MPLT 10-K & 10-Q changes, risk factors and insider trading

For the threesix months ended MarchJune 31,30, 2026 and 2025, our net losses were $60.7$120.9 million and $22.3$52.2 million, respectively. As of MarchJune 31,30, 2026, we had an accumulated deficit of $421.2$481.4 million. Substantially all of our losses have resulted from expenses incurred in connection with the development of our platform, research and development, clinical trials and from general and administrative costs associated with our operations. We expect to incur substantial losses for the foreseeable future, and we expect these losses to increase as we continue the development of our product candidates. We anticipate that our expenses will increase substantially if, and as, we:

conduct additional clinical trials for ML-007C-MA and ML-004 and advance our preclinical programs;

Our operations have consumed substantial amounts of cash since our inception. We expect to continue to spend substantial amounts of cash to conduct further research and development, preclinical studies and clinical trials of our current and future product candidates, to seek regulatory approvals for our product candidates and to launch and commercialize any products if we receive regulatory approval. As of MarchJune 31,30, 2026, we had $395.2 million of cash, cash equivalents and investments.investments of $351.3 million. Based on our current operational plans and assumptions, we believeexpect that our existing cash, cash equivalents and investmentsinvestments, together with the expected proceeds from our 2026 Private Placement, will be sufficient to fund our operations through 2027.2028. This estimate is based on assumptions that may prove to be wrong, and our future capital requirements and the period through which our existing resources will support our operations may vary significantly from what we expect. We will require additional capital in order to complete clinical development of any of our current programs, and our spending levels will vary based on new and ongoing development and corporate activities. Because the length of time and activities associated with development of our programs and product candidates is highly uncertain, we are unable to estimate the actual funds we will require for development and any approved marketing and future commercialization activities, if any. Our future capital requirements will depend on many factors, including:

We will require substantial additional capital to achieve our business objectives. Additional funds may not be available on a timely basis, on favorable terms or at all. Our ability to raise additional capital may be adversely impacted by potential worsening global economic conditions, including fluctuations in interest rates, inflation and concerns of a recession in the United States or other major markets, potential tariffs and disruptions to and volatility in the credit and financial markets in the United States and worldwide. Weakness and volatility in the capital markets and the economy in general could also increase our costs of borrowing. Such funds, if raised, may not be sufficient to enable us to continue to implement our long-term business strategy. Until such time, if ever, as we can generate substantial product revenue, we expect to finance our cash needs through equity offerings, debt financings or other capital sources, including potential collaborations, licenses and other similar arrangements. Furthermore, to the extent that we raise additional capital through the sale of equity or convertible debt securities, your ownership interest will be diluted, and the terms of these securities may include liquidation or other preferences that may adversely affect your rights as a holder of our common stock. See "—Raising additional capital may cause dilution to our stockholders, restrict our operations or require us to relinquish rights to our technologies or product candidates," below. Any future debt financing and preferred equity financing, if available, may involve agreements that include covenants limiting or restricting our ability to take specific actions, such as incurring additional debt, selling or licensing our assets, making capital expenditures, declaring dividends or encumbering our assets to secure future indebtedness. Such restrictions could materially and adversely impact our business, financial condition, results of operations and prospects.

Until such time, if ever, as we can generate significant revenue fromsubstantial product sales, if ever,revenue, we expect to finance our operationscapital needs through a combination of public or private equity offerings andofferings, debt financings or other capital sources, such asincluding potential collaborationcollaborations, agreements, strategic allianceslicenses and licensingother similar arrangements. To the extent that we raise additional capital through the sale of equity or convertible debt securities, your ownership interest will be diluted and the terms of such securities may include liquidation or other preferences that adversely affect your rights as a common stockholder.

initiation of and successful patient enrollment in, and completion of, clinical trials on a timely basis;

We are not permitted to commercialize, market, promote or sell any product candidate in the United States without obtaining regulatory approval from the FDA. Foreign regulatory authorities, such as the European Medicines Agency, impose similar requirements. The time required to obtain approval by the FDA and comparable foreign authorities is unpredictable, but typically takes many years following the commencement of clinical trials and depends upon numerous factors, including substantial discretion of the regulatory authorities. In addition, approval policies, regulations or the type and amount of clinical data necessary to gain approval may change during the course of a product candidate's clinical development and may vary among jurisdictions. To date, we have not submitted aan New Drug Application, or NDA,NDA to the FDA or similar drug approval submissions to comparable foreign regulatory authorities for any of our product candidates. We must complete additional preclinical or nonclinical studies and clinical trials to demonstrate the safety and efficacy of our product candidates in humans before we will be able to obtain these approvals.

