# EDGAR Filing Document

**Accession Number:** 0001907108
**File Stem:** 0000950170-25-108426
**Filing Date:** 2025-8
**Character Count:** 28210
**Document Hash:** 8bd98c0f891d780e377bd3da072e3fd7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-108426.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0000950170-25-108426

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20250814

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250814

**DATE AS OF CHANGE**: 20250814

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Lexeo Therapeutics, Inc.
- **CENTRAL INDEX KEY:** 0001907108
- **STANDARD INDUSTRIAL CLASSIFICATION:** BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 854012572
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41855
- **FILM NUMBER:** 251214359

**BUSINESS ADDRESS:**
- **STREET 1:** 345 PARK AVENUE SOUTH
- **STREET 2:** FLOOR 6
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10010
- **BUSINESS PHONE:** (212) 547-9879

**MAIL ADDRESS:**
- **STREET 1:** 345 PARK AVENUE SOUTH
- **STREET 2:** FLOOR 6
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10010

?xml version='1.0' encoding='ASCII'? 8-K

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

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## **FORM** 8-K

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**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** August 14, 2025<br>

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Lexeo Therapeutics, Inc.

**(Exact name of Registrant as Specified in Its Charter)**

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| | | |
|:---|:---|:---|
| Delaware | 001-41855 | 85-4012572 |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br>Identification No.)** |
| 345 Park Avenue South, Floor 6 |  |  |
| New York**,** New York |  | 10010 |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

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**Registrant's Telephone Number, Including Area Code:** 212 547-9879<br>

N/A<br>

**(Former Name or Former Address, if Changed Since Last Report)**

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

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| | | |
|:---|:---|:---|
| **<br>Title of each class** | **Trading<br>Symbol(s)** | **<br>Name of each exchange on which registered** |
| Common Stock, $0.0001 par value per share | LXEO | Nasdaq Global Market |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 2.02 Results of Operations and Financial Condition.**

On August 14, 2025, Lexeo Therapeutics, Inc. (the "Company") issued a press release announcing business highlights and its financial results for the three and six months ended June 30, 2025. A copy of this press release is furnished herewith as Exhibit 99.1 to this Current Report and is incorporated herein by reference.

The information in this Item 2.02 and Exhibit 99.1 hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any of the Company's filings under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, except as expressly set forth by specific reference in such a filing.

**Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.**

*CFO Transition*

On August 14, 2025, Lexeo Therapeutics, Inc. (the "Company") announced that the Board of Directors of the Company (the "Board") appointed Louis Tamayo to serve as the Company's Chief Financial Officer effective August 15, 2025 (the "Effective Date"). In connection with Mr. Tamayo's appointment as Chief Financial Officer, Mr. Tamayo will also serve as the Company's principal financial officer and principal accounting officer. Mr. Tamayo succeeds Dr. Kyle Rasbach, who resigned as Chief Financial Officer effective August 15, 2025. Dr. Rasbach will serve as an advisor to the Company through August 29, 2025 to assist in the transition of his duties. The Company is appreciative of the service of Dr. Rasbach and his resignation is not the result of any disagreement with the Company on any matter, including the Company's operations, policies or practices.

Prior to joining the Company, Mr. Tamayo, age 49, served as the Senior Vice President – Operational Excellence at Siemens Healthineers AG from February 2023 to September 2024. He also served as Senior Vice President – Head of Product Franchise Finance at Siemens Healthineers AG from October 2020 to February 2023. From 2016 to October 2020, Mr. Tamayo served as the Vice President – Head of Research and Development Finance (Product Lifecycle Management) at Siemens Healthineers AG. From 2014 to 2016, Mr. Tamayo served as the Vice President – Business Unit Chief Financial Officer, Diabetes Care at Becton, Dickinson and Company. Mr. Tamayo previously held various senior leadership roles at Pfizer from 2000 to 2014, including Senior Director – Regional Head of Strategy and Analytics, Regional Finance Director – US Primary Care, and Director – Asia-Pacific Finance Program Office. Mr. Tamayo holds a B.B.A. in Finance and Marketing from Northeastern University.

