The following discussion and analysis of financial condition and results of operations should be read together with the unaudited condensed financial statements and the related notes included elsewhere in this Quarterly Report, and with our audited financial statements and the related notes included in our Annual Report on Form 10-K for the year ended December 31, 2025. This discussion and analysis contains certain forward-looking statements that involve risks and uncertainties. Our actual results may differ materially from those discussed below. Factors that could cause or contribute to such differences include, but are not limited to, those identified below and those set forth herein under the heading "Special Note Regarding Forward-Looking Statements" and in the section titled "Risk Factors" in Part II, Item 1A of this Quarterly Report, and in the other documents we file with the Securities and Exchange Commission, or the SEC. Historical results are not necessarily indicative of future results. Overview We are a late-stage clinical biopharmaceutical company dedicated to building a global, fully-integrated organization developing innovative medicines to address serious unmet medical needs. We are led by world-renowned drug developers Dr. Roger M. Perlmutter, M.D., Ph.D., and Dr. Roy Baynes, M.D., Ph.D. Our vision is to become a generational leader, by purposefully integrating traditional biology research with advanced engineering to develop better medicines faster. Our initial focus is oncology, where we are advancing a pipeline of drug candidates targeting areas of high unmet need in large indications. We believe our product candidates reflect strong scientific and clinical potential and could eventually become critical medicines in the treatment paradigm of various cancers. Our strategy centers around deploying our technology platform, including our proprietary single molecule tracking, or SMT, system, to develop internally-derived novel therapies, while also leveraging the deep expertise of our management team to opportunistically in-license promising assets. Since our inception in 2019, we have devoted substantially all of our resources to research and clinical development activities, the development of our technology platform, recruiting management and technical staff, business planning, producing materials for preclinical studies and clinical trials, establishing our intellectual property portfolio, entering into collaboration and license agreements, and building our infrastructure to support such activities, and raising capital. We do not have any products approved for sale and have not generated any revenue from product sales. We have incurred significant operating losses and negative cash flows since our inception, consistent with our operating plan. Our net losses were $171.4 million and $173.5 million for the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026, we had an accumulated deficit of $1.1 billion and cash, cash equivalents, and marketable securities of $531.2 million. Since our inception, we have financed our operations primarily through the sale of shares of our redeemable convertible preferred stock and more recently, through our initial public offering. Based on our current operating plan, we estimate that our existing cash, cash equivalents, and marketable securities as of the date of this Quarterly Report will be sufficient to fund our operating expenses and capital expenditures into the second half of 2027. We have based this estimate and our forecast of cash resources and planned operations on our current assumptions, which may prove to be wrong, and we may exhaust our available capital resources sooner than we expect. Additional funds will be necessary after that date to maintain current operations and to continue our research and development activities. We plan to monitor expenses and raise additional capital opportunistically through any combination of public and private equity and debt financings, strategic alliances, and licensing or collaboration arrangements. Our ability to access capital when needed is not assured, and if capital is not available to us when, and in the amounts, needed, and on acceptable terms, we may need to delay, scale back, or abandon some or all of our development programs and other operations, which could materially affect our business, financial condition, and results of operations. We expect to continue to incur substantial losses for the foreseeable future, and our transition to profitability, if ever, will depend upon the successful development, approval, and commercialization of our product candidates and upon the receipt of sufficient revenues to support our cost structure. We do not expect to generate any revenue from commercial product sales unless and until we successfully complete development and obtain regulatory approval for one or more of our product candidates and commercialize any such products or enter into license or collaboration agreements with third parties that generate substantial revenue for us. Because of the numerous risks and uncertainties associated with product development, we may never achieve or sustain profitability, and unless we are able to do so, we will need to continue to raise additional capital. We expect our expenses will increase substantially in connection with our ongoing and planned activities, as we: •continue to progress the development of our clinical-stage product candidates, including EIK1001, EIK1003, EIK1004, and EIK1005; •continue to progress the internal development of our preclinical assets, including EIK1006; 23 •invest in our target selection programs and develop any additional product candidates, including the cost of acquiring any necessary rights from third parties to develop those product candidates or entering into partnering relationships to further the development of any such product candidates; •establish and expand the manufacturing of preclinical and clinical supply of our current and future product candidates; •conduct clinical development, and if that development is successful in producing sufficient evidence of safety and efficacy, then seek regulatory