Clinical testing is expensive, difficult to design and implement, can take many years to complete and is inherently uncertain as to outcome. We cannot guarantee that any clinical trials will be conducted as planned or completed on schedule, if at all. Clinical development is susceptible to the risk of failure inherent at any stage of development, including failure to demonstrate efficacy in a clinical trial or across a broad population of patients, the occurrence of AEs that are severe or medically or commercially unacceptable, failure to comply with protocols or applicable regulatory requirements and determination by the FDA or any comparable foreign regulatory authority that a product candidate may not continue development or is not approvable. Additionally,For givenexample, thatin ML-007C-MAJune is a fixed-combination drug product,2026, we willannounced needtopline results from IRIS, an exploratory signal-finding Phase 2 study designed to demonstratetest thatmultiple eachclinical componentendpoints ofbased theon productpreclinical candidatefindings, makeswhich a contribution to the claimed effects (safety and tolerability) and the dosage of each component (amount, frequency, duration) in combination is safe and effective for a significant patient population requiring such concurrent therapy as defined in the labeling for the drug. In addition, if the PAC we have selected has regulatory challenges, it may adversely impact the development of our fixed-combination drug product. It is possible that even if one of our product candidates has a beneficial effect, that effect willdid not bemeet detectedits duringprimary clinical evaluation as a result of one or more of a variety of factors, including the size, duration, design, measurements, conduct or analysis of our clinical trials. Conversely, as a result of the same factors, our clinical trials may indicate an apparent positive effect of one of our product candidates that is greater than the actual positive effect, if any. Similarly, in our clinical trials we may fail to detect toxicity of or intolerability caused by one of our product candidates, or mistakenly believe that our product candidates are toxic or not well tolerated when that is not, in fact, the case. In addition, varying interpretations of the data obtained from preclinical and clinical testing could delay, limit or prevent marketing approval of a product candidate.endpoint.

From time to time, we may publicly disclose preliminary or topline data from our preclinical studies and clinical trials, whichsuch isas the topline results from our Phase 2 trial evaluating ML-007C-MA for the treatment of schizophrenia and the topline results from our Phase 2 trial evaluating ML-004 in adults and adolescents with ASD. These topline results are based on a preliminary analysis of then-available data, and the results and related findings and conclusions are subject to change following a more comprehensive review of the data related to the particular study or trial. We also make assumptions, estimations, calculations and conclusions as part of our analyses of data, and we may not have received or had the opportunity to fully and carefully evaluate all data. As a result, the topline or preliminary results that we report may differ from future results of the same studies, or different conclusions or considerations may qualify such results, once additional data have been received and fully evaluated. Topline and preliminary data also remain subject to audit and verification procedures that may result in the final data being materially different from the topline preliminary data we previously published. As a result, topline data should be viewed with caution until the final data are available.

During the conduct of clinical trials, patients report changes in their health, including illnesses, injuries and discomforts, to their study doctor. Often, it is not possible to determine whether or not the product candidate being studied caused these conditions. It is possible that as we test our product candidates in larger, longer and more extensive clinical trials, or as use of these product candidates becomes more widespread if they receive regulatory approval, illnesses, injuries, discomforts and other adverse events that were observed in previous trials, as well as conditions that did not occur or went undetected in previous trials, will be reported by patients. Many times, side effects are only detectable after investigational products are tested in large-scale clinical trials or, in some cases, after they are made available to patients on a commercial scale following approval. If any serious adverse events occur during clinical development, clinical trials could be suspended or terminated, and our business could be seriously harmed. Treatment-related side effects could also affect patient recruitment and the ability of enrolled patients to complete the trial or result in potential liability claims. Regulatory authorities could order us to cease further development of, or deny approval of, our product candidates. If we are required to delay, suspend or terminate any clinical trial or our development efforts, the commercial prospects of our product candidates may be harmed, and our potential to generate product revenues from them may be delayed or eliminated. Additionally, if one or more of our product candidates receives marketing approval and we or others later identify undesirable side effects or adverse events caused by such products, a number of potentially significant negative consequences could result, including:

