,178 14,041 Loss before income taxes (68,322 ) (66,122 ) (141,647 ) (123,325 ) Income tax expense 5 — 13 226 Net Loss $ (68,327 ) $ (66,122 ) $ (141,660 ) $ (123,551 ) Net loss per share, basic and diluted $ (0.77 ) $ (0.75 ) $ (1.60 ) $ (1.41 ) Weighted average number of shares used in computing net loss per share, basic and diluted 88,855 87,586 88,733 87,501 Comprehensive Loss Net loss $ (68,327 ) $ (66,122 ) $ (141,660 ) $ (123,551 ) Other comprehensive loss Unrealized loss on short-term investments (833 ) (263 ) (2,237 ) (53 ) Comprehensive loss $ (69,160 ) $ (66,385 ) $ (143,897 ) $ (123,604 ) See accompanying notes to unaudited condensed financial statements. 2 KURA ONCOLOGY, INC. Condensed Statements of Stockholders’ Equity (In thousands) (Unaudited) Accumulated Additional Other Total Common Stock Paid-In Comprehensive Accumulated Stockholders’ Shares Par Value Capital Income (Loss) Deficit Equity Balance as of December 31, 2025 87,855 $ 9 $ 1,347,190 $ 1,024 $ (1,174,088 ) $ 174,135 Share-based compensation expense — — 8,416 — — 8,416 Issuance of common stock under equity plans 470 — 69 — — 69 Exercise of pre-funded warrants 417 — — — — — Exercise of warrants 21 — — — — — Other comprehensive loss — — — (1,404 ) — (1,404 ) Net loss — — — — (73,333 ) (73,333 ) Balance as of March 31, 2026 88,763 9 1,355,675 (380 ) (1,247,421 ) 107,883 Share-based compensation expense — — 8,209 — — 8,209 Issuance of common stock under equity plans 191 — 1,499 — — 1,499 Other comprehensive loss — — — (833 ) — (833 ) Net loss — — — — (68,327 ) (68,327 ) Balance as of June 30, 2026 88,954 $ 9 $ 1,365,383 $ (1,213 ) $ (1,315,748 ) $ 48,431 See accompanying notes to unaudited condensed financial statements. 3 KURA ONCOLOGY, INC. Condensed Statements of Stockholders’ Equity (In thousands) (Unaudited) Accumulated Additional Other Total Common Stock Paid-In Comprehensive Accumulated Stockholders’ Shares Par Value Capital Income (Loss) Deficit Equity Balance as of December 31, 2024 78,229 $ 8 $ 1,308,290 $ 764 $ (895,422 ) $ 413,640 Share-based compensation expense — — 7,842 — — 7,842 Issuance of common stock under equity plans 375 — 143 — — 143 Exercise of pre-funded warrants 2,174 — — — — — Other comprehensive income — — — 210 — 210 Net loss — — — — (57,429 ) (57,429 ) Balance as of March 31, 2025 80,778 8 1,316,275 974 (952,851 ) 364,406 Share-based compensation expense — — 6,949 — — 6,949 Issuance of common stock under equity plans 101 — 515 — — 515 Exercise of pre-funded warrants 5,918 1 — — — 1 Other comprehensive loss — — — (263 ) — (263 ) Net loss — — — — (66,122 ) (66,122 ) Balance as of June 30, 2025 86,797 $ 9 $ 1,323,739 $ 711 $ (1,018,973 ) $ 305,486 See accompanying notes to unaudited condensed financial statements. 4 KURA ONCOLOGY, INC. Condensed Statements of Cash Flows (In thousands) (Unaudited) Six Months Ended June 30, 2026 2025 Operating Activities Net loss $ (141,660 ) $ (123,551 ) Adjustments to reconcile net loss to net cash used in operating activities: Share-based compensation expense 16,625 14,791 Amortization of premium and accretion of discounts on short-term investments, net (1,641 ) (5,182 ) Depreciation expense 724 465 Non-cash interest expense 217 271 Changes in operating assets and liabilities Accounts receivable, net (642 ) (2,514 ) Inventory (2,072 ) — Prepaid expenses and other current assets 3,777 (8,551 ) Operating lease right-of-use and other long-term assets 1,025 (2,922 ) Accounts payable (2,624 ) 235 Accrued expenses and other current liabilities (6,557 ) 1,798 Operating lease liabilities 3,919 65 Other long-term liabilities 313 628 Contract liabilities (19,807 ) 23,763 Net cash used in operating activities (148,403 ) (100,704 ) Investing Activities Maturities of short-term investments 259,998 342,596 Purchases of short-term investments (191,236 ) (383,314 ) Purchases of property and equipment (784 ) (1,750 ) Net cash provided by (used in) investing activities 67,978 (42,468 ) Financing Activities Proceeds from issuance of stock under equity plans 1,568 658 Net cash provided by financing activities 1,568 658 Net decrease in cash and cash equivalents (78,857 ) (142,514 ) Cash and cash equivalents at beginning of period 149,099 224,462 Cash and cash equivalents at end of period $ 70,242 $ 81,948 See accompanying notes to unaudited condensed financial statements. 