In connection with his appointment as Chief Financial Officer of the Company, Mr. Tamayo has been designated as an "officer" as such term is used within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). There is no arrangement or understanding between Mr. Tamayo and any other persons pursuant to which Mr. Tamayo was selected as an officer within the meaning of Item 401(b) of Regulation S-K under the U.S. Securities Act of 1933, as amended ("Regulation S-K"), nor are there any family relationships between Mr. Tamayo and any director, executive officer or person nominated or chosen by the Company to become a director or executive officer of the Company within the meaning of Item 401(d) of Regulation S-K. Since the beginning of the Company's last fiscal year, the Company has not engaged in any transaction in which Mr. Tamayo, had a direct or indirect material interest within the meaning of Item 404(a) of Regulation S-K. In connection with his appointment as Chief Financial Officer of the Company, Mr. Tamayo has executed the Company's standard form of indemnification agreement, a copy of which has been filed as Exhibit 10.4 to the Company's Registration Statement on Form S-1 (File No. 333-274777) filed with the SEC on September 29, 2023.

*Chief Financial Officer Compensation Arrangements*

On August 13, 2025, the Compensation Committee of the Board approved an employment agreement between Mr. Tamayo and the Company (the "Employment Agreement"), to be effective on the Effective Date. Mr. Tamayo's employment under the Employment Agreement is at will and may be terminated at any time by the Company or by Mr. Tamayo. Pursuant to the terms of the Employment Agreement, Mr. Tamayo will be entitled to an initial annual base salary of $480,000, with a discretionary annual cash bonus target of 40% of his base salary, contingent upon the Company's performance and Mr. Tamayo's achievement of individual objectives and milestones to be determined on an annual basis.

Pursuant to the Employment Agreement, Mr. Tamayo will also receive (a) awards of restricted stock units ("RSUs") covering an aggregate of 45,000 shares of Common Stock ("Shares") of the Company (the "RSU Award"), and (b) options to purchase an aggregate of 280,000 Shares at a price per Share equal to the per share fair market value of the Company's common stock on the date of grant (the "Option Award" and, together with the RSU Award, the "Equity Awards"). The Equity Awards are subject to the terms of the Company's 2023 Equity Incentive Plan (the "Plan") and award agreements thereunder. Subject to Mr. Tamayo's continuous service with the Company through each applicable vesting date, (a) one fourth (1/4th) of the RSUs subject to the RSU Award vest on the 1-year anniversary of the first Company RSU vesting date following the Effective Date and one sixteenth (1/16th) of the RSUs vest on each quarterly date three months thereafter, and (b) one fourth (1/4th) of the Shares subject to the Option Award vest on the 1-year anniversary

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of the Effective Date and one forty-eighth (1/48th) of the Shares subject to the Option Award vest on each monthly anniversary thereafter.

If the Company terminates Mr. Tamayo's employment, other than for "cause," death or "disability," or Mr. Tamayo resigns for "good reason" outside the period beginning three (3) months prior to a "change in control" (as all such terms are defined in the Employment Agreement) and ending twelve (12) months following a change in control (such period, the "change in control period"), Mr. Tamayo will be entitled to: (i) a lump sum payment equal to twelve (12) months of his base salary, as in effect immediately prior to his termination date and (ii) reimbursement by the Company for the cost of continuation of health coverage for Mr. Tamayo and his eligible dependents pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended ("COBRA"), for up to twelve (12) months.

If the Company terminates Mr. Tamayo's employment other than for cause, death or disability, or Mr. Tamayo resigns for good reason during the change in control period, Mr. Tamayo will be entitled to: (i) a lump sum payment equal to twelve (12) months of his base salary as in effect immediately prior to Mr. Tamayo's termination date; (ii) a lump sum payment equal to one hundred percent (100%) of Mr. Tamayo's target bonus for the calendar year in which such termination occurs; (iii) reimbursement by the Company for the cost of premiums for continued coverage under COBRA for up to twelve (12) months; and (iv) acceleration of the unvested portion of any stock options or other equity awards held by Mr. Tamayo immediately prior to termination.

The foregoing severance benefits are conditioned upon Mr. Tamayo signing and not revoking a release of claims following his employment termination date.

If any of the payments provided for under the Employment Agreement or otherwise payable to Mr. Tamayo would constitute "parachute payments" within the meaning of Section 280G of the Internal Revenue Code and would be subject to the related excise tax under Section 4999 of the Internal Revenue Code, then he will be entitled to receive either full payment of benefits or such lesser amount that would result in no portion of the benefits being subject to the excise tax, whichever results in the greater amount of after tax benefits to him.

The foregoing description of the Employment Agreement is a summary and is qualified in its entirety by the text of the Employment Agreement, a copy of which will be included as an exhibit to the Company's future SEC filings.