Following any such strategic transaction, we may not achieve any expected synergies to justify the transaction. For example, such transactions may require us to incur non-recurring or other charges, increase our near-term and long-term expenditures, experience significant integration or implementation challenges or disrupt our management or business. These transactions would entail numerous operational and financial risks, including exposure to unknown liabilities; disruption of our business and diversion of our management's time and attention in order to manage a collaboration or develop acquired products, product candidates or technologies; incurrence of substantial debt or dilutive issuances of equity securities to pay transaction consideration or costs; higher-than-expected acquisition or integration costs, write-downs of assets or goodwill or impairment charges; increased amortization expenses; difficulty and cost in facilitating the transaction or combining the operations and personnel of any acquired business; impairment of relationships with key suppliers, manufacturers or customers of any acquired business due to changes in management and ownership; and the inability to retain key employees of any acquired business.

Furthermore, as we continue to grow and advance our product candidates through preclinical and clinical trials, we will need to scale our operations accordingly. For example, as we conduct clinical trials of our product candidates, we need to manufacture them in large quantities. We, or any manufacturing partners, may be unable to successfully increase the manufacturing capacity for any of our product candidates in a timely or cost-effective manner, or at all. In addition, quality issues may arise during scale-up activities. If we, or any manufacturing partners, are unable to successfully scale up the manufacture of our product candidates in sufficient quality and quantity, the development, testing, and clinical trials of that product candidate may be delayed or infeasible, and regulatory approval or commercial launch of any resulting product may be delayed or not obtained, which could materially and adversely affect our business, financial condition, results of operations and prospects.

We cannot predict if investors will find our common stock less attractive because we will rely on these exemptions. If some investors find our common stock less attractive as a result, there may be a less active trading market for our common stock and our stock price may be more volatile. We plan to take advantage of these reporting exemptions until we are no longer an emerging growth company. We will remain an emerging growth company until the last day of our fiscal year following the fifth anniversary of the completion of our initial public offering or, if earlier, (i) the last day of the fiscal year in which we have total annual gross revenue of at least $1.235 billion, (ii) the date on which we are deemed to be a large accelerated filer, which means the market value of our common stock held by non-affiliates exceeds $700 million as of the prior June 30th (and we have been a public company for at least 12 months andmonths, have filed one annual report on Form 10-K and are not to eligible to use the requirements for smaller reporting companies under the revenue test under Rule 12b-2 under the Exchange Act) or (iii) the date on which we have issued more than $1.0 billion in non-convertible debt during the prior three-year period.

In addition, we have elected to take advantage of the extended transition period to comply with new or revised accounting standards and to adopt certain of the reduced disclosure requirements available to emerging growth companies. As a result of the accounting standards election, we will not be subject to the same implementation timing for new or revised accounting standards as other public companies that are not emerging growth companies, which may make comparison of our financials to those of other public companies more difficult. As a result of these elections, the information that we provide in thisour Annualperiodic Reportreports may be different than the information investors may receive from other public companies in which they hold equity interests. In addition, it is possible that some investors will find our common stock less attractive as a result of these elections, which may result in a less active trading market for our common stock and higher volatility in our share price.

We also are a "smaller reporting company," which allows us to take advantage of many of the same exemptions from disclosure requirements, including reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements. We will continue to be a smaller reporting company if either (i) the market value of our stock held by non-affiliates is less than $250 million or (ii) our annual revenue is less than $100 million during the most recently completed fiscal year and the market value of our stock held by non-affiliates is less than $700 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 report on Form 10-K and, similar to emerging growth companies, smaller reporting companies have reduced disclosure obligations regarding executive compensation.