5 KURA ONCOLOGY, INC. Notes to Unaudited Condensed Financial Statements 1. Organization and Basis of Presentation Kura Oncology, Inc. is a biopharmaceutical company committed to realizing the promise of precision medicines for the treatment of cancer. Our diversified pipeline consists of small molecules designed to target cancer signaling pathways and address significant unmet needs in oncology and hematology. References in these Notes to Unaudited Condensed Financial Statements to the “Company,” “we,” “our” or “us,” refer to Kura Oncology, Inc. Basis of Presentation The accompanying unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes thereto in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as filed with the Securities and Exchange Commission on March 5, 2026, from which we derived our balance sheet as of December 31, 2025. The accompanying unaudited condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or GAAP, for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, since they are interim statements, the accompanying unaudited condensed financial statements do not include all of the information and notes required by GAAP for complete financial statements. The accompanying unaudited condensed financial statements reflect all adjustments, consisting of normal recurring adjustments, that are, in the opinion of our management, necessary to a fair statement of the results for the interim periods presented. Interim results are not necessarily indicative of results for a full year. The preparation of the unaudited condensed financial statements in accordance with GAAP requires our management to make estimates and assumptions that affect the amounts reported on our unaudited condensed financial statements and accompanying notes. The amounts reported could differ under different estimates and assumptions. On an ongoing basis, we evaluate our estimates and judgments, which are based on historical and anticipated results and trends and on various other assumptions that management believes to be reasonable under the circumstances. By their nature, estimates are subject to an inherent degree of uncertainty and, as such, actual results may differ from management’s estimates. 2. Summary of Significant Accounting Policies Allowance for Credit Losses For available-for-sale securities in an unrealized loss position, we first assess whether we intend to sell, or if it is more likely than not that we will be required to sell, the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through earnings. For available-for-sale securities that do not meet the aforementioned criteria, we evaluate whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, we consider the severity of the impairment, any changes in interest rates, market conditions, changes to the underlying credit ratings and forecasted recovery, among other factors. The credit-related portion of unrealized losses, and any subsequent improvements, are recorded in interest and other income, net on the unaudited condensed statements of operations and comprehensive loss through an allowance account. Any impairment that has not been recorded through an allowance for credit losses is included in other comprehensive income (loss) on the unaudited condensed statements of operations and comprehensive loss. We elected the practical expedient to exclude the applicable accrued interest from both the fair value and amortized cost basis of our available-for-sale securities for purposes of identifying and measuring an impairment. Accrued interest receivable on available-for-sale securities is recorded in prepaid expenses and other current assets on our unaudited condensed balance sheets. Our accounting policy is to not measure an allowance for credit loss for accrued interest receivable and to write-off any uncollectible accrued interest receivable as a reversal of interest income in a timely manner, which we consider to be in the period in which we determine the accrued interest will not be collected by us. 6 Concentration of Credit Risk Financial instruments that potentially subject us to significant concentrations of credit risk consist primarily of cash, cash equivalents and short-term investments. We maintain deposits in federally insured financial institutions in excess of federally insured limits. We have established guidelines to limit our exposure to credit risk by placing investments with high credit quality financial institutions, diversifying our investment portfolio and placing investments with maturities that maintain safety and liquidity. We periodically review and modify these guidelines to maximize trends in yields and interest rates without compromising safety and liquidity. Our receivable from contracts with collaborators, included within accounts receivable, net, is derived from contracts with our collaborators. We do not typically require collateral from our collaborators. We continuously monitor payments from collaborators and consider various factors including historical