*Separation Agreement*

In connection with Dr. Rasbach's resignation from his position as the Company's Chief Financial Officer, the Company entered into a separation agreement with Dr. Rasbach (the "Rasbach Separation Letter") which provides for, among other things, compensation and benefits to Dr. Rasbach as follows: (i) lump sum payment in the amount of $128,000, and (ii) accelerated vesting of 40,466 unvested options pursuant to the Company's 2023 Equity Incentive Plan. Pursuant to the Rasbach Separation Letter, Dr. Rasbach has also agreed to provide the Company with Chief Financial Officer transition services as reasonably requested through August 29, 2025. The Rasbach Separation Letter also contains customary releases and waivers of claims by Dr. Rasbach and confidentiality provisions. The foregoing summary of the Rasbach Separation Letter is a summary and is qualified in its entirety by the text of the Employment Agreement, a copy of which will be included as an exhibit to the Company's future SEC filings.

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits

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| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Description** |
| 99.1 | [<u>Press Release</u>](lxeo-ex99_1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | | |
|:---|:---|:---|:---|
|  |  |  | Lexeo Therapeutics, Inc. |
| Date: | August 14, 2025 | By:  | /s/ R. Nolan Townsend |
|  |  |  | R. Nolan Townsend, Chief Executive Officer |

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## Exhibit 99.1

**Exhibit 99.1**

![img46940271_0.jpg](img46940271_0.jpg)

**Lexeo Therapeutics Reports Second Quarter 2025 Financial Results and Operational Highlights**

*Breakthrough Therapy designation granted for LX2006 based on interim data from Phase I/II trials demonstrating clinically meaningful improvements in cardiac and neurologic measures of Friedreich ataxia*

*LX2006 selected for FDA Chemistry, Manufacturing, and Controls Development and Readiness Pilot (CDRP) program, created to facilitate CMC registrational readiness and support faster patient access*

*Eight participants dosed in Phase I/II clinical trial (HEROIC-PKP2) of LX2020 for PKP2-ACM; interim clinical data update on track for second half of 2025*

*Strategic partnership announced with Perceptive Xontogeny Venture Funds and venBio Partners to advance* 

*non-viral, RNA-based therapeutics for genetic cardiac diseases* 

*$80 million equity financing to support development of clinical stage pipeline; cash, cash equivalents and investments in marketable securities of $152.5 million expected to provide operational runway into 2028*

*Louis Tamayo appointed Chief Financial Officer*

**NEW YORK** – August 14, 2025 (GLOBE NEWSWIRE) – Lexeo Therapeutics, Inc. (Nasdaq: LXEO), a clinical stage genetic medicine company dedicated to pioneering novel treatments for cardiovascular diseases, today provided business updates across its portfolio and reported second quarter 2025 financial results.

"Over the last several months, Lexeo has made significant progress advancing our clinical stage programs, diversifying our pipeline through a strategic partnership that we believe enables us to stay on the cusp of leading-edge cardiovascular science, and further strengthening our balance sheet," said R. Nolan Townsend, Chief Executive Officer of Lexeo Therapeutics. "FDA Breakthrough Therapy designation for LX2006 underscores the potential of this gene therapy candidate, and we are moving as quickly as possible in close partnership with patient advocates, clinicians, and the FA community to initiate a registrational study early next year. We are also continuing to advance our LX2020 program for arrhythmogenic cardiomyopathy with eight participants dosed to date and data updates expected in the second half of this year."

**Business and Program Updates**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**LX2006 in Friedreich Ataxia (FA):** 

o**<u>Regulatory Updates</u>**: In July 2025, Lexeo received Breakthrough Therapy designation from the U.S. Food and Drug Administration (FDA) for LX2006 based on interim clinical data demonstrating clinically meaningful improvements in cardiac and neurologic measures of FA. LX2006 has also been selected to participate in the FDA Chemistry, Manufacturing, and Controls (CMC) Development Readiness Pilot (CDRP) program, created to accelerate CMC registrational readiness for therapies with expedited clinical development timelines. Lexeo expects final alignment with FDA on the LX2006 registrational study in late Q3 to early Q4 2025.

o**<u>Natural History:</u>** The CLARITY-FA natural history study is currently enrolling and is expected to serve as a concurrent external control arm for the planned registrational study.

o**<u>Safety</u>**: LX2006 continues to be generally well tolerated with no clinically significant complement activation, and no new treatment-related serious adverse events to report.