approvals for any of our current product candidates or any future product candidates; •establish a sales, marketing, manufacturing, and distribution infrastructure to commercialize any product candidates for which we may obtain marketing approval, if any; •attract, hire, and retain qualified clinical, scientific, operations, commercial, and management personnel; •add and maintain operational, financial, and information management systems; •create, prosecute, protect, maintain, enforce, and expand our rights in our intellectual property portfolio or acquire or in-license intellectual property and technologies from third parties; •navigate any delays in our preclinical studies or clinical trials and regulatory approval negotiations for our product candidates, including as a result of macroeconomic conditions, geopolitical conflicts, or other factors; and •incur additional legal, accounting, or other expenses in operating our business, including the costs associated with operating as a public company. We do not currently own or operate any manufacturing facilities. We rely on contract manufacturing organizations, or CMOs, to produce our product candidates in accordance with the United States Food and Drug Administration's, or FDA's, current good manufacturing practices, or cGMPs, as well as such cGMPs as may be required in other jurisdictions in which we conduct our clinical trials, for use in our clinical trials. Given our stage of development, we do not yet have a marketing or sales organization or commercial infrastructure. Accordingly, if we obtain regulatory approval for any of our product candidates, we also expect to incur significant commercialization expenses related to product sales, marketing, manufacturing, and distribution. Clinical Updates EIK1001 EIK1001 is a systemically administered TLR7/8 dual-agonist designed to activate innate and adaptive immune anti-tumor responses. It achieves this by enhancing antigen presentation by both myeloid and plasmacytic dendritic cells, thereby stimulating the release of cytokines and amplifying the immune response. Historically, TLR product candidates used to stimulate cancer-specific immunity were administered intra-tumorally, primarily to avoid stimulating adverse cytokine release syndrome events believed to be associated with their systemic administration. We have identified a dose and schedule designed to allow for systemic administration of EIK1001 to enable the agent to access the lymph nodes and spleen, thereby activating the innate immune system more broadly, and that we believe will not undermine the overall tolerability of this immune agonist. We are currently conducting an ongoing open-label Phase 2 trial evaluating the safety and tolerability of EIK1001 in combination with both pembrolizumab and histology appropriate chemotherapy for the treatment of patients with non-small cell lung cancer, or NSCLC, which we refer to as TeLuRide-005. We completed enrollment in TeLuRide-005 in the first quarter of 2026. On May 30, 2026, we presented updated clinical safety, tolerability and preliminary efficacy data from TeLuRide-005 at the 2026 American Society of Clinical Oncology, or ASCO, Annual Meeting. The safety data cutoff was March 17, 2026 and the efficacy data cutoff was May 4, 2026. We believe these data provide preliminary evidence of a potentially durable effect of EIK1001 in combination with standard of care across PD-(L)1 tumor proportion score subgroups, and a preliminary tolerability profile supportive of systemic administration in an out-patient setting, a potential key differentiator of EIK1001 from previous TLR7/8 targeted therapies. We expect to present updated data from TeLuRide-005 at the 2026 European Society of Medical Oncology, or ESMO, Congress in October 2026. While Teluride-005 has completed accrual, we expect long term follow up to continue with periodic data updates. We are also conducting an ongoing global Phase 2/3 registrational trial of approximately 740 patients evaluating EIK1001 in combination with pembrolizumab in first-line advanced melanoma, which we refer to as TeLuRide-006. On August 11, 2026, we announced the dose selection of 0.60 mg/m2 of EIK1001 in combination with pembrolizumab 200 mg for Part 2 of the trial, following a prespecified interim data analysis conducted by an independent Data Monitoring Committee. 24 We also recently initiated a Phase 2/3 registrational trial of approximately 750 patients evaluating EIK1001 in combination with both pembrolizumab and histology appropriate chemotherapy as first-line therapy for treatment naive patients with stage 4 NSCLC, which we refer to as TeLuRide-008. On July 27, 2026, we announced the first patient had been dosed in TeLuRide-008. EIK1003 & EIK1004 EIK1003 and EIK1004 are our highly selective PARP1 inhibitors designed to inhibit PARP1 while sparing PARP2, thereby promoting tumor regression by targeting the DNA damage response of cancer cells. PARP1/2 inhibitors such as olaparib are associated with hematologic toxicity, particularly anemia, leading to dose modifications and treatment discontinuations. These tolerability limitations have restricted use of non-selective PARP inhibitors primarily to the maintenance setting following response to chemotherapy. PARP2 plays an important role in red blood cell production, and preclinical evidence suggests PARP2 inhibition contributes to hematologic toxicities. Consequently, PARP inhibitors have not been successfully combined with chemotherapy, antibody drug conjugates or radionuclides in full dose and schedule in clinical practice to date. We believe the selectivity of EIK1003 and EIK1004 may enable the development of combination regimens with chemotherapy, antibody drug conjugates, or radionuclides in earlier lines of therapy and allow for sustained therapeutic dosing during maintenance treatment. We are currently conducting a Phase 1/2 trial evaluating the safety and efficacy of EIK1003 as monotherapy or in combination with anti-cancer agents in participants with advanced solid tumors. To date, we have initiated four separate cohorts to evaluate EIK1003 both as a monotherapy and in combination with anti-cancer