experience, age of the receivable balances, and other current economic conditions or other factors that may affect our collaborators’ ability to pay. Collaboration Arrangements We assess whether our licensing and other agreements are collaborative arrangements within the scope of Accounting Standards Codification, or ASC, Topic 808, Collaborative Arrangements, or Topic 808, based on whether they involve joint operating activities wherein both parties actively participate in the arrangement and are exposed to significant risks and rewards of the arrangement. For arrangements that we determine are collaborations under the Scope of Topic 808, we identify each unit of account by determining which promised goods or services are distinct in accordance with ASC Topic 606, Revenue from Contracts with Customers, or Topic 606, and then determine whether a customer relationship exists for that unit of account. If we determine a unit of account within the collaborative arrangement to be with a customer, we apply our revenue recognition accounting policy as further described below. For units of account within the collaborative arrangement under Topic 808 that are not with a customer in its entirety and are not within the scope of other relevant accounting topics, we apply recognition and measurement principles based on an analogy to authoritative accounting literature or, if there is no appropriate analogy, a reasonable, rational and consistently applied accounting policy election. See Note 7, Kyowa Kirin Collaboration and License Agreement, for more details. Net Loss per Share Basic net loss per common share is calculated by dividing the net loss by the weighted-average number of common shares outstanding for the period, which includes the shares related to outstanding pre-funded warrants, but excludes other potential common stock equivalents. Pre-funded warrants are considered outstanding for the purposes of computing basic and diluted net loss per share because shares may be issued for little additional consideration, and are fully vested and exercisable. Diluted net loss per share is calculated by dividing net loss by the weighted-average number of common shares and common stock equivalents outstanding for the period. As we have reported net loss for the three months ended June 30, 2026 and 2025, dilutive net loss per common share is the same as basic net loss per common share for those periods. Common stock equivalents outstanding are comprised of stock options, restricted stock units, or RSUs, performance-based restricted stock units, or PSUs, warrants and employee stock purchase plan rights and are only included in the calculation of diluted earnings per common share when net income is reported and their effect is dilutive. Common stock equivalents outstanding at June 30, 2026 and 2025 totaling approximately 21,667,000 and 18,213,000, respectively, were excluded from the computation of dilutive weighted-average shares outstanding because their effect would be anti-dilutive. Recent Accounting Pronouncements Disaggregation of Income Statement Expenses In November 2024, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2024-03 Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disaggregated disclosure of certain costs and expenses on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The disclosure updates are required to be applied prospectively with the option for retrospective application. We are currently evaluating the impact of adopting ASU 2024-03. Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40) In September 2025, the FASB issued ASU 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. Under this guidance, software capitalization 7 will begin when management authorizes and commits to funding the software project and it is probable that the project will be completed and the software will be used for its intended purpose. ASU 2025-06 is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those periods, with early adoption permitted. We are currently evaluating the impact of adopting ASU 2025-06. 