o**<u>Next Steps</u>**<u>:</u> Lexeo expects to initiate a registrational study in early 2026 with a potential efficacy readout in 2027.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**LX2020 in PKP2-ACM:** 

o**<u>Dosing Update:</u>** Eight participants have been dosed to date in the HEROIC-PKP2 Phase I/II clinical trial, including three participants in Cohort 1 at the low dose (2x10<sup>13</sup> vg/kg), three participants in Cohort 2 at the high dose (6x10<sup>13</sup> vg/kg), and two participants in dose-expansion Cohort 3 at the high dose (6x10<sup>13</sup> vg/kg). Cohort 3 is still enrolling and up to two additional participants may be dosed in this cohort.

o**<u>Safety</u>**: LX2020 has been generally well tolerated with no clinically significant complement activation, and no treatment-related serious adverse events to date across all dose cohorts.

o**<u>Next Steps</u>**: Lexeo expects to share an interim clinical data update in the second half of 2025.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Closed $80 Million Equity Financing:** In May 2025, Lexeo announced the closing of an $80 million equity financing to further advance development of its clinical stage genetic medicine candidates. Lexeo anticipates that current cash, cash equivalents and marketable securities will be sufficient to fund operating and capital expenditures into 2028, through a potential efficacy readout for the registrational study of LX2006 in 2027.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Research Collaboration with Perceptive Xontogeny Venture Funds and venBio Partners**: In June 2025, Lexeo announced a strategic partnership to develop therapies for genetic cardiac diseases utilizing a novel non-viral RNA platform. PXV Funds and venBio will contribute up to $40 million in private equity financing to a new entity addressing cardiac genetic diseases that existing AAV platforms are unable to treat. Lexeo is contributing expertise and know-how in cardiac genetic medicines, preclinical intellectual property and technology to the partnership, with a double-digit percentage equity position in the new entity at transaction close alongside entitlement to future milestone payments, royalties, and opt-in rights to certain program(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**New Leadership Appointment**: Lexeo announced today that Louis Tamayo has been appointed Chief Financial Officer. Mr. Tamayo succeeds Kyle Rasbach who remains an advisor to Lexeo. Mr. Tamayo will support Lexeo's late-stage clinical and commercialization plans as LX2006 development accelerates and LX2020 development continues, alongside strategic planning, portfolio management, capital allocation, and other financial operations. Mr. Tamayo brings extensive commercial finance experience, having previously served as Senior Vice President at Siemens Healthineers AG, responsible for driving revenue growth and market expansion for the company's $5 billion global diagnostics division. In this role, he built and led high-performing finance organizations that supported multiple global product launches and strategic partnerships, directed R&D capital allocation, and oversaw large-scale transformation initiatives. Prior to Siemens Healthineers, Mr. Tamayo was the Business Unit CFO for Becton, Dickinson and Company's $1.2 billion global diabetes care business. Mr. Tamayo began his career at Pfizer where he held a series of financial, strategic, and analytical leadership roles across U.S. and international markets. Mr. Tamayo holds a BBA in Finance and Marketing from Northeastern University.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Recent Data Presentations:** Lexeo presented new data at the 28<sup>th</sup> American Society of Gene & Cell Therapy (ASGCT) Annual Meeting on AAV manufacturing optimization via the Company's Sf9-baculovirus process. Data presentations reviewed the high purity and potency of Lexeo yields with improved scalability of production and reduced cost. Lexeo also presented data at the Global Cell and Gene Therapy Summit reviewing the favorable complement profile of AAVrh10 based on clinical monitoring experience across the three gene therapy studies in FA and PKP2 in which no clinically significant events related to complement activation have been observed to date.

**Second Quarter Financial Results**

• **Cash Position:** As of June 30, 2025, cash, cash equivalents, and investments in marketable securities were $152.5 million, which Lexeo believes will be sufficient to fund operations into 2028.

• **Research and Development Expenses:** Research and Development expenses were $14.7 million for the three months ended June 30, 2025, compared to $16.6 million for the three months ended June 30, 2024.

• **General and Administrative Expenses:** General and Administrative expenses were $16.0 million for the three months ended June 30, 2025, compared to $7.0 million for the three months ended June 30, 2024.

• **Net Loss:** Net loss was $26.1 million or $0.60 per share (basic and diluted) for the three months ended June 30, 2025, compared to $21.2 million or $0.64 per share (basic and diluted) for the three months ended June 30, 2024.

