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Asset Purchase Agreement	9 Months Ended
Sep. 30, 2025
Asset Purchase Agreement
Asset Purchase Agreement	7. Asset Purchase Agreement In August 2025, the Company’s wholly-owned subsidiary, Basecamp Bio Inc., entered into an asset purchase agreement (the “Exelixis Agreement”) with Exelixis, Inc. related to the sale of certain early-stage non-metabolic and non-obesity assets. Under the Exelixis Agreement, the Company is eligible for initial payments totaling $10.0 million and patent cost reimbursements, and contingent milestone payments of up to $90.0 million in the aggregate. In addition, the Company is eligible to receive tiered, low single digit royalties on the net sales of approved products. As of September 30, 2025, $5.2 million has been received and is included in other current liabilities on the condensed consolidated balance sheet. The remainder of the initial payment will be received upon completion of the technology transfer to Exelixis, at which point the initial payment will be recognized in operations.

Asset Purchase Agreement

9 Months Ended

Sep. 30, 2025

7. Asset Purchase Agreement

In August 2025, the Company’s wholly-owned subsidiary, Basecamp Bio Inc., entered into an asset purchase agreement (the “Exelixis Agreement”) with Exelixis, Inc. related to the sale of certain early-stage non-metabolic and non-obesity assets. Under the Exelixis Agreement, the Company is eligible for initial payments totaling $10.0 million and patent cost reimbursements, and contingent milestone payments of up to $90.0 million in the aggregate. In addition, the Company is eligible to receive tiered, low single digit royalties on the net sales of approved products. As of September 30, 2025, $5.2 million has been received and is included in other current liabilities on the condensed consolidated balance sheet. The remainder of the initial payment will be received upon completion of the technology transfer to Exelixis, at which point the initial payment will be recognized in operations.