3. Investments We invest in available-for-sale securities consisting of U.S. Treasury securities, U.S. Agency bonds and money market funds. Available-for-sale securities are classified as either cash and cash equivalents or short-term investments on the unaudited condensed balance sheets. The following tables summarize, by major security type, our short-term investments that are measured at fair value on a recurring basis, in thousands: June 30, 2026 Maturities (years) Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Cash equivalents Money market funds 1 or less $ 15,595 $ — $ — $ 15,595 Short-term investments U.S. Treasury securities 2 or less 400,000 102 (976 ) 399,126 U.S. Agency bonds 3 or less 49,996 — (339 ) 49,657 Total short-term investments 449,996 102 (1,315 ) 448,783 Total $ 465,591 $ 102 $ (1,315 ) $ 464,378 December 31, 2025 Maturities (years) Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Cash equivalents Money market funds 1 or less $ 119,910 $ — $ — $ 119,910 Short-term investments U.S. Treasury securities 2 or less 464,623 1,042 — 465,665 U.S. Agency bonds 3 or less 52,494 11 (29 ) 52,476 Total short-term investments 517,117 1,053 (29 ) 518,141 Total $ 637,027 $ 1,053 $ (29 ) $ 638,051 Short-term investments are classified as current assets, even though the stated maturity date may be one year or more beyond the current balance sheet date, which reflects management’s intention to use the proceeds from sales of these securities to fund our operations, as necessary. As of June 30, 2026 and December 31, 2025, short-term investments of $306.9 million and $367.2 million, respectively, had maturities less than one year, short-term investments of $124.5 million and $135.9 million, respectively, had maturities between one to two years, and short-term investments of $17.4 million and $15.0 million, respectively, had maturities between two to three years. Realized gains and losses were de minimis for the three and six months ended June 30, 2026 and 2025. As of June 30, 2026 and December 31, 2025, 55 available-for-sale securities with a fair market value of $406.3 million and six available-for-sale securities with a fair market value of $22.5 million, respectively, were in a gross unrealized loss position. None of such securities were in a continuous unrealized loss position for greater than 12 months. We do not intend to sell such available-for-sale securities, and it is not more likely than not that we will be required to sell such securities prior to recovery of their amortized cost basis. Based on our review of these available-for-sale securities, the unrealized losses at June 30, 2026 were primarily due to changes in interest rates and not due to increased credit risks associated with specific securities. As such we have no allowance for credit losses as of June 30, 2026 and December 31, 2025. Unrealized gains and losses that are not credit-related are included in accumulated other comprehensive income (loss). 8 Accrued interest receivable on available-for-sale securities was $3.6 million and $3.8 million as of June 30, 2026 and December 31, 2025, respectively. We have not written off any accrued interest receivables for the six months ended June 30, 2026 and 2025. 4. Fair Value Measurements As of June 30, 2026 and December 31, 2025, we had cash equivalents and short-term investments measured at fair value on a recurring basis. Available-for-sale securities consist of U.S. Treasury securities and money market funds, which are measured at fair value using Level 1 inputs, and U.S. Agency bonds which are measured at fair value using Level 2 inputs. We determine the fair value of Level 2 related securities with the aid of valuations provided by third parties using proprietary valuation models and analytical tools. These valuation models and analytical tools use market pricing or prices for similar instruments that are both objective and publicly available, including matrix pricing or reported trades, benchmark yields, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids and/or offers. We validate the fair values of Level 2 financial instruments by comparing these fair values to a third-party pricing source. We did not reclassify any investments between levels in the fair value hierarchy during the periods presented. The following tables summarize, by major security type, our cash equivalents and short-term investments that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy, in thousands: June 30, 2026 Total Level 1 Level 2 Level 3 Cash equivalents Money market funds $ 15,595 $ 15,595 $ — $ — Short-term investments U.S. Treasury securities 399,126 399,126 — — U.S. Agency bonds 49,657 — 49,657 — Total short-term investments 448,783 399,126 49,657 — Total $ 464,378 $ 414,721 $ 49,657 $ — December 31, 2025 Total Level 1 Level 2 Level 3 Cash equivalents Money market funds $ 119,910 $ 119,910 $ — $ — Short-term investments U.S. Treasury securities 465,665 465,665 — — U.S. Agency bonds 52,476 — 52,476 — Total short-term investments 518,141 465,665 52,476 — Total $ 638,051 $ 585,575 $ 52,476 $ — We believe that our term loan facility bears interest at a rate that approximates prevailing market rates for instruments with similar characteristics and, accordingly, the carrying value of the term loan facility approximates fair value. The fair value of our term loan facility is determined using Level 2 inputs in the fair value hierarchy. 