**About Lexeo Therapeutics**

Lexeo Therapeutics is a New York City-based, clinical stage genetic medicine company dedicated to reshaping heart health by applying pioneering science to fundamentally change how cardiovascular diseases are treated. The Company is advancing a portfolio of therapeutic candidates that take aim at the underlying genetic causes of conditions, including LX2006 in Friedreich ataxia cardiomyopathy (FA), LX2020 in plakophilin-2 (PKP2) arrhythmogenic cardiomyopathy, and others in devastating diseases with high unmet need.

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**Cautionary Note Regarding Forward-Looking Statements**<br>Certain statements in this press release may constitute "forward-looking statements" within the meaning of the federal securities laws, including, but not limited to, Lexeo's expectations and plans regarding its current product candidates and programs and the timing for receipt and announcement of data from its clinical trials, the timing and likelihood of potential regulatory developments and approval, expectations regarding the time period over which Lexeo's capital resources will be sufficient to fund its anticipated operations and estimates regarding Lexeo's financial condition. Words such as "may," "might," "will," "objective," "intend," "should," "could," "can," "would," "expect," "believe," "design," "estimate," "predict," "potential," "develop," "plan" or the negative of these terms, and similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While Lexeo believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements. These forward-looking statements are based upon current information available to the company as well as certain estimates and assumptions and are subject to various risks and uncertainties (including, without limitation, those set forth in Lexeo's filings with the U.S. Securities and Exchange Commission (SEC)), many of which are beyond the company's control and subject to change. Actual results could be materially different from those indicated by such forward-looking statements as a result of many factors, including but not limited to: risks and uncertainties related to global macroeconomic conditions and related volatility; expectations regarding the initiation, progress, and expected results of Lexeo's preclinical studies, clinical trials and research and development programs; the unpredictable relationship between preclinical study results and clinical study results; delays in submission of regulatory filings or failure to receive regulatory approval; liquidity and capital resources; and other risks and uncertainties identified in Lexeo's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025, filed with the SEC on May 12, 2025, and subsequent future filings Lexeo may make with the SEC. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Lexeo claims the protection of the Safe Harbor contained in the Private Securities Litigation Reform Act of 1995 for forward-looking statements. Lexeo expressly disclaims any obligation to update or alter any statements whether as a result of new information, future events or otherwise, except as required by law.

**Media Response:**

Media@lexeotx.com

**Investor Response:**

Carlo Tanzi, Ph.D.

ctanzi@kendallir.com

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**Lexeo Therapeutics, Inc.**

**Selected Financial Information**

*(Unaudited, in thousands, except share and per share amounts)*

**Condensed Statements of Operations**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Operating expenses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Research and development | $14721 | $16560 | $31892 | $32302 |
| &nbsp;&nbsp;&nbsp;General and administrative | 15967 | 6990 | 32601 | 14539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 30688 | 23550 | 64493 | 46841 |
| Operating loss | (30688) | (23550) | (64493) | (46841) |
| Other income and expense |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Gain on long-term investment | 3390 | - | 3390 | - |
| &nbsp;&nbsp;&nbsp;Other income (expense), net | (14) | (1) | (18) | (6) |
| &nbsp;&nbsp;&nbsp;Interest expense | (25) | (35) | (53) | (72) |
| &nbsp;&nbsp;&nbsp;Interest income | 1268 | 2348 | 2461 | 3999 |
| &nbsp;&nbsp;&nbsp;Amortization of premium on investments | (34) | - | (46) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income and expense | 4585 | 2312 | 5734 | 3921 |
| Loss from operations before income taxes | (26103) | (21238) | (58759) | (42920) |
| &nbsp;&nbsp;&nbsp;Income taxes | - | - | - | - |
| Net loss | $(26103) | $(21238) | $(58759) | $(42920) |
| Net loss per common share, basic and diluted | $(0.60) | $(0.64) | $(1.53) | $(1.41) |
| Weighted average number of shares outstanding used in computation of net loss per common share, basic and diluted | 43573628 | 33001946 | 38372704 | 30490892 |

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**Condensed Balance Sheet Data**

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| | | |
|:---|:---|:---|
|  | **June 30,** | **December 31,** |
|  | **2025** | **2024** |
| Cash, cash equivalents, and investments in U.S. Treasury securities | $152506 | $128530 |
| Total assets | 176068 | 146942 |
| Total liabilities | 37850 | 30100 |
| Total stockholders' equity | 138218 | 116842 |

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