Our management has broad discretion over the use of our cash, cash equivalents and investments, and you will not have the opportunity to assess whether such proceeds are being used appropriately. Because of the number and variability of factors that determine our use of our existing cash, cash equivalents and investments, our ultimate use of proceeds may vary substantially from their currently intended use. Our management might not apply our existing cash, cash equivalents and investments in ways that ultimately increase the value of your investment. The failure by our management to apply these funds effectively could harm our business. We expect to use our existing cash, cash equivalents and investments to advance the clinical development of our current programs, to fund research and development activities for additional programs,programs and for working capital and other general corporate purposes. In addition, we may use a portion of our existing cash, cash equivalents and investments to pursue our strategy to in-license or develop additional product candidates. We may also invest in short- and long-term, investment-grade, interest-bearing securities. These investments may not yield a favorable return to our stockholders. If we do not invest our existing cash, cash equivalents and investments in ways that enhance stockholder value, we may fail to achieve expected financial results, which could cause our stock price to decline.

Implementing any appropriate changes to our internal control over financial reporting may distract our officers and employees, entail substantial costs to modify our existing processes and take significant time to complete. These changes may not, however, be effective in establishing and maintaining the adequacy of our internal controls, and any failure to maintain that adequacy or consequent inability to produce accurate financial statements on a timely basis,basis could increase our operating costs and materially and adversely affect our business, financial condition, results of operations and prospects.

Under Sections 382 and 383 of the Internal Revenue Code of 1986, as amended, or the Code, and corresponding provisions of state law, if a corporation undergoes an "ownership change," which is generally defined as a greater than 50% change, by value, in its equity ownership over a three-year period, the corporation's ability to use its pre-change NOL carryforwards, R&D credits and other tax attributes to offset its post-change income or taxes may be limited. We may have experienced ownership changes in the past, including as a result of our initial public offering and the concurrent private placement, and we may experience ownership changes as a result of the 2026 Private Placement or subsequent shifts in our stock ownership, some of which may be outside of our control. If an ownership change has occurred or occurs and our ability to use our NOL carryforwards or R&D credits is materially limited, it would harm our future results of operations by effectively increasing our future tax obligations.

You should read the following discussion and analysis of our financial condition and results of operations together with our auditedunaudited condensed consolidated financial statements and related notes and other financial information included elsewhere in this Quarterly Report and with the audited consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2025. Some of the information contained in this discussion and analysis or set forth elsewhere in this Quarterly Report, including information with respect to our plans and strategy for our business, future results of operations and financial position, and our objectives for future operations, includes forward-looking statements that involve risks and uncertainties. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expect," "plan," "anticipate," "could," "might," "intend," "target," "ongoing," "project," "estimate," "believe," "estimate," "predict," "potentialpotential," or "continuecontinue," or the negative of these terms or other similar expressions intended to identify statements about the future. As a result of many factors, including those factors set forth in the section entitled "Risk Factors" of this Quarterly Report, our actual results could differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis or set forth elsewhere in this Quarterly Report.

Our lead product candidate, ML-007C-MA, is a fixed-dose combination of an M1/M4 muscarinic agonist, ML-007, co-formulated with a peripherally acting anticholinergic, or PAC, which we are initially developing for the treatment of schizophrenia and Alzheimer's disease psychosis, or ADP. ML-007C-MA is designed to activate both M1 and M4 muscarinic receptors centrally to drive efficacy, while synchronizing the pharmacokinetics of the agonist and antagonist components to mitigate peripheral cholinergic side effects. ML-007 alone, co-administered or co-formulated with the PAC has been evaluated in four Phase 1 trials, with a total of 270 healthy participants enrolled and more than 1,500 doses of ML-007 administered. Based on our clinical and preclinical data, we believe that ML-007C-MA has demonstrated the potential to be a well-tolerated treatment option with convenient dosing, while achieving or exceeding cerebrospinal fluid, or CSF, exposures expected to result in improvement across key symptom domains. WeIn areJuly conducting2026, we announced positive topline results from ZEPHYR, a Phase 2 trial evaluating ML-007C-MA for the treatment of schizophrenia. WeBased haveon completedthe enrollmentresults of ZEPHYR, we intend to engage with the FDA in thean ZEPHYRend-of-Phase trial2 with 307 participants enrolled, and we expectmeeting to reportdiscuss toplinethe resultspath byforward mid-Augustfor 2026.ML-007C-MA Wein areschizophrenia, alsoincluding conductingthe VISTA,design of a Phase 23 trial evaluatingwhich, ML-007C-MAtogether with ZEPHYR, would support an initial New Drug Application, or NDA, submission. We have begun planning and site identification for thethis treatmentadditional, ofconfirmatory ADP, and we expect to report topline results in the second half of 2027. In December 2025, ML-007C-MA was granted Fast Track designation by the FDA for the treatment of hallucinations and delusions associated with ADP.trial.