9 5. Balance Sheet Detail Property and equipment consisted of the following, in thousands: June 30, 2026 December 31, 2025 Leasehold improvements $ 7,294 $ 6,919 Furniture and fixtures 1,959 1,878 Laboratory and computer equipment 1,943 1,958 Property and equipment, gross 11,196 10,755 Less: accumulated depreciation (3,610 ) (2,900 ) Property and equipment, net $ 7,586 $ 7,855 Accrued expenses and other current liabilities consisted of the following, in thousands: June 30, 2026 December 31, 2025 Product revenue allowances $ 2,170 $ 377 Accrued clinical trial research and development expenses 20,086 23,276 Accrued other research and development expenses 14,655 12,041 Accrued compensation and benefits 14,344 22,372 Other accrued expenses 3,498 3,392 Income taxes payable 59 239 Total accrued expenses and other current liabilities $ 54,812 $ 61,697 6. Leases We currently have two operating leases for administrative and research and development office and lab space in San Diego, California and Boston, Massachusetts that expire between July 2031 and May 2033. Under the terms of the operating leases, as each may be amended from time to time, we are required to pay our proportionate share of property taxes, insurance and normal maintenance costs. Both of our leases include renewal options for an additional five years, which were not included in the determination of the right-of-use, or ROU, asset or lease liability as the renewal was not reasonably certain at the inception of the lease. Our Boston lease provided for $1.4 million in reimbursements for allowable tenant improvements and rent credits, which effectively reduced the total lease payments owed. Our San Diego research and development, lab, and principal executive office space lease entered into in January 2025 and amended in June 2025 provides (i) $2.4 million in rent credits, and (ii) a $6.2 million tenant improvement allowance expected to be fully received in the second half of 2026. The leases are also subject to additional variable charges for common area maintenance, property taxes, property insurance and other variable costs. Variable charges were not included in the measurement of our operating lease ROU assets. Maturities of lease liabilities as of June 30, 2026 are as follows, in thousands: Year Ending December 31, 2026 (remaining) $ 867 2027 3,658 2028 3,755 2029 3,853 2030 3,954 Thereafter 7,214 Total lease payments 23,301 Less: imputed interest (7,426 ) Less: tenant improvement allowance reimbursements yet to be received (1,210 ) Total operating lease liabilities $ 14,665 As of June 30, 2026 and December 31, 2025, the weighted-average discount rate was 12.3% in both periods, and the weighted-average remaining lease term was 6.2 years and 6.4 years, respectively. 10 Total cash paid for amounts included in the measurement of operating lease liabilities, net of tenant improvement reimbursements, for the three months ended June 30, 2026 and 2025 were $0.3 million and $0.4 million, respectively. Tenant improvement reimbursements, net of cash paid for amounts included in the measurement of operating lease liabilities, was $3.0 million for the six months ended June 30, 2026. Total cash paid for amounts included in the measurement of operating lease liabilities, net of tenant improvement reimbursements, was $0.9 million for the six months ended June 30, 2025. For the six months ended June 30, 2026, there were no operating lease ROU assets obtained in exchange for operating lease liabilities compared to $2.7 million for the six months ended June 30, 2025. Total operating lease and rent expense for the three months ended June 30, 2026 and 2025 were approximately $0.6 million and $0.8 million, respectively. Total operating lease and rent expense for the six months ended June 30, 2026 and 2025 were approximately $1.2 million and $1.6 million, respectively. 