agents across different tumor types. We are evaluating EIK1003 in Cohort 1A as a monotherapy for the treatment of patients with ovarian, breast, prostate, and pancreatic cancers. On May 30, 2026, we presented updated clinical safety, tolerability and preliminary efficacy data from Cohort 1A at the 2026 ASCO Annual Meeting. The safety data cutoff date was February 27, 2026 and the efficacy data cutoff was May 4, 2026. We believe the data presented show that EIK1003 monotherapy was generally well-tolerated across multiple dose levels and demonstrated encouraging preliminary antitumor activity. We plan to present updated data from Cohort 1A at the ESMO Congress 2026 in October 2026. Cohort 1B is evaluating EIK1003 in combination with abiraterone and prednisone for the treatment of patients with advanced prostate cancer. While encouraging efficacy has been observed in studies of approved earlier generation, non-selective PARP inhibitors using this approach, high rates of hematologic suppression were also observed. We plan to present initial clinical data from Cohort 1B at the ESMO Congress 2026 in October. Cohort 1C is evaluating EIK1003 in combination with paclitaxel for the treatment of patients with platinum-resistant ovarian cancer or patients with HER2-negative breast cancer that have failed hormonal therapy if ER+ or chemotherapy if ER negative. On May 30, 2026, we presented initial clinical safety, tolerability and preliminary efficacy data from Cohort 1C at the 2026 ASCO Annual Meeting. The safety data cutoff date was February 27, 2026 and the efficacy data cutoff was May 4, 2026. We believe these data demonstrated a combination safety profile generally consistent with paclitaxel’s known toxicities, as well as encouraging preliminary antitumor activity. We plan to present the updated clinical data from Cohort 1C at the ESMO Congress 2026 in October 2026. Cohort 1D is evaluating EIK1003 in combination with paclitaxel and platinum-based chemotherapeutic agents in patients with ovarian cancer. We have completed site selection for Cohort 1D and enrollment is ongoing. The dose escalation portion of the Phase 1/2 trial has completed for Cohorts 1A, 1B and 1C. As part of the dose optimization strategy for Part 2 of the Phase 1/2 trial, we are currently evaluating two dose levels of EIK1003 monotherapy, 20mg and 60mg, to determine the appropriate recommended Phase 2 dose for EIK1003. Enrollment for this Part 2 dose optimization portion of the trial is ongoing, with plans to enroll approximately 30 PARPi-naïve, HER2-negative breast cancer patients at each dose level. We are also conducting a Phase 1/2 trial evaluating the safety and efficacy of EIK1004, our selective PARP1 inhibitor designed to penetrate the central nervous system, for the treatment of patients with ovarian, breast, prostate, and pancreatic cancers. Dose escalation in Part 1 is ongoing. We plan to present the first clinical data from this trial at the ESMO Congress 2026 in October. EIK1005 EIK1005 is our product candidate designed to inhibit the Werner, or WRN, helicase and is our first internally developed program to advance into clinical studies. EIK1005 was optimized in our laboratories using our technology platform along with our broad research capabilities and was brought from discovery research to candidate declaration in less than 18 months. We believe EIK1005 has the potential to be an effective anti-tumor agent for microsatellite instability-high, or MSI-high, tumors, by producing synthetic lethality in MSI-high cells dependent upon the WRN helicase salvage pathway. Our EIK1005 development program is evaluating the potential of our WRN inhibitors to be used as a monotherapy, or in combination with immunotherapy, to improve treatment outcomes for patients with MSI-high tumors. We have completed a Phase 1 single-ascending dose-escalation trial in healthy volunteers, which evaluated the safety, tolerability, and pharmacokinetics of EIK1005. We are currently evaluating EIK1005 in a Phase 1/2 trial as monotherapy and in 25 combination with pembrolizumab in participants with advanced solid tumors. The first patient in this Phase 1/2 trial was dosed in January 2026, and enrollment in the dose escalation portion of the trial is ongoing. We plan to present initial clinical data from this trial at the ESMO Congress 2026 in October 2026. EIK1006 EIK1006 is our second internally derived clinical candidate and is being investigated as a potential next-generation androgen receptor, or AR, antagonist with activity against multiple clinically emergent mutation variants of AR. Our technology platform has enabled us to identify novel AR antagonists that demonstrate activity against mutant versions of AR that are not easily antagonized by existing AR-directed therapeutics. Our AR program has been focused on optimizing molecules that can bind to the AR and inhibit signaling that is otherwise stimulated by androgens. These compounds block both the wild-type, referred to as the normal form, of AR, as well as the predominant, clinically observed, AR mutations that emerge in patients whose tumors have become resistant to currently available AR inhibitors. We believe EIK1006 has the potential to bind to the ligand binding domain of AR and block its nuclear translocation, thereby inhibiting AR transcriptional activity and downstream signaling. EIK1006 is structurally differentiated from currently available AR antagonists and has been optimized for pure AR antagonism. We expect to submit an investigational new drug application, or IND, for EIK1006 by the end of 2026. Other Preclinical Opportunities In addition to the product candidates and programs described above, we are also actively pursuing discovery research in oncology and neurologic disease. Components of Operating Results Operating Expenses Our operating expenses consist of (i) research and development expenses and (ii) general and administrative expenses. Research and Development Expenses Research and development expenses include expenses incurred in drug discovery, development of future technology, and the conduct of clinical trials. These expenses consist of compensation