Our second clinical stage product candidate, ML-004, is a 5-HT1B/1D agonist that we are developing for the treatment of social communication deficit and/or irritability in autism spectrum disorder, or ASD. WeIn areJune conducting2026, we announced topline results from IRIS, a Phase 2 trial evaluating the efficacy, safety and tolerability of ML-004 in adults and adolescents with ASD. 161Based participantson werethe randomizedresults of IRIS, we intend to engage with the FDA in thisan trial,end-of-Phase and2 meeting to determine the next steps for development of ML-004 in irritability associated with ASD, after which we expectintend to reportevaluate toplinethe resultspath byforward mid-Augustfor 2026.ML-004, including potential strategic collaborations and/or funding alternatives.

Since our inception in 2018, we have devoted substantially all of our time and efforts to performing research and development activities, raising capital and recruiting management and technical staff to support our operations. To date, we have financed our operations primarily with proceeds from the sales of our redeemable convertible preferred stock and research and development grants receivedstock, and most recently, with net proceeds from our initial public offering, or IPO, and our concurrent private placement, or Concurrent Private Placement.Placement and our 2026 Private Placement, discussed below.

We have incurred significant net losses since inception. Our net losses for the threesix months ended MarchJune 31,30, 2026 and 2025 were $60.7$120.9 million and $22.3$52.2 million, respectively. As of MarchJune 31,30, 2026, we had an accumulated deficit of $421.2$481.4 million. We expect to continue to incur significant and increasing expenses and net losses for the foreseeable future as we advance our current and future product candidates through preclinical and clinical development, seek regulatory approval for such product candidates, maintain and expand our intellectual property portfolio, hire additional research and development and business personnel, expand our infrastructureinfrastructure, scale-up production capabilities and operate as a public company.

As a result, we will need substantial additional funding to support our continuing operations and pursue our growth strategy. Until we can generate significant revenue from product sales, if ever, we expect to finance our operations through a combination of public or private equity offerings and debt financings or other sources, such as potential collaboration agreements, strategic alliances and licensing arrangements.agreements. We may be unable to raise additional funds or enter into such other agreements or arrangements when needed on acceptable terms, or at all. Our failure to raise capital or enter into such agreements as and when needed could have a material adverse effect on our business, results of operations and financial condition.

As of MarchJune 31,30, 2026, we had cash, cash equivalents and investments of $395.2$351.3 million. Based on our current operational plans and assumptions, we expect that our existing cash, cash equivalents and investmentsinvestments, together with the expected proceeds from our 2026 Private Placement, will be sufficient to fund our operations through 2027.2028. We have based this estimate on assumptions that may prove to be wrong, and we could use our capital resources sooner than we expect. If we are unable to raise sufficient funding, we may be unable to continue to operate in the long term. See "—Liquidity and Capital Resources— - Plan of Operation and Future Funding Requirements" below.

Research and development expenses consist primarily of costs incurred for the development of our product candidates and our research activities, including our discovery efforts,activities and include:

We expense research and development costs as incurred. Costs for external development activities are recognized based on an evaluation of the progress to completion of specific activities. Payments for these activities are based on the terms of the individualrelated agreements, which may differ from the timing of costs incurred, and are reflected in our condensed consolidated financial statements as prepaid or accrued research and development expenses.

Research and development activities are central to our business model. We expect that our research and development expenses will continue to increase substantially for the foreseeable future as we initiate and conduct clinical trials, advance our preclinical programs and continue to discover and develop additional product candidates.trials.

initiation of and successful patient enrollment in, and completion of, clinical trials on a timely basis;

General and administrative expenses consist primarily of salaries, benefits and other relatedemployee-related costs, including stock-based compensation,compensation expense, for personnel in our executive, finance, business development and administrative functions. General and administrative expenses also include legal fees relating to intellectual property and corporate matters; professional fees for accounting, auditing, tax and consulting services; insurance costs; travel expenses; and facility-related expenses, which include direct depreciation costs and allocated expenses for rent and maintenance of facilities and other operating costs.