7. Kyowa Kirin Collaboration and License Agreement On November 20, 2024, we and Kyowa Kirin Co., Ltd. and Kyowa Kirin, Inc., or together Kyowa Kirin, entered into a collaboration and license agreement, or the Kyowa License Agreement, to develop and commercialize ziftomenib globally. In addition, we are responsible for the global manufacture and supply of ziftomenib pursuant to a clinical supply agreement with Kyowa Kirin Co., Ltd., or Kyowa Supply Agreement. The Kyowa Supply Agreement was determined to be a separate contract from the Kyowa License Agreement for purposes of revenue recognition and reporting. On June 27, 2025, we entered into a co-promotion and medical affairs agreement with Kyowa Kirin, Inc., which was determined to be a separate contract from the Kyowa License Agreement for purposes of revenue recognition and reporting. The Kyowa License Agreement includes performance obligations for monotherapy development services, combination therapy development services, and commercialization services. We have the right and responsibility to lead all development, manufacturing, and commercialization activities for ziftomenib in the United States. We are responsible for funding the specified development activities set forth in the initial development plan and budget mutually agreed upon with Kyowa Kirin, or Development Plan, and we and Kyowa Kirin share equally (50/50) all other development costs in the United States. The parties share equally profits or losses from the commercialization of ziftomenib in the United States. Through the Kyowa License Agreement, we granted Kyowa Kirin an exclusive license to develop, manufacture and commercialize ziftomenib outside of the United States, or ROW License, within the field of acute myeloid leukemia, or AML, and other hematologic malignancies. As of June 30, 2026, we have received or expected to receive $597.1 million under the Kyowa License Agreement, consisting of $570.0 million in upfront and milestone payments and $27.1 million in profit and loss and expense sharing. We are eligible to receive an additional $693.0 million in development, regulatory, and commercial milestone payments for the existing field (i.e., AML and other hematologic malignancies) and, if Kyowa Kirin exercises its option to expand the ROW License, an additional $228.0 million in upfront payments and development, regulatory, and commercial milestone payments for the expanded field (i.e., gastrointestinal stromal tumors and other solid tumor indications), totaling up to $1.491 billion in upfront and milestone payments in the aggregate. We are also eligible to receive tiered double-digit royalties on sales of ziftomenib outside of the United States. The Kyowa License Agreement will remain in effect in the United States until the latest of expiration of all valid claims of our patent rights, expiration of the last-to-expire regulatory exclusivity or ten years after first commercial sale. The Kyowa License Agreement will remain in effect outside of the United States until the expiration of the last-to-expire royalty term. Either party may terminate the Kyowa License Agreement for uncured material breach by or insolvency of the other party. Kyowa Kirin may terminate the Kyowa License Agreement for convenience upon twelve months’ prior written notice. Based on our analysis of the key terms and activities required by the Kyowa License Agreement, we assessed the criteria under Topic 808 and concluded that both parties participate in a joint operating activity, are active participants, and are exposed to significant risks and rewards dependent on the commercial success of the activities. Therefore, the Kyowa License Agreement is within the scope of Topic 808. 11 We evaluated each of the promised goods and services and determined the Kyowa License Agreement contains multiple units of account, comprised of the ROW License, development services related to monotherapy, development services related to combination therapies and commercialization services. The ROW License is a unit of account under the scope of Topic 606, while the development services and commercialization services are under the scope of Topic 808. We determined that Topic 606 is the most appropriate accounting model to apply by analogy to the recognition and measurement of these units of account. As of June 30, 2026, the transaction price of $597.1 million includes fixed consideration and variable consideration to the extent that it is probable that a significant reversal of revenue recognized will not occur. The transaction price excludes variable consideration when uncertainties related to development, regulatory and commercial outcomes exist. We allocated the transaction price to each performance obligation based on their relative stand-alone selling price. Transaction price allocated to the ROW License is recognized in collaboration revenue at a point in time as the performance obligation was completed upon transfer of the license. Transaction price allocated to development services for monotherapy and combination therapies is recognized in collaboration revenue over time using a cost-to-cost measure of progress. For the three and six months ended June 30, 2026, we recognized $6.2 million and $13.4 million, respectively, of revenue from development services for monotherapy, and $5.6 