expenses, including stock-based compensation expenses, direct research, and development expenses such as software development costs related to research and development activities, laboratory supplies, costs associated with conducting clinical trials at domestic and international sites, fees paid to CMOs and contract research organizations, or CROs, professional fees for consulting and related services, depreciation, facility and information technology expenses, and other miscellaneous expenses. We expense all research and development costs in the periods in which they are incurred. Where possible, we do not outsource primary responsibility for the conduct of our clinical trials to CROs. While we still rely on CROs for certain support, we believe that conducting our clinical trials ourselves offers significant advantages relating to quality, efficiency, and continuity. As of June 30, 2026, we had 155 employees primarily engaged in clinical development activities. We plan to continue to invest in our research and development programs and new and ongoing clinical trials on our product candidates. As a result, we expect that research and development expenses will increase in absolute dollars for the foreseeable future as we continue to invest to support these activities. General and Administrative Expenses General and administrative expenses include compensation expenses, including stock-based compensation expenses, for personnel in executive, finance, human resources, legal, information technology, and other corporate administrative functions, professional fees for legal and audit services, depreciation, facility and information technology expenses, and other miscellaneous expenses. We expect that our general and administrative expenses will increase in absolute dollars for the foreseeable future, primarily due to increased headcount and costs associated with operating as a public company, including expenses related to legal, accounting, and regulatory functions as well as costs associated with maintaining compliance with exchange listing and SEC requirements, director and officer insurance premiums, and investor relations. 26 Interest Income (Expense), Net Interest income (expense), net consists of interest earned on our cash, cash equivalents, and marketable securities, net of investment management fees and interest on additional tenant improvement allowances drawn on our operating leases. Other Income (Expense), Net Other income (expense), net consists of realized and unrealized gains and losses on foreign currency transactions. Results of Operations Comparison of the six months ended June 30, 2026 and 2025 The following table summarizes our results of operations for the periods presented: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 Change Change % 2026 2025 Change Change % (in thousands, except percentages) Operating expenses: Research and development $ 75,460 $ 69,189 $ 6,271 9 % $ 145,507 $ 125,776 $ 19,731 16 % General and administrative 17,934 40,454 (22,520 ) (56 %) 35,224 55,250 (20,026 ) (36 %) Total operating expenses 93,394 109,643 (16,249 ) (15 %) 180,731 181,026 (295 ) (0 %) Loss from operations (93,394 ) (109,643 ) 16,249 (15 %) (180,731 ) (181,026 ) 295 (0 %) Interest income (expense), net 5,037 4,434 603 14 % 9,417 7,594 1,823 24 % Other income (expense), net (52 ) (2 ) (50 ) 2,500 % (53 ) (22 ) (31 ) 141 % Net loss and comprehensive loss $ (88,409 ) $ (105,211 ) $ 16,802 (16 %) $ (171,367 ) $ (173,454 ) $ 2,087 (1 %) Research and Development Expenses The following table summarizes our research and development expenses for the periods presented: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 Change Change % 2026 2025 Change Change % (in thousands, except percentages) Research and engineering $ 29,730 $ 36,637 $ (6,907 ) (19 %) $ 59,213 $ 70,264 $ (11,051 ) (16 %) Clinical 45,682 30,052 15,630 52 % 81,246 53,012 28,234 53 % In-process research and development 48 2,500 (2,452 ) (98 %) 5,048 2,500 2,548 102 % Total research and development expenses $ 75,460 $ 69,189 $ 6,271 9 % $ 145,507 $ 125,776 $ 19,731 16 % Research and development expenses were $75.5 million for the three months ended June 30, 2026 compared to $69.2 million for the three months ended June 30, 2025, an increase of $6.3 million, or 9%. Direct research and development expenses increased $12.8 million as we advanced our clinical trial activity, and compensation costs increased $1.7 million. These increases were partially offset by $3.0 million of restructuring expenses and a $2.5 million milestone payment related to our collaboration agreement with Impact in the three months ended June 30, 2025, and $2.2 million lower occupancy costs following the termination of the office facilities portion of our New York City lease effective January 1, 2026, and higher costs in the prior period from moving into our new Millbrae headquarters. Research and development expenses were $145.5 million for the six months ended June 30, 2026 compared to $125.8 million for the six months ended June 30, 2025, an increase of $19.7 million, or 16%. Direct research and development expenses increased $21.5 million as we advanced our clinical trial activity, compensation costs increased $1.8 million and a $5.0 million milestone payment related to our collaboration agreement with Impact was recognized and paid during the six months ended June 30, 2026, compared to $2.5 million in the six months ended June 30, 2025. These increases were partially offset by $3.0 million of restructuring expenses in the six months ended June 30, 2025 and $2.4 million lower occupancy costs following the termination of the office facilities portion of our New York City lease effective January 1, 2026, and higher costs in the prior period from moving into our new Millbrae headquarters. We do not allocate our internal research and development expenses by individual projects. With respect to our external programs, we allocate some project-specific research and development expenses by vendor, but we do not allocate such expenses to 27 each project specifically where it relates to more than one project. As a result, we do not provide a project-by-project