We expect that our general and administrative expenses will increase in the future as we increase our personnel headcount to support our continued clinical development efforts, research and development activities, manufacturing activities and related expansion of our operations. We also anticipate increased expenses associated with being a public company, including costs for audit, legal, regulatory and tax-related services related to compliance with the rules and regulations of the Securities and Exchange Commission, or SEC, and the listing standards of the Nasdaq Stock Market LLC, or Nasdaq, director and officer insurance premiums and investor relations costs.

Other income, net consists primarily of the amortization of premiums and accretion of discounts to maturity for available-for-sale debt securities.investments.

Since our inception, we have not recorded income tax benefits for the net operating losses, or NOLs,losses incurred or the research and development tax credits generated in each year due to the uncertainty of realizing a benefit from those items. As of December 31, 2025, we had U.S. federal and state net operating loss carryforwards of $96.6 million and $13.1 million, respectively, which may be available to offset future taxable income. The federal net operating loss carryforwards do not expire, but may only be used to offset 80% of annual taxable income. The state net operating loss carryforwards expire beginning in 2039. As of December 31, 2025, we also had federal and state research and development tax credit carryforwards of $13.3 million and $0.2 million, respectively.

Comparison of the Three Months Ended MarchJune 31,30, 2026 and 2025

Research and development expenses were $53.7$53.4 million for the three months ended MarchJune 31,30, 2026, compared to $19.8$26.8 million for the three months ended MarchJune 31,30, 2025. The increase in research and development expenses of $33.9$26.6 million was primarily due to ongoing advancement of our product candidates, which included an increase of $22.9$14.7 million in clinical trial expenses and $8.9$9.9 million in employee-related expenses, including an increase in stock-based compensation expense of $5.3$5.6 million.

General and administrative expenses were $10.8$10.1 million for the three months ended MarchJune 31,30, 2026, compared to $3.8 million for the three months ended MarchJune 31,30, 2025. The increase in general and administrative expenses of $7.1$6.3 million was primarily due to an increase of $4.9$3.9 million in employee-related expenses, including an increase in stock-based compensation expense of $4.2$2.9 million, and an increase of $2.1$2.4 million in professional fees and other expenses, including expenses related to being a publicly-tradedpublic company.

Interest income was $2.5$2.3 million for the three months ended MarchJune 31,30, 2026, compared to $0.8$0.7 million for the three months ended MarchJune 31,30, 2025. The increase in interest income of $1.7 million was due to an increase in investments held during the three months ended MarchJune 31,30, 2026 compared to the three months ended MarchJune 31,30, 2025.

Other income, net was $1.4$1.0 million for the three months ended MarchJune 31,30, 2026, compared to $0.4$0.1 million for the three months ended MarchJune 31,30, 2025. The increase of $1.0$0.9 million was primarily due to an increase in the amortization of premiums and accretion of discounts on investments held during the three months ended MarchJune 31,30, 2026.

We have incurred significant net losses since inception. We expect to continue to incur significant and increasing expenses and net losses for the foreseeable future as we advance our current and future product candidates through preclinical and clinical development, seek regulatory approval for our current and futuresuch product candidates through clinical and preclinical development,candidates, maintain and expand our intellectual property portfolio, hire additional research and development and business personnel, scale-upexpand our infrastructure, scale-up production capabilities and operate as a public company. As of MarchJune 31,30, 2026, we had cash, cash equivalents and investments of $395.2$351.3 million and an accumulated deficit of $421.2$481.4 million. Historically,To date, we have financed our operations primarily throughwith issuancesproceeds from the sales of our redeemable convertible preferred stockstock, and research and development grants, and moremost recently, with net proceeds from our IPO and our Concurrent Private Placement and our 2026 Private Placement.