million and $10.9 million, respectively, of revenue from development services in combination with other therapies. Collaboration revenue recognized for the three and six months ended June 30, 2026 was included in contract liabilities as of December 31, 2025. As of June 30, 2026, the total contract liability was $454.1 million, of which $55.5 million was classified as current, and $398.6 million was classified as long-term. As of June 30, 2026, the remaining unrecognized consideration allocated to the development services for monotherapy was $20.9 million and to the development services in combination with other therapies was $156.4 million. As of June 30, 2026, $276.8 million of consideration allocated to commercialization services and profit and loss and expense sharing received or expected to be received was constrained and included in contract liabilities, of which $8.7 million was classified as current, and $268.1 million was classified as long-term. 8. Stockholders’ Equity In November 2023, we entered into a Sales Agreement with Leerink Partners LLC and Cantor Fitzgerald & Co., or the ATM Facility, under which we may offer and sell, from time to time, at our sole discretion, shares of our common stock having an aggregate offering price of up to $150.0 million. We have not sold any shares of our common stock under the ATM Facility. In November 2022, we entered into a loan and security agreement with several banks and other financial institutions or entities party thereto, or collectively the Lenders, and Hercules Capital, Inc., in its capacity as administrative agent and collateral agent for itself and the Lenders, which was amended in October 2023 and October 2025, or the Loan Agreement. In connection with the Loan Agreement, we issued warrants to certain of the Lenders to purchase up to 26,078 shares of our common stock at an exercise price of $14.38 per share, which remained outstanding as of June 30, 2026. 9. Share-Based Compensation The following table summarizes share-based compensation expense for all share-based compensation arrangements, in thousands: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Research and development $ 3,238 $ 2,714 $ 6,453 $ 6,041 Selling, general and administrative 4,971 4,235 10,172 8,750 Total share-based compensation expense $ 8,209 $ 6,949 $ 16,625 $ 14,791 12 As of June 30, 2026, unrecognized estimated compensation expense related to stock options, RSUs and PSUs was approximately $48.7 million, $19.5 million, and $0.5 million, respectively, which is expected to be recognized over a weighted average period of approximately 2.7 years, 2.9 years, and 0.3 years, respectively. As of June 30, 2026, the vesting of PSUs covering 436,667 shares of common stock were determined to not be probable and have not been included in share-based compensation expense or unrecognized estimated compensation expense. 10. Segment Reporting We operate in a single industry segment which is the discovery, development and commercialization of precision medicines for the treatment of cancer. Troy E. Wilson, Ph.D., J.D., our president and chief executive officer, who serves as the Chief Operating Decision-Maker, or CODM, reviews the operating results on an aggregate basis and manages the operations as a single operating segment in the United States. When evaluating our financial performance, the CODM regularly reviews total revenues, total expenses, and research and development expenses by program and the CODM makes decisions using this information. The table below is a summary of the segment profit or loss, including significant expenses, in thousands: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenue Product revenue, net $ 9,122 $ — $ 14,888 $ — Collaboration revenue 11,752 15,288 24,251 29,396 Total revenue 20,874 15,288 39,139 29,396 Less: Cost of product sales 243 — 505 — Ziftomenib-related costs 34,938 37,584 71,818 67,531 Darlifarnib-related costs 5,985 6,141 12,553 11,376 Discovery stage program-related costs 1,901 1,490 3,301 3,579 Research and development personnel costs and other expenses 15,829 14,856 33,029 30,231 Share-based compensation expense 8,209 6,949 16,625 14,791 Other segment expenses(1) 26,779 20,934 53,133 39,254 Total operating expenses 93,884 87,954 190,964 166,762 Other income (expenses) Interest and other income, net 5,033 6,935 10,859 14,814 Interest expense (345 ) (391 ) (681 ) (773 ) Income tax expense (5 ) — (13 ) (226 ) Segment and net loss $ (68,327 ) $ (66,122 ) $ (141,660 ) $ (123,551 ) (1)Other segment expenses are comprised of selling, general and administrative expenses, excluding share-based compensation expense, which is shown separately. 13