breakdown of research and development expenses, as the majority of such expenses have not been allocated by individual projects. General and Administrative Expenses Three Months Ended June 30, Six Months Ended June 30, 2026 2025 Change Change % 2026 2025 Change Change % (in thousands, except percentages) Total general and administrative expenses $ 17,934 $ 40,454 $ (22,520 ) (56 %) $ 35,224 $ 55,250 $ (20,026 ) (36 %) General and administrative expenses were $17.9 million for the three months ended June 30, 2026, compared to $40.5 million for the three months ended June 30, 2025, a decrease of $22.5 million, or 56%. This decrease was primarily due to the impairment in the three months ended June 30, 2025 of $10.7 million of property and equipment and $10.3 million of operating lease right-of-use assets relating to properties in Hayward, California that we vacated in April 2025 when we moved into our current corporate headquarters in Millbrae, California. General and administrative expenses were $35.2 million for the six months ended June 30, 2026, compared to $55.3 million for the six months ended June 30, 2025, a decrease of $20.0 million, or 36%. This decrease was primarily due to the impairment of the $10.7 million of property and equipment and $10.3 million of operating lease right-of-use assets as discussed above. Interest Income (Expense), Net Interest income (expense), net was $5.0 million for the three months ended June 30, 2026 compared to $4.4 million for the three months ended June 30, 2025, an increase of $0.6 million, or 14%. This increase was primarily due to higher average investment balances following our initial public offering in February 2026. Interest income (expense), net was $9.4 million for the six months ended June 30, 2026 compared to $7.6 million for the six months ended June 30, 2025, an increase of $1.8 million, or 24%. This increase was primarily due to higher average investment balances following our initial public offering in February 2026. Liquidity and Capital Resources Sources of Liquidity Since our inception, we have primarily funded our operations through the sale of shares of our redeemable convertible preferred stock and more recently, through our initial public offering. We have not generated any revenue from product sales and have incurred significant annual operating losses and negative cash flows from our operations. As of June 30, 2026, we had $531.2 million in cash, cash equivalents, and marketable securities. On February 6, 2026, we closed our initial public offering and issued 21,177,600 shares of our common stock at a price of $18.00 per share for net proceeds of approximately $348.1 million, after deducting underwriting discounts and commissions of $26.7 million and expenses of $6.4 million. Future Funding Requirements We anticipate that we will continue to incur significant and increasing expenses for the foreseeable future as we continue to advance our product candidates, expand our corporate infrastructure (including the costs associated with being a public company), further our research and development initiatives for our product candidates, incur costs associated with our efforts to discover new targets and product candidates both organically and inorganically, engage in future collaborations, and support the potential commercialization of our product candidates, if approved. We are subject to all of the risks typically related to the development of new product candidates, and we may encounter unforeseen expenses, difficulties, complications, delays, and other unknown factors that may adversely affect our business. We anticipate that we will need substantial additional financing to fund our continuing operations, which consist primarily of research, engineering, and development expenditures related to our discovery and clinical programs, and general and administrative expenditures. Cash used to fund operating expenses is affected by the time at which we recognize these expenses, as reflected in the change in our outstanding accounts payable, accrued expenses, and prepaid expenses. We have incurred significant annual operating losses and negative cash flows since our inception. As of June 30, 2026, we had an accumulated deficit of $1.1 billion. Based on our current operating plan, we estimate that our existing cash, cash equivalents, and 28 marketable securities as of the date of this Quarterly Report will be sufficient to fund our operating expenses and capital expenditures for at least the next 12 months from the issuance of the unaudited condensed financial statements included elsewhere in this Quarterly Report and into the second half of 2027. We have based this estimate on our current assumptions, which may prove to be wrong, and we may exhaust our available capital resources sooner than we expect. Our forecast of cash resources and planned operations involves risks and uncertainties, and the actual amount of expenses could vary materially as a result of a number of factors, including: •the scope, progress, results, and costs of drug discovery, engineering, preclinical development, laboratory testing, and planned clinical trials for our current or future product candidates, including additional expenses attributable to adjusting our development plans; •the scope, prioritization, and number of our research and development programs and clinical trials required for regulatory approval of our current or future product candidates; •the costs, timing, and outcome of regulatory review of our current or future product candidates; •the cost of manufacturing clinical and commercial supplies of our current or future product candidates; •our ability to establish or maintain collaboration or license agreements and the achievement of milestones or occurrence of other developments that trigger payments under any existing or additional collaboration or license agreements, and our ability to identify and enter into future license agreements and collaborations; •the costs associated with acquiring or licensing additional product candidates, technologies, or assets, including the timing and amount of any milestones, royalties or other payments