In October 2025, we closed our IPO, pursuant to which we issued and sold an aggregate of 16,962,500 shares of our common stock at a public offering price of $17.00 per share for net proceeds of $261.6 million, after deducting underwriting discounts and commissions and offering expenses. Concurrent with our IPO, we also closed our Concurrent Private Placement, in which we issued and sold 476,707 shares of our common stock at a price of $17.00 per share for net proceeds of $7.5 million, after deducting placement agent fees and private placement expenses.

Our cash flows from operating activities are primarily driven by our use of cash for operating expenses and working capital required to support our business. We have historically generated negative cash flows from operating activities primarily due to expenses incurred for our clinical trials, preclinical studies,studies and research and development initiatives.

During the threesix months ended MarchJune 31,30, 2026, net cash used in operating activities was $51.2$96.0 million, primarily resulting from our net loss of $60.7$120.9 million, which was primarily attributable to our research and development expenses, alongpartially withoffset by changes in our operating assets and liabilities of $0.3$7.6 million,million partiallyand offset by $9.2$17.2 million of non-cash items.

During the threesix months ended MarchJune 31,30, 2025, net cash used in operating activities was $25.6$59.5 million, primarily resulting from our net loss of $22.3$52.2 million, which was primarily attributable to our research and development expenses, along with changes in our operating assets and liabilities of $3.5$8.7 million, partially offset by $0.3$1.4 million of non-cash items.

Net cash provided by investing activities was $67.0$127.7 million for the threesix months ended MarchJune 31,30, 2026, compared to net cash provided by investing activities of $37.5$54.9 million for the threesix months ended MarchJune 31,30, 2025. The increasechange in cash provided by investing activities during the threesix months ended MarchJune 31,30, 2026 was driven by the maturities and redemptions of investments.

Net cash used in financing activities was $6.9$6.8 million for the threesix months ended MarchJune 31,30, 2026, compared to net cash used in financing activities of a$0.2 de minimis amountmillion for the threesix months ended MarchJune 31,30, 2025. The increasechange in cash used in financing activities was primarily due to the payment of employee tax obligations related to the vesting of restricted stock units during the threesix months ended MarchJune 31,30, 2026.

We use our capital resources mainly to fund operating expenses, including research and development expenditures. We plan to increase our research and development expenses for the foreseeable future as we continue clinical trial activities, advance ourand preclinical programs into the clinic and continue to discover and develop additional product candidates.activities. At this time, due to the inherently unpredictable nature of clinical and preclinical development and given the early stage of our product candidates, we cannot reasonably estimate the costs that we will incur and the timelines that will be required to complete development, obtain marketing approval and commercialize our current product candidates or any future product candidates, if any. For the same reasons, we are also unable to predict when, if ever, we will generate revenue from product sales or whether, or when, if ever, we may achieve profitability. Clinical and preclinical development timelines, the probability of success, and development costs can differ materially from expectations. In addition, we cannot forecast which product candidates may be subject to future collaborations, when such arrangements will be secured, if at all, and to what degree such arrangements would affect our development plans and capital requirements.

As of MarchJune 31,30, 2026, we had cash, cash equivalents and investments of $395.2$351.3 million. Based on our current operational plans and assumptions, we expect that our existing cash, cash equivalents and investments, together with the expected proceeds from our 2026 Private Placement, will be sufficient to fund our operations through 2027.2028. We have based this estimate on assumptions that may prove to be wrong, however, and we could use our capital resources sooner than we expect.

the costcosts of manufacturing clinical and commercial supplies of our current or future product candidates;

our ability to maintain existing and establish new,new strategic collaborations or other arrangements and the financial terms of any such agreements, including the timing and amount of any future milestone, royalty or other payments due under any such agreement;

the revenue, if any, received from commercial sales of any of our product candidates for which we receive marketing approval;

the effect of competing technological and market developments; and the extent to which we acquire or invest in business,other businesses, products and technologies.

We have a lease for laboratoryoffice and officelaboratory space located in Redwood City, California, with a term that extendswas scheduled to continue until June 2031. We and the lessor havehad the ability to terminate the lease with 15 months' notice.notice, and in June 2026, we provided this notice to the lessor, changing the end of the term of the lease to September 2027. The lease provides for escalating annualized base rent payments starting at $0.8 million and increasing to $1.2$1.0 million in the final year of the lease. Remaining lease payments from AprilJuly 1, 2026 through the end of the lease term total $5.8$1.2 million.

We have a lease for office space located in Burlington, Massachusetts, with a term that extends to May 2029, and with an option to extend the term for an additional five years. Remaining lease payments from AprilJuly 1, 2026 through the end of the lease term total $1.0 million.

We enter into contracts in the normal course of business with CROs and other vendors to assist in the performance of our clinical trials, CMC, research and development and other services and products for operating purposes. These contracts typically do not contain minimum purchase commitments and generally provide for termination on notice. Payments due upon cancellation consist of payments for services provided or expenses incurred to date,incurred, including payment of noncancelable obligations of our service providers, up to the date of cancellation, and may also include termination penalties. As of MarchJune 31,30, 2026, the timing, amount or likelihood of such payments are not known.

We are party to certain grant agreements with the Michael J. Fox Foundation and license and collaboration agreements with NeuroSolis, Stanford University, Vanderbilt University and other third parties. We may be obligated to make certain future payments under these agreements that are contingent upon future events such as our achievement of specified preclinical, clinical, regulatory and commercial milestones or royalties on net product sales under these agreements. As of MarchJune 31,30, 2026, we were unable to estimate the timing or likelihood of achieving these milestones or generating future product sales.

A summary of our critical accounting policies is presented in Note 2 to our audited consolidated financial statements as of and for the year ended December 31, 2025 included in our Annual Report on Form 10-K. There were no material changes to our critical accounting policies during the three months ended MarchJune 31,30, 2026.

The Jumpstart Our Business Startups Act, or JOBS ActAct, provides that, among other things, an "emerging growth company" can take advantage of an extended transition period for complying with new or revised accounting standards. This provision allows an emerging growth company to delay the adoption of some accounting standards until those standards would otherwise apply to private companies. As an emerging growth company, we have elected to take advantage of the extended transition period to comply with new or revised accounting standards and to adopt certain of the reduced disclosure requirements available to emerging growth companies. As a result of the accounting standards election, we will not be subject to the same implementation timing for new or revised accounting standards as other public companies that are not emerging growth companies, which may make comparison of our financials to those of other public companies more difficult. We may choose to adopt early adopt any new or revised accounting standards whenever such early adoption is permitted for private companies. We intend to rely on certain of the other exemptions and reduced reporting requirements provided by the JOBS Act. As an emerging growth company, we are not required to, among other things, (i) provide an auditor's attestation report on our system of internal controls over financial reporting pursuant to Section 404(b), and (ii) comply with any requirement that may be adopted by the PCAOBPublic Company Accounting Oversight Board, or PCAOB, regarding a supplement to the auditor's report providing additional information about the audit and the financial statements (auditor discussion and analysis).

We will remain an emerging growth company until the earliest of (i) Decemberthe 31,last 2030,day of the fiscal year following the fifth anniversary our IPO, (ii) the last day of the fiscal year in which we have total annual gross revenue of at least $1.235 billion, (iii) the last day of the fiscal year in which we are deemed to be a "large accelerated filer" as defined in Rule 12b-2 under the Exchange Act of 1934, as amended, or the Exchange Act, which would occur if the market value of our common stock held by non-affiliates exceeded $700 million as of the last business day of the second fiscal quarter of such year (and we have been a public company for at least 12 months andmonths, have filed one annual report on Form 10-K and are not to eligible to use the requirements for smaller reporting companies under the revenue test under Rule 12b-2) or (iv) the date on which we have issued more than $1.0 billion in non-convertible debt securities during the prior three-year period.

We are also a "smaller reporting company," as defined in Rule 12b-2 under the Exchange Act. We may continue to be a smaller reporting company if either (i) the market value of our stock held by non-affiliates is less than $250 million or (ii) our annual revenue is less than $100 million during the most recently completed fiscal year and the market value of our stock held by non-affiliates is less than $700 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 companycompany, we may choose to present only the two most recent fiscal years of audited financial statements in our annual report on Form 10-K and, similar to emerging growth companies, smaller reporting companies have reduced disclosure obligations regarding executive compensation.