due in connection with our licenses; •the costs of preparing, filing, and prosecuting patent applications, maintaining and enforcing our intellectual property rights, and defending intellectual property-related claims; •the cost of continuing to invest in our drug discovery efforts and tools designed to identify novel targets and drugs, including our technology platform; •the potential increase in the number of our employees and expansion of our physical facilities to support preclinical studies and clinical trials; •the costs associated with being a public company, including expenses related to legal, accounting, and regulatory activities, as well as costs associated with director and officer insurance premiums, investor relations support, and maintaining compliance with exchange listing and SEC requirements; •the costs of securing manufacturing arrangements for clinical and commercial production and establishing or contracting for sales and marketing capabilities, if we obtain regulatory clearances to market our current or future product candidates; •the impact of competing technological and market developments; •the costs and timing of future commercialization activities, including manufacturing, marketing, sales, and fulfillment, for any of our product candidates for which we receive marketing approvals; •the amount of revenue, if any, received from commercial sales of our product candidates, should any of our product candidates receive marketing approval; •our ability to achieve sufficient market acceptance, adequate coverage, and reimbursement from third-party payors, and sufficient market share and revenue for any approved products; •patients’ willingness to pay out-of-pocket for any approved products in the absence of coverage and/or adequate reimbursement from third-party payors; •the costs associated with potential product liability claims, including the costs associated with obtaining insurance against such claims and with defending against such claims; and •the impact of inflation and tariffs, as well as other factors, including economic uncertainty and geopolitical tensions, which may exacerbate the magnitude of the factors discussed above. Until such time as we can generate significant revenue from product sales, if ever, we expect to finance our operations through public or private equity or debt financings, collaborations, strategic alliances, and marketing, distribution, or licensing arrangements with third parties, or other strategic transactions. There are no assurances that we will be successful in obtaining an adequate level of financing to support our business plans when needed on acceptable terms, or at all. To the extent that we raise additional capital 29 through the sale of equity or convertible debt securities, the ownership interest of our stockholders will or could be diluted, and the terms of these securities may include liquidation or other preferences that adversely affect the rights of our common stockholders. Debt financing and equity financing, if available, may involve agreements that include covenants limiting or restricting our ability to take specific actions, such as incurring additional debt, making capital expenditures, or declaring dividends. If we raise additional capital through collaboration or licensing arrangements with third parties or other strategic transactions, we may have to relinquish rights to our intellectual property, discovery tools, future revenue streams, research programs, or product candidates, or we may have to grant licenses on terms that may not be favorable to us. If we are unable to raise capital as and when needed, or on attractive terms, we may have to significantly delay, reduce, or discontinue the development and commercialization of our product candidates, scale back or terminate our pursuit of new in-licenses, or a combination of the above, any of which may have a material adverse effect on our business, results of operations, financial condition, and prospects. Cash Flows Comparison of the six months ended June 30, 2026 and 2025 The following table summarizes our primary sources and uses of cash for the periods presented: Six Months Ended June 30, 2026 2025 Change Change % (in thousands except percentages) Net cash used in operating activities $ (154,759 ) $ (87,257 ) $ (67,502 ) 77 % Net cash used in investing activities (156,788 ) (249,730 ) 92,942 (37 %) Net cash provided by financing activities 349,333 350,753 (1,420 ) (0 %) Net increase in cash, cash equivalents and restricted cash $ 37,786 $ 13,766 $ 24,020 174 % Operating Activities Net cash used in operating activities for the six months ended June 30, 2026 was $154.8 million, which resulted from a net loss of $171.4 million, partially offset by non-cash charges of $16.0 million and a net decrease in our operating assets and liabilities of $0.7 million. Non-cash charges primarily consisted of $10.3 million of depreciation and $7.0 million of stock-based compensation. Net cash used in operating activities for the six months ended June 30, 2025 was $87.3 million, which resulted from a net loss of $173.5 million, partially offset by non-cash charges of $40.7 million and a net decrease in our operating assets and liabilities of $45.5 million. Non-cash charges primarily consisted of $8.0 million of depreciation and amortization, $10.2 million of stock-based compensation, and the impairment of $10.7 million and $10.3 million of property and equipment and operating lease right-of-use assets, respectively, relating to our Hayward, California properties that we vacated when we moved into our Millbrae, California corporate headquarters in April 2025. The net decrease in our operating assets and liabilities was primarily the result of a $44.5 million increase in operating lease liabilities. Investing Activities Net cash used in investing activities for the six months ended June 30, 2026 was $156.8 million, which primarily consisted of $386.8 million of purchases of marketable securities and $0.5 million of payments for property and equipment purchases, partially offset by $230.5 million of proceeds from the maturities of our marketable securities. Net cash used in investing activities for the six months ended June 30, 2025 was $249.7 million, which primarily consisted of $321.4 million of purchases of marketable securities and $44.1 million of payments for property and equipment purchases, partially offset by $115.8 million of proceeds from the maturities of our marketable securities. Financing Activities Net cash provided by financing activities for the six months ended June 30, 2026 was $349.3 million, from net proceeds of $349.0 million from our initial public offering of common stock and $0.3 million from stock option exercises. Net cash provided by financing activities for the six months ended June 30, 2025 was $350.8 million, from net proceeds of $350.2 million from the issuance of redeemable convertible preferred stock and $0.6 million from stock option exercises. 30 License and Collaboration Agreements Below is a summary of the key terms for certain of our license and collaboration agreements. For a more detailed description of these agreements, see the section of our Annual Report on Form 10-K for the year ended December 31, 2025 titled “Business—License and Collaboration Agreements.” Collaboration and License and Development Agreements with Seven and Eight and SW On March 29, 2023, we entered into an Exclusive Collaboration Agreement, or the Seven and Eight Collaboration Agreement, with Seven and Eight Biotherapeutics Corp. and related entities, collectively known as Seven and Eight, and an Exclusive License and Development Agreement, or the SW License Agreement, with Seven and Eight and Superb Wisdom Limited, or SW. Under each agreement, Seven and Eight and SW granted us a worldwide, exclusive license under certain of their patents, know-how, and other intellectual property rights to develop and commercialize certain toll-like receptor 7 and 8 agonist product candidates, including our product candidate, EIK1001. We paid Seven and Eight and SW aggregate upfront payments of $11.0 million in cash ($10.5 million to Seven and Eight and $0.5 million to SW), and issued two Simple Agreements for Future Equity, or SAFEs, equal to $35.0 million ($31.5 million to Seven and Eight and $3.5 million to SW) upon entering into the applicable agreement. The SAFEs automatically converted into Series C redeemable convertible preferred stock upon the initial closing of the Series C financing round in May 2023, which then converted into common stock upon the closing of our initial public offering. We have also agreed to pay Seven and Eight additional milestone payments in the amount of up to approximately $369.6 million, of which $219.6 million are payable for a compound that is not a conjugate and $150.0 million for a compound that is a conjugate, in each case upon the achievement of certain development and regulatory milestones. EIK1001 is a compound that is not a conjugate. We have also agreed to pay SW additional milestone payments in the amount of up to $29.4 million and up to $350.0 million upon the achievement of certain regulatory and commercial milestones, respectively. As of June 30, 2026, we have paid $46.0 million in total under both agreements. No future milestones were accrued as of June 30, 2026 as such milestones were not achieved or probable of being achieved at that date. Collaboration Agreement with Impact On May 10, 2023, we entered into a Collaboration Agreement, which was amended and restated on November 22, 2023, and further amended on December 12, 2024, or, collectively, the Impact Agreement, with Impact Therapeutics (Shanghai) Inc., or Impact. Pursuant to the Impact Agreement, we received an exclusive license under certain of Impact’s patents, know-how, and regulatory information to develop and commercialize any selective PARP1 inhibitors owned or controlled by Impact or its affiliates, including our product candidates EIK1003 and EIK1004, and any pharmaceutical products comprised of or containing such inhibitors, on a worldwide basis excluding China, Hong Kong, Taiwan, and Macau. We paid an upfront fee of $31.5 million in cash to Impact. We are also required to make payments to Impact of up to $181.0 million and up to $775.0 million upon the achievement of certain development and regulatory milestones and commercial milestones, respectively. In addition, tiered royalties of high single-digit to low-teen percentages of net sales per calendar year, subject to certain reductions, are also payable by us to Impact post-commercialization. We have paid Impact $13.5 million in development and regulatory milestones as of June 30, 2026, including $5.0 million in the six months then ended. Clinical Trial Collaboration and Supply Agreement with MSD We have entered into Clinical Trial Collaboration and Supply Agreements, or the MSD Agreements, with MSD International Business GmbH, or MSD, for three separate studies: (i) the Phase 2/3 registrational study of EIK1001 in patients with advanced melanoma (dated August 1, 2024); (ii) the Phase 1/2 clinical trial of EIK1005 in patients with advanced solid tumors (dated December 3, 2025); and (iii) the Phase 2/3 registrational study of EIK1001 in patients with NSCLC (dated December 5, 2025). Pursuant to the MSD Agreements, we and MSD agreed to collaborate on these clinical trials evaluating the safety and efficacy of our compounds in combination with MSD’s compound, pembrolizumab. Under the MSD Agreements, we act as the sponsor of the clinical trials at our own costs and MSD has agreed to supply to us, at its own cost, pembrolizumab for use in such trials. Pursuant to the MSD Agreements, we and MSD must each use commercially reasonable efforts to supply our applicable compounds for use in the portions of the clinical trials in which patients are intended to receive pembrolizumab either alone or in combination with one or more treatments, in accordance with the applicable study protocol. 31 Contractual Obligations and Commitments Leases In June 2022, we entered into an operating lease agreement for our corporate headquarters located in Millbrae, California, expiring in 2040. We are also party to several operating leases for office and lab space in Hayward, California, New York, New York, and Jersey City, New Jersey. As of June 30, 2026, our non-cancellable lease obligations were $541.1 million under our operating leases, of which $20.5 million are due in the remainder of 2026. Refer to Note 6 to our unaudited condensed financial statements included elsewhere in this Quarterly Report for more information on our lease obligations. License and Collaboration Agreements We enter into license and collaboration agreements in the normal course of business in order to obtain rights to promising product candidates, advance product development, and obtain technologies and services related to our business. For example, our product candidates, EIK1001, EIK1003, and EIK1004, were in-licensed pursuant to license and collaboration agreements with third parties. We could be required to make payments related to development and regulatory milestones of up to $630.0 million, and sales milestones of at most $1.1 billion, alongside tiered royalty payments to licensors based on the net sales of the licensed products of high single-digit to low-teen percentages. We cannot estimate when such payments will be due. To date, we have incurred $93.0 million in upfront and milestone payments under these agreements. See Notes 10 and 11 to our unaudited condensed financial statements included elsewhere in this Quarterly Report for additional details on our material agreements. Critical Accounting Estimates and Policies Our management’s discussion and analysis of our 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 these financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities, at the date of the financial statements, as well as the reported expenses incurred during the reporting periods. These estimates and assumptions are monitored and analyzed by us for changes in facts and circumstances, and material changes in these estimates and assumptions could occur in the future. During the three and six months ended June 30, 2026, there were no material changes to our critical accounting policies from those described in our Annual Report on Form 10-K for the year ended December 31, 2025. Emerging Growth Company and Smaller Reporting Company Status We qualify as an “emerging growth company,” as defined in the Jumpstart Our Business Startups Act of 2012, or the JOBS Act. As an emerging growth company, we may take advantage of specified reduced disclosure and other requirements that are otherwise applicable generally to public companies. These provisions include: (i) being permitted to present only two years of audited financial statements in our periodic reports and proxy statements, in addition to any required unaudited condensed financial statements, with correspondingly reduced “Management’s Discussion and Analysis of Financial Condition and Results of Operations” disclosure in this Quarterly Report, (ii) reduced disclosure about our executive compensation arrangements, (iii) not being required to hold advisory votes on executive compensation or to obtain stockholder approval of any golden parachute arrangements not previously approved, (iv) an exemption from the auditor attestation requirement in the assessment of our internal control over financial reporting pursuant to the Sarbanes-Oxley Act of 2002, and (v) being permitted to take advantage of an extended transition period for complying with new or revised accounting standards, which allows us to delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We may take advantage of these exemptions until we are no longer an emerging growth company. We would cease to be an emerging growth company on the date that is the earliest of (i) the last day of the fiscal year in which we have total annual gross revenues of $1.235 billion or more, (ii) the last day of our fiscal year following the fifth anniversary of the date of the completion of our initial public offering, (iii) the date on which we have issued more than $1.0 billion in nonconvertible debt during the previous three years, or (iv) the date on which we are deemed to be a large accelerated filer under the rules of the SEC. We may choose to take advantage of some but not all of these exemptions. We have elected not to “opt out” of the extended transition period for new or revised accounting standards described above and have elected to avail ourselves of the exemption from the requirement to communicate critical audit matters, or CAMs. As a result of these decisions, our financial statements may not be comparable to those of other public companies that comply with new or revised accounting pronouncements as of public company effective dates, and include a discussion of their CAMs. We may choose to adopt any new or revised accounting standards whenever early adoption is permitted for private companies. 32 We are also a “smaller reporting company,” as defined in the Securities Exchange Act of 1934, as amended, or the Exchange Act. We may continue to be a smaller reporting company if either (i) the market value of our common stock held by non-affiliates is less than $250.0 million, or (ii) our annual revenue is less than $100.0 million during the most recently completed fiscal year and the market value of our common stock held by non-affiliates is less than $700.0 million. If we are a smaller reporting company at the time we cease to be an emerging growth company, we may continue to rely on exemptions from certain disclosure requirements that are available to smaller reporting companies. Specifically, as a smaller reporting company, we may choose to present only the two most recent fiscal years of audited financial statements in our Annual Reports on Form 10-K, and we have reduced disclosure obligations regarding executive compensation. Recently Issued Accounting Pronouncements A description of recently issued accounting pronouncements that may potentially impact our financial position and results of operations is provided in Note 2 to our unaudited condensed financial statements included elsewhere in this Quarterly Report. Off-Balance Sheet Arrangements During the periods presented we did not have, nor do we currently have, any off-balance sheet arrangements as defined in the rules and regulations of the SEC.